Open consultation: New consultation on the charity taxonomy (FRS 102 SoRP)

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.

Taxonomy consultation

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 j.guest@frc.org.uk and kim.andrews@charitycommission.gsi.gov.uk

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 – venue TBC
  • HMRC Software Developers Forum – date and venue TBC

ICAEW webinar on the taxonomy consultation to be held on 17 November 2015 – time TBC.

For more details and to register see the ICAEW website.

Upcoming articles are to be published in Finance Focus and the ICAEW Charity and Voluntary Sector Newsletter.

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