Digital Reporting Education & Outreach (DREO) Innovation sprint support.

Award outcome

Description

THIS IS A CONTRACT AWARD NOTICE The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. As the Competent Authority for audit in the UK, we set auditing and ethical standards and monitor and enforce audit quality. The purpose of the FRC is to serve the public interest and support UK economic growth by upholding high standards of corporate governance, corporate reporting, audit and actuarial work. The FRC's Digital Reporting and Taxonomy team set the UK's digital reporting taxonomy. Our taxonomy is used by millions of companies in the UK to file annual report data to regulators and we are keen to ensure that the data is used to its fullest potential. The UK has a focus on economic growth, support for longer-term investment and a drive to maintain and enhance the UK's capital markets. A key enabler for all these goals is a data ecosystem that provides useful insights to the widest audience and at the lowest cost. To achieve this, it is critical to enable access to both the data and the tools to analyse the data. The UK is a world leader in collecting company and organisational data in structured digital form in the iXBRL (Inline eXtensible Business Reporting Language) format. Of the 3.1 million accounts published annually on the Companies House register, 80% are available in iXBRL format. In addition, more than 500 issuers on regulated markets file their annual reports in iXBRL format with the FCA. The FRC was seeking a supplier to design and facilitate a Four (4) month innovation sprint, supporting the DREO initiative to: • Identify and engage relevant stakeholder groups from across the corpotate reporting, FinTech, accounting and xbrl ecosystem for the innovation sprints. • Run the innovation sprints to explore key themes and challenges related to the production and use of XBRL data from listed and non-listed company, charaties and other organisations annual accounts. And provide for the facilitation of group discussions or working groups to address, experiment with and consider technical topics and develop practical use cases based upto three regulator led challenges. • Synthesis and Report on the sprints including a final report or roadmap that brings together the insights and outputs from the engagement activities including barriers, gap analysis and use cases. • Provide programme management, stakeholder coordination, and documentation related to the sprints.

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