Financial Reporting Council (FRC) updates iXBRL taxonomies, effective on or after 1 January 2019
The Financial Reporting Council (FRC) has updated iXBRL taxonomies that will take effect on or after 1 January 2019. Keeping with the recent amendments, FRC has also said that early adoption will be accepted only if both the accounts and iXBRL tagging are prepared in accordance with the new requirements.
Financial Reporting Council (FRC) updates iXBRL taxonomies
In June this year, considering the enhancement of financial reporting in the UK, FRC has been consulting on conventions for the digital tagging of accounts, to enable quality digital reporting under IFRS and UK GAAP standards.
The updates are primarily related to the IFR Standards of the last set of changes to the FRC taxonomies.
- IFRS 15 Revenue from Contracts with Customers
- IFRS 9 Financial Instruments
- IFRS 16 Leases
IFRS 15, 9 and 16 are effective for annual periods beginning on or after 1 January 2018 and IFRS 16 is effective on or after 1 January 2019. Preparers need to make amendments to their process, and incorporate the revised taxonomies to be able to report digitally under these standards. Some of the amendments also proposed to further improve the taxonomies.
They apply primarily to five key areas.
- Definition of a Financial Institution
- Classification of Financial Instruments
- Investment property rented to another group entity
- Intangible assets acquired in a business combination
- Director’s Loans
The deadline for the consultation period is 28 August 2018. The FRC taxonomies related to these amendments are UK IFRS, FRS 101, FRS 102, Charities and FRC 2019 taxonomies along with its documentation (supporting documents, key information sheets and release notes). The details of mapping documents proposed to the FRC taxonomies are highlighted and excel sheets on available for download from FRC website for the software creators with specific color codes as listed in the below table.
| Color | Indicates |
| Yellow | A change to an existing line |
| Red | A proposed deletion |
| Green | A proposed addition |
| Orange | A deprecated item |
Added to this, two columns are added to the excel sheets with headers ‘Description of Change’ for Detailed description of changes and ‘Ancestry Change’ for hierarchical movement of the concept.
Once the revisions are finalised by Company House, HMRC and Revenue Ireland are expected to adopt these updated taxonomies. To get the latest updates on FRC taxonomies visit the FRC website.
Honed with 13+ years’ experience in compliance industry providing solutions to more than 13,500 clients, DataTracks regularly updates the taxonomies to their solutions. Knowledgable accounting experts at DataTracks are regularly educated with key updates from the regulators like HMRC to serve the clients to their best.