new uk accounts taxonomies - overview peter calvert
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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. - PowerPoint PPT PresentationTRANSCRIPT
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
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
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
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’
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
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
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
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
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
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
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
Summary
Reasons for new taxonomies General aims List of new features Timescales Providing feedback Next presentations Questions?