FRC issues guidance on XBRL
Accountants receive roadmap on eXtensible Business Reporting Language
The Auditing
Practices Board, part of the Financial Reporting Council has issued
guidance
for auditors on the use of XBRL.
Richard Fleck, chairman of the APB and a director of the FRC said: “XBRL
tagging of UK statutory financial statements is required for tax purposes in
2011.”
“This guidance provides background information on that requirement and on the
application of APB’s Ethical Standards for Auditors to non-audit services
relating to XBRL tagging,” he added.
The guidance has information on
HM Revenue & Customs future
requirement of XBRL tagging as well as threats to be considered.
XBRL, which stands for eXtensible Business Reporting Language, is a computer
language for business information. Individual terms or information can be tagged
through with machine readable codes. The codes are drawn from a library referred
to as taxonomy.
The use of XBRL will make company information my accessible, and reviewable.
The APB has said as this is a developing technology and area, with XBRL
likely to become integrated in accounting systems, it intends to produce updated
guidance in the future as necessary.
XBRL tagging of information in audited financial statements,
guidance
for auditors bulletin is available to view on the FRC website.
Further reading:
HMRC
criticised over XBRL by accountants
XBRL
filing requirement could cost firms ‘tens of thousands’
