Financial Reporting Council (FRC) released the new FRS 102 standard in March 2013. Starting from Jan 1 2015, accounts and therefore iXBRL must be prepared using the new accounting standard – FRS 102. A majority of UK businessesare expected to apply this standard and early adoption is encouraged.
According to Dr Nigel Sleigh-Johnson, Head of ICAEW’s Financial Reporting Faculty,“the transition to the new reporting standards is perhaps the greatest accounting change non-listed UK companies have faced for about 40 years”.
In December 2014, HMRC accordingly updated its systems and can now accept iXBRL accounts that have been tagged with the new FRS 102 taxonomy.
Accounting experts predict increase in effort and therefore cost. The new UK GAAP (FRS 102)is semantically different from the existing UK GAAP. This makes transitioning from existing systems time-consuming. Moreover, unlike the earlier mandate where minimum tagging was allowed, the revised mandate requires full tagging. This impacts the effort and cost for creating the iXBRL document.
DataTracks, in keeping with its tradition of updating iXBRL services promptly to conform to taxonomy changes, has announced the readiness of its managed tagging services to comply with the new FRS 102 taxonomy. Early adopters can now easily comply with the new UK GAAP through the managed tagging services offered by DataTracks.
Dominic Savio, Vice President for Business Developmentsays,“In this introductory year of new UK GAAP, managed tagging services could be the more meaningful choice for companies and firms that are looking to optimize the compliance report preparation cost without compromising on the quality”.
DataTracks, recognized by HMRC and ICAEW, makes it very easy and simple for their clients to prepare iXBRL reports for HMRC compliance. A client has to just register online, choose turnaround time, pay the fees and upload the set of accounts. Within the turnaround time chosen, they can then download the iXBRL files as soon as they are ready. This is complemented by competitive pricingandworld class customer support all the way till successful filing with HMRC.