XBRL tagging conventions published Monday by the UK Financial Reporting Council (FRC) have been revised to meet the needs of changed regulations under EU-adopted IFRS and the new FRS 101 and FRS 102 standards.
The tagging conventions, also known as taxonomies, enable electronic filing of accounts that make it easier for users of corporate reports to access and analyse the information they want.
HM Revenue & Customs (HMRC) and Companies House are expected to adopt the taxonomies, and the Irish Revenue Commissioners are expected to implement them once appropriate Irish extensions are available, according to an FRC news release.
“The release of these taxonomies is an important step in making corporate reports more transparent and accessible to investors,” FRC Executive Director Codes and Standards Melanie McLaren said in a news release. “The e-enablement of reporting is an important element of standard-setting and helps to foster investment in UK companies.”
UK companies already have to submit their accounts to HMRC in XBRL format, and many also voluntarily submit their reports to Companies House in XBRL. The updated tagging conventions will make it possible for companies to continue XBRL submissions after they have adopted the new accounting standards.
—Ken Tysiac (email@example.com) is a CGMA Magazine editorial director.