The latest version updates the December 2017 version and includes a full set of FRC taxonomies for 2019 taking into account amendments made to International Financial Reporting Standards (IFRS) that have been endorsed since the last set of amendments.

The taxonomy now incorporates the latest three IFRS, including IFRS 9 Financial Instruments; the revenue recognition standard, IFRS 15 Revenue from Contracts with Customers, and IFRS 16 Leases, due to come into effect for accounting periods starting 1 January 2019.

IFRS 15 and IFRS 9 are effective for annual periods beginning on or after 1 January 2018. IFRS 16 is effective for annual periods beginning on or after 1 January 2019. Early adoption of these standards is permitted, although recent research by Deloitte into listed companies shows that no companies have early adopted the new leases standard.

This taxonomy also reflects the amendments made to UK GAAP standards on 14 December 2017 because of the Triennial Review and are effective from years commencing on or after 1 January 2019. Early adoption of these amendments is permitted.

IFRS reporters need to use this collection to digitally report under IFRS standards. UK GAAP reporters applying the Triennial Review Amendments can also elect to use this set of taxonomies to have access to the most up-to-date versions of the FRC Taxonomies and to comply with the HMRC requirement to fully tag.

HMRC, Companies House and the Irish Revenue Commissioners are expected to adopt the 2019 taxonomies in due course.

Micro and small reporters should tag using only those parts of the FRS102 taxonomy which are relevant. FRS 101 Reduced Disclosure Framework reporters using the IFRS formats should tag using the extant IFRS taxonomy.

XBRL FRC Taxonomies collection

Report by Sara White