FRC and Charity Commission publish new taxonomy for charity accounts

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16 Feb, 2016

The Financial Reporting Council (FRC) and the Charity Commission have published a 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 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 supports iXBRL tagging of accounts and is designed to align with the new Charities Statement of Recommended Practice (SORP) (Financial Reporting Standard (FRS) 102)) issued in July 2014 and the modifications included within the Update Bulletin 1 which updates the SORP for changes to FRS 102 since the initial SORP was published.  It replaces the existing Charity Taxonomy issued in 2009 under the previous Charity SORP 2005.

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