News December 2015 FRC announces updates to conventions for electronic tagging of accounts

FRC announces updates to conventions for electronic tagging of accounts

23 December 2015

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The Financial Reporting Council (FRC) has published additional tags to the XBRL electronic tagging conventions (taxonomies) last published in September 2014 to enable up-to-date electronic reporting to be in place in 2016.

Taxonomies enable accounts to be filed electronically and for users of information in corporate reports to extract data and analyse it more effectively.

The latest updates reflect 2015 changes in UK GAAP and company law and include electronic tags to indicate the nature of the entity and the accounting standards applied. HMRC and Companies House will be updating their guidance to incorporate the amended taxonomies.

 

Guidance for amendments to the FRC 2014 Taxonomies


The FRC has made amendments to the suite of taxonomies issued in September 2014 by implementing additional tags to enable:

  • Micro preparers to tag using only those parts of the FRS102 taxonomy which are relevant

  • Small preparers using FRS102 to do likewise

  • FRS 101 preparers using the IFRS formats to tag using the extant IFRS taxonomy

  • The introduction of an Abridged Accounts indicator

  • To insert 150 new tags over and above the 50 tags which already exist in the taxonomies for the reporting of subsidiaries. Further, to introduce a tag to indicate companies which have more than 200 subsidiaries.


The amended taxonomies are at xbrl.frc.org.uk/FRC-Documents/Accounting-and-Reporting/FRC-Taxonomy.aspx.

A mapping for software companies of the amended taxonomies to those issued in September 2014 can be found at xbrl.frc.org.uk/FRC-Documents/Accounting-and-Reporting/Mapping.aspx.

Notes to editors:

The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.

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