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The existing XBRL accounts tagging convention (Charity ’taxonomy’) 2009 version has been updated following the introduction of the Charity SORP (FRS 102) and the FRC’s financial reporting standard FRS 102. The taxonomy will be used when tagging charity accounts for electronic filing and for other analytical purposes. Electronic tagging helps users of financial information to extract relevant information from corporate reports and analyse it more efficiently.
Please take this opportunity to familiarise yourself with the new taxonomy and participate in the consultation which opened on 8 October and runs for 2 months. The consultation closes on 8 December 2015 after which the taxonomy will be finalised. Your views are important. See Taxonomy consultation - your views sought.
Submitting your comments
Once you have read the consultation and accompanying documents please submit your comments:
a) Directly through the ‘Yeti’ viewer in which the taxonomies are displayed on the internet. This enables specific comments to be made on individual data items in the taxonomies. It is best suited to detailed feedback. A guide on how to use the Yeti viewer and make comments is available on the FRC website.
b) By comment letter to the FRC and CC. Such letters may be sent by post to FRC, 8th Floor, 125 London Wall, London EC2Y 5AS ; or e-mail to email@example.com and firstname.lastname@example.org
All comments should be sent before close of business on 8 December 2015.
Taxonomy consultation events
A number of professional bodies and charity sector partners are holding webinars and events to discuss the taxonomy consultation.
- Charity Finance Group 21 October
- Expert/Software Developers Forum - 20 November, Parliament Street, London from 11:00am to 2:00pm. To attend please contact SDSteam@hmrc.gsi.gov.uk. Places are limited and please email: name, company name, contact email and contact phone number, and whether they are an accountant or a software developer. Only light refreshments (no lunch provided)
- ICAEW webinar on the taxonomy consultation to be held on 17 November 2015. The link to the registration page is: https://events.icaew.com/ShoppingCart.aspx?com=detailview&imp=f&iid=1798&&returncom=productlist. To register, follow the directions on the website. Please note that if you are not a member of the ICAEW Special Interest Group, you would need to join the group to attend this webinar for free.
Upcoming articles are to be published in Finance Focus and the ICAEW Charity and Voluntary Sector Newsletter.