The Financial reporting Council (FRC) has published three finalised XBRL tagging conventions, or taxonomies, which support XBRL reporting under EU-adopted IFRS and the new UK GAAP standards, FRS 101 and FRS 102.
These taxonomies have been developed to enable accounts to be filed electronically and to help users of annual reports extract and analyse data from them.
They follow a similar approach in content, design and style to the existing UK GAAP and IFRS taxonomies already in use, and have been updated to reflect new financial reporting standards.
The taxonomies are expected to be adopted by HMRC and Companies House in due course. The Irish Revenue Commissioners are also expected to implement them once appropriate extensions have been made to incorporate Irish requirements.
Melanie McLaren, executive director codes and standards at the FRC said: ‘The release of these taxonomies is an important step in making corporate reports more transparent and accessible to investors. The e-enablement of reporting is an important element of standard setting and helps to foster investment in UK companies’
The taxonomies have been developed by a project team at the FRC with guidance from a technical task force and a governance committee which includes staff from leading advisors, BIS, HMRC, Companies House and the ICAEW, as well as the FRC. XBRL UK has also been involved.