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FRC consults on new XBRL accounts taxonomies

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  • XBRL (eXtensible Business Reporting Language) (mid blue) Image

08 May 2014

The Financial Reporting Council (FRC) has today published a consultation on drafts of three proposed new XBRL accounts taxonomies to support XBRL reporting under new UK GAAP and EU-adopted IFRS (“the consultation”).

Taxonomies are used when tagging accounts for electronic filing and for other analytical purposes. Electronic tagging helps users of financial information in corporate reports to extract the information they want and analyse it more efficiently. 

The XBRL accounts taxonomies have been updated by the FRC in line with a project it announced September 2013 and follow “a similar approach in content, design and style to the existing UK GAAP and IFRS taxonomies” with “design improvements”. 

The consultation seeks comments from “users, preparers and others” on three taxonomies to reflect full EU adopted IFRS and the new financial reporting standards for the UK and Ireland – FRS 101 and FRS 102.  

Following a period of consultation, the FRC indicates that “the proposed taxonomies may be modified in light of comments received before being issued in final form”. 

The FRC comments that “HMRC and Companies House are expected to adopt the taxonomies in due course”. 

Comments are invited until 8 July 2014. 

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