1 / 19

XBRL in the UK Peter Calvert

XBRL in the UK Peter Calvert. XBRL European Technical Meeting 5 October 2006. Overview. Projects in the UK Companies House - regulator which receives company accounts Tax authority - HMRC XBRL to be mandatory in UK for all company account and tax reporting after March 2010.

brighton-titus
Download Presentation

XBRL in the UK Peter Calvert

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. XBRL in the UKPeter Calvert XBRL European Technical Meeting 5 October 2006

  2. Overview • Projects in the UK • Companies House - regulator which receives company accounts • Tax authority - HMRC • XBRL to be mandatory in UK for all company account and tax reporting after March 2010

  3. Types of UK Reporting • UK GAAP • Some 2.3 million unlisted companies • IFRS • about 2,500 listed companies • HMRC Tax Computations • Other additional reporting -e.g. FSA

  4. Nature of UK reporting • No fixed format or content • Accounts of most companies vary considerably in content and layout • Only some of the smallest companies follow a fairly predictable format • However, this is still a large number of companies

  5. Consequences • Large and complex GAAP taxonomy • Need to support company extensions • Need to support varying formats => requirements for rendering • Various issues arise with calculations, handling of text etc.

  6. Plans in the UK • Start with small companies, then move to more complex cases. • Companies House project for XBRL filing by audit exempt companies • HMRC tax computations and accounts for audit exempt companies • Expand to larger companies

  7. Taxonomy development • Full UK GAAP taxonomy • Extend for small companies • HMRC tax computations taxonomy • (Use stylesheets for rendering) • Revise full UK GAAP taxonomy • Issue to software vendors for feedback and implementation

  8. Companies House small company project • Went live in December 2005 • Filing by accounting software packages and by web interface • About 40,000 accounts filed so far • Significant increase in quality and saving of resources

  9. uk-gcd Taxonomy Schema Document Label Linkbase XBRL Instance Document uk-gaap-ae Companies House Taxonomy Schema Document (approx. 60 elements) uk-gaap-pt Taxonomy Schema Document (over 3,000 elements) Label Linkbase Reference Linkbase Linkbases Companies House implementation

  10. HMRC, Next Steps and UK GAAP • HMRC filing of tax computations just gone live • Revision of small companies extension => broader range of smaller company filing in early 2007 • Revision of UK GAAP taxonomy now in final stages

  11. Revision of UK GAAP taxonomy and expansion of XBRL filing • Revised version incorporates dimensions (and new GCD) • Now under internal review • Release to accounting software companies in November • Important implementation stage: challenge for companies and XBRL

  12. Issues - Dimensions • Important addition - much more effective representation of data • Reduction in number of elements • BUT complex to implement • Statistics: 34 dimensions, 22 hypercubes • Use of inheritance to simplify extension • Feedback from review and early implementation

  13. Issues - Rendering • Standard mechanism to make instances readable by humans • Required by data providers for efficient instance creation and assurance • Needed by regulators for efficient consumption and publication of data

  14. Other Issues (1) • Text: what text to represent and at what level of granularity • Versioning: • Phased approach • Standard way of documenting typical changes • Human commentary • We should limit initial expectations

  15. Other Issues (2) • Formulae • Not a high priority for the UK • Accept limitations of calculations • Practical application and extensibility • GCD • Use and reaction so far • Duplicate activity and loss of interoperability • Effort required - put on agenda for future consideration

  16. SUMMARY OF XBRL IN THE UK • Successful implementation for fixed format and simple accounts • Now face challenge of implementing for large, variable format accounts with company extensions • Deadlines; requirements for international deliverables

More Related