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FRC 2019 Taxonomies suite

The Financial Reporting Council (FRC) has made amendments to the suite of taxonomies last issued in December 2017.

Versions of the full suite of FRC taxonomies for 2019 were yesterday released to reflect the amendments made to IFRS standards that have been endorsed post the last set of amendments.

The 2019 taxonomy suite released on 1 October 2018 covers IFRS standards that have been endorsed since the 2018 taxonomy suite releases. The standards included are IFRS 9 Financial Instruments; IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.

IFRS 15 and IFRS 9 are effective for annual periods beginning on or after 1 January 2018. IFRS 16 is effective for annual periods beginning on or after 1 January 2019. Early adoption of these standards is permitted.

This suite also reflects the amendments made to UK GAAP standards on 14 December 2017 because of the Triennial Review (“the Triennial Review amendments”), and are effective from years commencing on or after 1 January 2019. Early adoption of these amendments is permitted.

For more information, visit the XBRL FRC Taxonomies webpage.

Contact the Press Office

Alana SinnenCommunications Manager

 

Original article link: https://www.frc.org.uk/news/october-2018/frc-2019-taxonomies-suite

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