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.