TechnologyFRC consults on conventions for E-tagging of accounts

FRC consults on conventions for E-tagging of accounts

Consultation launched as FRC seeks to bring reporting in line with UK GAAP

THE FRC has launched a consultation on XBRL tagging conventions as it seeks to bring financial reporting in line with UK GAAP.

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 for the UK and Ireland introduced by the FRC in March 2013.

Three taxonomies are under consultation are FRS 101, FRS 102, and full EU-adopted IFRS.

The consultation will close on 8 July 2014 after which the taxonomies will be finalised.

HMRC and Companies House are expected to adopt the taxonomies for filings of accounts under the relevant standards. The Irish Revenue Commissioners also expect to adopt these taxonomies once the appropriate Irish extensions are available.

The consultation can be viewed at here downloaded from the FRC website.

Related Articles

FRC: e-tagging of charities’ accounts supported by consultation

Accounting Standards FRC: e-tagging of charities’ accounts supported by consultation

2y Calum Fuller, Reporter
FRC files complaint against former iSoft execs

Regulatory Bodies FRC files complaint against former iSoft execs

2y Richard Crump, Writer
EY drawn into C2000 audit investigation

Accounting Firms EY drawn into C2000 audit investigation

3y Richard Crump, Writer
PwC signs deal with CCH

Technology PwC signs deal with CCH

5y Accountancy Age, Reporters
HMRC about-turns on iXBRL update

Corporate Tax HMRC about-turns on iXBRL update

5y Rachael Singh, Writer
FRC and BIS defend legality of global accounting standards

Accounting Software FRC and BIS defend legality of global accounting standards

4y Richard Crump, Writer
XBRL taxonomies brought into line with new UK GAAP

Technology XBRL taxonomies brought into line with new UK GAAP

4y Richard Crump, Writer
FRC to investigate Autonomy over financials

Audit FRC to investigate Autonomy over financials

5y Calum Fuller, Reporter