Tagging Quality Report Released

Today SureFile Accounts is releasing a report on the tagging of statutory accounts with the UK FRC Taxonomy, aimed at improving tagging quality across the board. It is the distillation of ten years of experience in providing a quality assurance service to UK accounts preparers, and is offered freely to the community to help raise the tagging quality of FRC-based accounts in the UK and Ireland. Download here.

The level and sophistication of SureFile Accounts’ technical and accounting rules has increased enormously over the years since we started providing the service to preparers in 2012. In that time we’ve learned a great deal about how preparers tag accounts and the kinds of mistakes they make (or are lead into making). The report highlights the kinds of tagging errors that preparers make, illustrated with real, anonymised examples and the diagnostics provided by SureFile Accounts. This is aimed at encouraging preparers to avoid such mistakes in future, and to think more carefully about their tagging choices and the way in which the authors of the FRC Taxonomy Suite expected or intending accounts to be tagged.

Improvements in quality can only be gauged impartially if quality can be measured in the first place. The report also describes the way in which SureFile Accounts assigns a tagging quality rating to each set of QA’d accounts - the algorithm is the product of years of analysis involving tens of thousands of sets of accounts, using key quality indicators that we have developed to arrive at a blended overall score. SureFile Accounts subscribers who follow the guidance offered by our unique and insightful diagnostics can see the material difference that correcting their tagging errors makes to their quality rating.