The Financial Reporting Council (FRC) is launching a project to improve the quality of electronic 'tagging' of accounts by updating the XBRL taxonomies to reflect the new financial reporting standards for the UK and Ireland which were introduced in March 2013.

A governance committee is overseeing the project to ensure credibility and confidence in developing and delivering the new electronic standards, which will be applied to FRS 100, 101 and 102.

The FRC has secured funding for the project to ensure delivery from Companies House, HMRC, major accounting firms and BIS as well as the FRC.

FRC is aiming to have the updates available from 1 January 2015 to coincide with when the new financial reporting standards become applicable.

Melanie McLaren, FRC executive director codes and standards, said: 'Improved tagging of corporate reports enhances investors' ability to compare and analyse. The FRC sees e-enablement of financial communication and reporting as an extension of its standard setting.'