The Financial Reporting Council (FRC) has issued a two-month consultation seeking feedback on three XBRL accounts tagging taxonomies it has developed to improve the quality of financial reporting
These are the first taxonomies to come out of the FRC’s project announced last September 2013; it aims to improve the quality of electronic tagging of accounts and reflect UK reporting using EU-adopted International Financial Reporting Standards (IFRS) as well as the new UK GAAP financial reporting standards (FRS 101 and FRS 102) for the UK and Ireland.
Taxonomies are used when tagging accounts for electronic filing and for other analytical purposes. Electronic tagging helps users of financial information in corporate reports to extract the information they want and analyse it more efficiently.
The FRC consultation closes on 8 July 2014.
HMRC and Companies House are expected to adopt the taxonomies for filings of accounts under the relevant standards, along with the Irish Revenue Commissioners once the appropriate Irish extensions are available.
The taxonomies can be viewed at https://uk-taxonomies-tdp.corefiling.com/yeti or downloaded from the FRC website https://xbrl.frc.org.uk/.
