UK FRC Publishes Updated Taxonomy and Guidance
Revised taxonomies that meet the needs of changed regulations under EU-adopted IFRS and the new FRS 101 and FRS 102 standards are “an important step in making corporate reports more transparent and accessible to investors” according to Melanie McLaren, Executive Director Codes and Standards at the UK Financial Reporting Council (FRC). HM Revenue & Customs (HMRC) and Companies House are expected to adopt the taxonomies, and the Irish Revenue Commissioners are expected to implement them once appropriate Irish extensions are available. Read the statement form the FRC.
