JURSIDICTION SNAPSHOT:
Country: United Kingdom
Status: Full Jurisdiction
Jurisdiction Name : xbrl.gb
Website : http://www.xbrl.org/uk
Membership Count: 15
IFRS Adoption for Public Companies: Required for all domestic listed companies
REGULATORS:
Companies Registrar: Companies House UK
Banking Supervisor: Bank of England
Securities Regulator: Financial Services Authority UK
PRINCIPAL EXCHANGES:
| Channel Islands Stock Exchange |
| NYSE Euronext |
| London Stock Exchange |
XBRL PROJECTS OVERVIEW:
| HM Revenue & Customs | Mandatory Filing |
| UK Companies House | Mandatory Filing |
| XBRL-UK | Development |
JURISDICTION MEMBERSHIP:
| Adobe Systems Inc |
| Bilans Service |
| Companies House |
| Corefiling Ltd |
| Credence Software Ltd |
| DecisionSoft Ltd. |
| Deloitte & Touche |
| Fitch Ratings Ltd |
| Future Route Ltd |
| HM Revenue and Customs |
| ICAEW |
| Inland Revenue Department |
| KPMG LLP |
| SAGE UK |
| UBmatrix Europe |
PROGRESS REPORT:
Effort in the XBRL UK jurisdiction is centred on supporting
the projects by the companies regulator, Companies House,
and tax authority, HM Revenue and Customs (HMRC), to
introduce filing in XBRL. Companies House has already
received more than 200,000 accounts from small companies
in XBRL using an extension to the UK GAAP taxonomy, while
HMRC has begun receiving Corporation Tax submissions in
XBRL. The government is making XBRL mandatory for filing
of tax returns, including accounts, by all companies from
March 2011.
XBRL UK released upgraded and expanded versions of the
UK GAAP and Common Data taxonomies in 2008 as well
as a range of explanatory documentation and samples. The
taxonomies, which have Public Working Draft status and are
available at www.xbrl.org/uk/Taxonomies/, provide a basis to
enable all companies reporting under UK GAAP to publish
their accounts in XBRL. The UK GAAP taxonomy covers the
typical content of full accounts of ordinary commercial and
industrial unlisted companies. It reflects the latest XBRL
design developments, including the release of the Dimensions
Specification; it makes use of dimensions to reflect a number
of ways in which companies report data. The Common Data
taxonomy covers standard information which companies may
use in business reporting.
The explanatory documentation includes introductory material
aimed at business users and technical guidance aimed at
implementers and developers. It is available at www.xbrl.org/
uk/TechGuidance/.
The jurisdiction is working with accounting software vendors
to support their implementation of the taxonomies. It
is participating in government and industry groups which are
working on detailed plans for expanded use of XBRL.
The jurisdiction has also begun work a UK extension of
the IFRS taxonomy in order to cover reporting by listed
companies in XBRL. It contributed to planning discussions
and technical reviews of the new IFRS taxonomy during 2008.
Participants of the UK jurisdiction made a major contribution
to specifications for rendering solutions published by XBRL
International. Rendering involves the creation of humanreadable
versions of XBRL reports. After contributing to
rendering requirements documents, UK participants played
a leading role in creating the Inline XBRL rendering
specification released in June 2008. They also contributed
to other key working groups, including Versioning and Base
Specification.
For more information on XBRL UK, please visit www.xbrl.org/
uk/ or contact:
Chris Rodgers
Chairman, XBRL UK Consultative Committee