XBRL in the UK Peter Calvert XBRL European Technical Meeting 5 October 2006.
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Transcript of XBRL in the UK Peter Calvert XBRL European Technical Meeting 5 October 2006.
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
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
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
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.
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
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
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
Companies House implementation
Companies HouseTaxonomy Schema Document (approx. 60 elements)
uk-gaap-ae
Linkbases
uk-gaap-pt
Taxonomy Schema Document(over 3,000 elements)
Label Linkbase
ReferenceLinkbase
Taxonomy Schema Document
uk-gcd
Label Linkbase
XBRLInstance Document
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
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
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
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
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
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
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