Last year, the Financial Reporting Council (FRC) assumed ownership of the UK iXBRL accounts taxonomies. The FRC then embarked on a project to design new taxonomies. A consultation has now been launched inviting feedback on these, the consultation closes on 8^th July 2014.

The consultation contains drafts of three proposed new XBRL accounts taxonomies to support XBRL reporting under the new UK GAAP standards, FRS 101 Reduced Disclosure Framework and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and under EU-adopted IFRS.

HMRC and Companies House are expected to adopt the taxonomies in due course. The Irish Revenue Commissioners are also expected to adopt these taxonomies once appropriate Irish extensions are available.

The taxonomies have been developed by a project team at the FRC with guidance from a technical task force and under the oversight of a Governance Committee.

As part of the current consultation, the FRC is seeking evidence from consultation with users, preparers and others. The three taxonomies are available for viewing at https://uk-taxonomies-tdp.corefiling.com/yeti