The Financial Reporting Council (FRC) had released the FRS 101 and FRS 102 which forms the basis of the new UK GAAP. These standards are effective for the accounting periods beginning from 1st January 2015.

This article will help you in understanding the Do’s and Don’ts during iXBRL submission with HMRC. Observing the nature of the queries we have received from our customers, we have listed down a few common scenarios and the solutions that might well save your time!

The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. In 2012 and 2013 the FRC revised financial reporting standards in the UK and Republic of Ireland.

All tax filing submissions to HMRC, on or after 1st April 2014, that contain a detailed Profit and Loss (whether it appears in the accounts or computations) must be tagged in iXBRL using the DPL taxonomy.

The Financial Reporting Council (FRC) in UK has published three standards which form the basis of the new UK GAAP. These standards are applicable in UK and in Ireland. This framework will be effective for the accounting periods beginning from 1st January 2015. The FRC has also permitted the usage of these new standards for accounting periods ending on or after 31st December 2012, provided that there is no conflict with the requisites of the present SORP (Statement of Recommended Practice).

Companies House has launched its Free Accounts Data Product in response to the market demand for company accounts data, and to be consistent with the UK government’s open data agenda. It is part of the Public Data Group (PDG), which is aimed at maximising the value and access of the data held by each member, and in turn, identifying and delivering efficiencies and synergies to reduce the data cost for the user.