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New UK Accounts Taxonomies - Overview Peter Calvert

New UK Accounts Taxonomies - Overview Peter Calvert. XBRL UK – ICAEW Seminar – 19 May 2014. Why new taxonomies?. New accounting regulations Improvements in the light of experience New requirements for XBRL tagging New ownership and organisational structure behind the taxonomies.

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New UK Accounts Taxonomies - Overview Peter Calvert

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  1. New UK Accounts Taxonomies - OverviewPeter Calvert XBRL UK – ICAEW Seminar – 19 May 2014

  2. Why new taxonomies? • New accounting regulations • Improvements in the light of experience • New requirements for XBRL tagging • New ownership and organisational structure behind the taxonomies

  3. The new taxonomies • Full IFRS for UK companies • FRS 101 (reduced disclosure framework) • FRS 102 (Financial Reporting Standard for UK and Ireland) • Application of the standards • Similarities and differences

  4. The development project • Development team under FRC auspices • Accounting specialists • Taxonomy developer and coordinator • FRC project manager • Technical infrastructure • Oversight: • Governance Committee; Technical Task Force; Closed User Group review • Timescales: March 2013 – Sept 2014

  5. What happens next? • Public review of the taxonomies began on 8 May and will last for two months • Ends Tuesday, 8 July 2014 • Feedback via comment letter or via ‘Yeti’

  6. What happens next? • Public review of the taxonomies began on 8 May and will last for two months • Ends Tuesday, 8 July 2014 • Feedback via comment letter or via ‘Yeti’ • Complete taxonomies in light of feedback • Release with supporting documents by or before September 2014 • Implementation

  7. Aims and requirements • General aims: • Accurate, clear • Cover data which is useful for analysis, comparison and review by consumers • Easy and efficient to use • Provide unambiguous and consistent tagged data for consumers • Completeness requirement: • Financial data • Textual information

  8. Broadening use of XBRL • HMRC: • Tax risk analysis, policy and planning • Government departments: • Policy, statistics and other purposes • Companies House: • Public and private consumers; investors; information companies; credit rating agencies; banks • Company financial info in digital format

  9. Demands on taxonomies • Support more effective use of XBRL by a broader range of consumers • Support improved quality of tagging • Limit and ease the burden on preparer community • Meet the needs of 2016 and beyond • Range of design and content decisions

  10. Main taxonomy features - 1 • Stability decision • Basic ‘look and feel’ and many features unchanged • Careful focus on content and user • Clarity of presentation and organisation • Consistency of approach • Built-in guidance • Guidance tags, cross-references, supporting information in ‘documentation’ labels • Accounting references

  11. Main taxonomy features - 2 • Simplification of textual tagging • Greater use of dimensions, where appropriate • Introduction of ‘typed’ dimensions: • ‘Analysis’ items • Groupings – replacement of tuples • Covered in FRC Accounts Taxonomies Design document

  12. Structure of the taxonomies • Same underlying accounting base: IFRS published by IASB • Broad range of taxonomy content is the same across the accounting frameworks • Common ‘Core taxonomy’ • Extensions to core taxonomy to create individual taxonomies for Full IFRS, FRS 101 and FRS 102

  13. Summary • Reasons for new taxonomies • General aims • List of new features • Timescales • Providing feedback • Next presentations • Questions?

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