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FRC updates taxonomies to reflect changes in UK GAAP and company law

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

23 Dec 2015

The Financial Reporting Council (FRC) has published additional tags to the XBRL electronic tagging conventions (taxonomies) to reflect recent changes in UK GAAP and company law.

The taxonomies, which were last published in September 2014, enable accounts to be filed electronically and help users of annual reports extract and analyse data from them.

The 2014 suite of taxonomies has been updated with additional tags to enable:

  • Micro preparers to tag using only those parts of the Financial Reporting Standard (FRS) 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland taxonomy which are relevant
  • Small preparers using FRS102 to do likewise
  • FRS 101 Reduced Disclosure Framework preparers using the International Financial Reporting Standard (IFRS) formats to tag using the extant IFRS taxonomy
  • The introduction of an Abridged Accounts indicator

A number of new tags have also been added for the reporting of subsidiaries and an additional tag has been added to indicate companies which have more than 200 subsidiaries.

HMRC and companies House will be updating their guidance to incorporate the amended taxonomies.

*Update 8 January 2016 - the amended HMRC guidance is now available on the HMRC* website.

The press release (including a link to the amended taxonomies) is available on the FRC website.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.