The Financial Reporting Council (FRC) had released the FRS 101 and FRS 102 which forms the basis of the new UK GAAP. These standards are effective for the accounting periods beginning from 1st January 2015. Based on this, FRC has published three XBRL tagging conventions (taxonomies) as follows:
FRS 101 essentially offers some disclosure exemptions from EU-adopted IFRS. This means that companies that qualify for these exemptions need to furnish smaller reports to their regulator. FRS 101 is a shorter version of the EU-adopted IFRS.
FRS 102 is based on the International Financial Reporting Standards for Small and Medium Entities (IFRS for SMEs). It replaces the incumbent UK GAAP taxonomy.
The following are some notable features of the new FRS 101 and FRS 102 taxonomies:
The FRS 101 and FRS 102 taxonomies allow for more accurate tagging of accounts in iXBRL and are easier due to the design improvements. However the effort needed to successfully file an iXBRL document remains about the same. So, do you still need an iXBRL partner? The answer is an overwhelming yes. The primary reason that made the use of XBRL services a good idea up until now will still persist under the new reduced disclosure framework, namely:
The convenience of having an expert support team that is very well-versed in the relevant taxonomies and the underlying accounting standards, should you feel comfortable enough sharing your data with your reputed vendor.
DataTracks UK is a leading provider of iXBRL services to Accounting Firms and Businesses.
DataTracks (www.datatracks.co.uk) provides iXBRL Managed Tagging Services to help companies convert their financial statements and tax computations to iXBRL format for filing with HMRC. All DataTracks services are provided through an easy to use e-commerce portal. User can register, create entities, place orders, pay, upload files and download iXBRL output when ready. DataTracks developed its iXBRL conversion software in-house, and was designed to support roll forward. As a result, clients are assured of consistency in tagging to their iXBRL documents and conforming to the latest taxonomy.
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