THE FRC has announced a project to improve the quality of electronic “tagging” of accounts based on its new financial reporting standards.
The taxonomies used by XBRL – a technology that enables information in corporate reports to be electronically tagged in a standardised way – will be updated to reflect the new financial reporting standards – FRS 100, 101 and 102 – for the UK and Ireland introduced by the FRC in March 2013.
A governance committee is overseeing the project, which has been financially backed by Companies House, HMRC, major accounting firms, BIS and the FRC.
The FRC expects the updating to be available from 1 January 2015 to coincide with when the new financial reporting standards which have become applicable.
Melanie McLaren, executive director codes and standards at the FRC (pictured), said: “Improved tagging of corporate reports enhances investors’ ability to compare and analyse. The FRC sees e-enablement of financial communication and reporting as an extension of its standard setting.”
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