FRC consults on conventions for E-tagging of accounts
Consultation launched as FRC seeks to bring reporting in line with UK GAAP
Consultation launched as FRC seeks to bring reporting in line with UK GAAP
THE FRC has launched a consultation on XBRL tagging conventions as it seeks to bring financial reporting in line with UK GAAP.
The taxonomies used by XBRL – a technology that enables information in corporate reports to be electronically tagged in a standardised way – will be updated to reflect the new financial reporting standards for the UK and Ireland introduced by the FRC in March 2013.
Three taxonomies are under consultation are FRS 101, FRS 102, and full EU-adopted IFRS.
The consultation will close on 8 July 2014 after which the taxonomies will be finalised.
HMRC and Companies House are expected to adopt the taxonomies for filings of accounts under the relevant standards. The Irish Revenue Commissioners also expect to adopt these taxonomies once the appropriate Irish extensions are available.
The consultation can be viewed at here downloaded from the FRC website.
The numbers you crunch tell a story. Your expertis...
11yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleFormer Deloitte partners failed to act with “professional scepticism” Read More...
View articleIn its official release, the FCA said: “Consumers should be cautious when investing in such cryptoassets and should ensure they understand and can bea...
View articleThe charity convention will be used when tagging charity accounts for electronic filing and for other analytical purposes Read More...
View articleWatchdog files formal complaint against former management team at iSoft, almost ten years after ‘accounting irregularities' were discovered at softwar...
View articleFRC extends scope of investigation into C2000 accounts to include EY audit work Read More...
View articleFRC and BIS rubbish claims that IFRS conflicts with UK company law as "misguided" Read More...
View articleTaxonomies used by XBRL will be updated to reflect the new financial reporting standards - FRS 100, 101 and 102 Read More...
View articleThe FRC is investigating Autonomy over alleged misrepresentations made in its accounts prior to its acquisition by Hewlett Packard Read More...
View article