FRC and Charity Commission consult on new taxonomy for charity accounts

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08 Oct, 2015

The Financial Reporting Council (FRC) and the Charity Commission have today published a consultation on a proposed new XBRL charity accounts taxonomy to enhance the quality of financial reporting for Charities in the UK and Ireland.

The Charity Commission wants charities to be able to file their accounts digitally with Companies House in line with many other companies.  The proposed taxonomy will make it easier and quicker for those charities that have to file with both the Charity Commission and Companies House and will also enhance the quality and accessibility of such accounts.

The taxonomy, intended to support iXBRL tagging of accounts,  is designed to align with the new Charities Statement of Recommended Practice (SORP) (Financial Reporting Standard (FRS) 102)) issued in July 2014 and the expected modifications proposed in the Update Bulletin 1 to update the SORP for changes to FRS 102 since the initial SORP was published.  It is proposed to replace the existing Charity Taxonomy issued in 2009 under the previous Charity SORP 2005. 

The consultation would like views in particular on the tagging approach taken for:

  • transfer of funds on the Statement of Financial Activities (SoFA);
  • content of the Charity Audit and Independent Examiner Report;
  • charitable activities in the Trustees’ Annual Report, SoFA and notes and disclosures; and
  • analysis and allocation of support costs across activities in notes and disclosures. 

Comments on the proposed taxonomy are invited until 8 December 2015.  

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