FRC publishes XBRL taxonomies for IFRS, FRS 101 and FRS 102
15 Sep, 2014
The Financial Reporting Council (FRC) has today published three finalised XBRL tagging conventions (taxonomies) which support XBRL reporting under EU-adopted IFRSs and the new UK GAAP standards.
These taxonomies have been developed to enable accounts to be filed electronically and to help users of annual reports extract and analyse data from them. They follow a similar approach in content, design and style to the existing UK GAAP and IFRS taxonomies already in use and are expected to be adopted by HMRC and Companies House in due course. The Irish Revenue Commissioners are also expected to implement them once appropriate extensions have been made to incorporate Irish requirements.
As well as the taxonomies themselves, the FRC has published a Developer Guide and a Tagging Guide to help preparers implement the new taxonomies.
Click for:
- The FRC's XBRL site, where the new taxonomies and supporting resources can be accessed.
- The FRC's press release on this topic.
- Our previous UK Accounting Plus news article.
