FRC to update XBRL tagging to reflect new UK accounting standards
26 Sep, 2013
The Financial Reporting Council (FRC) has announced a project to update the XBRL tagging conventions (taxonomies) to reflect the new financial reporting standards for the UK and Ireland – FRS 100, FRS 101 and FRS 102 introduced in March 2013.
The project, which is being overseen by a governance committee, is a collaboration with Companies House, HMRC, large accounting firms and the Department for Business, Innovation and Skills (BIS).
The FRC are targeting the updates for 1 January 2015, the date on which the new financial reporting standards are effective from.
The press release is available on the FRC website.
