Background

On 26 September 2013, the Financial Reporting Council (FRC) announced a project to improve the quality of electronic "tagging" of accounts. As part of this, the XBRL tagging conventions (taxonomies) were updated to reflect the new financial reporting standards for the UK and Ireland (FRS 101 and FRS 102) introduced in March 2013.

On 8 May 2014, the FRC 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”).  The consultation sought 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.  The comment period for this consultation closed on 8 July 2014.   

Current status of project

In September 2014 the FRC published XBRL taxonomies for EU IFRS, FRS 101 and FRS 102, as well as a Developer Guide and a Tagging Guide to help preparers implement the new taxonomies.  The taxonomies were most recently updated in December 2015 to reflect changes in UK GAAP and company law.

In February 2016, the FRC and the Charity Commission published a new XBRL charity accounts taxonomy to enhance the quality of financial reporting for Charities in the UK and Ireland.

In December 2017 the FRC published amendments to the December 2015 suite of taxonomies to reflect amendments made to UK GAAP in December 2017.

In June 2018 the FRC published a consultation on updating the taxonomies.  Comments closed on 28 August 2018.

In October 2018 the FRC published amendments to its suite of taxonomies to reflect amendments made to UK GAAP in December 2017.

In November 2019 the FRC published an XBRL tagging guide.

In December 2019 the FRC published a taxonomy for Streamlined Energy and Carbon Reporting (SECR).

In September 2020 the FRC published its 2021 suite of FRC Taxonomies.

In October 2021, the FRC published its 2022 suite of taxonomies.

In October 2022, the FRC published its 2023 suite of taxonomies.

In November 2023, the FRC published its 2024 suite of taxonomies.