Taxonomies enable accounts to be filed electronically and for users of information in corporate reports to extract data and analyse it more effectively.

The latest updates include electronic tags to indicate the nature of the entity and the accounting standards applied.

Under the amendments, the FRC has implemented additional tags to enable micro preparers and small preparers using FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland to tag using only those parts of the FRS102 taxonomy which are relevant, and to enable FRS 101 Reduced Disclosure Framework preparers using the IFRS formats to tag using the extant IFRS taxonomy.

In addition, the taxonomies include the introduction of an abridged accounts indicator. The FRC has also inserted 150 new tags over and above the 50 tags which already exist in the taxonomies for the reporting of subsidiaries, plus a tag to indicate companies which have more than 200 subsidiaries.

HMRC and Companies House will be updating their guidance to incorporate the amended taxonomies.

The updated taxonomies are here

A mapping tool for software companies of the amended taxonomies, reflecting all changes since September 2014, can be found here

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