Published date: 13 June 2023

This notice was replaced on 31 July 2023

This notice does not contain the most up-to-date information about this procurement. The most recent notice is:

Awarded contract (published 31 July 2023)

Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.


Contract summary

Industry

  • Research and development services and related consultancy services - 73000000

Location of contract

EC2Y 5AS

Value of contract

£35,000 to £40,000

Procurement reference

FRC2023-073

Published date

13 June 2023

Closing date

29 June 2023

Closing time

12pm

Contract start date

24 July 2023

Contract end date

31 October 2023

Contract type

Service contract

Procedure type

Open procedure (below threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements below the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

Yes

Description

ABOUT THE FRC
The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. We seek to promote transparency and integrity in business; our work is aimed at investors and others who rely on company accounts, audit, and high-quality risk management. As the Competent Authority for audit in the UK, the FRC sets auditing and ethical standards and monitors and enforces audit quality.

ABOUT THE PROJECT
Historically, investors and others looking to obtain financial and non-financial data about companies in bulk had to compile it from unstructured PDF reports or pay for access to third-party databases. However, in recent years, companies have increasingly been required to report in machine-readable formats, making structured data publicly available.
The United Kingdom has mandated the use of eXtensible Business Reporting Language (XBRL) for corporate tax returns. In 2021 the XBRL requirements were extended for listed companies to include consolidated financial statements. A requirement to use XBRL in filings to Companies House is expected in future.
As XBRL reporting requirements continue to evolve and are extended to new reporting areas (for example in sustainability-related data), it is important for regulators to understand how XBRL data is actually being used by investors, and how this compares to their use of other sources of structured data. This will allow regulators to identify the barriers to wider usage and opportunities for improving accessibility and efficiency.
Unfortunately, there is little contemporary and direct evidence on the use of the XBRL data in practice. Existing research is based mainly on 'indirect' studies, while the gathering of direct evidence has been rather limited.

The aim of this research project is to answer the following questions:

1. What attributes do investors value most in choosing a source for structured company data - for example: ease of access, cost, timeliness, assurance, data quality etc.?
2. In practice, are investors using information from annual reports in XBRL format?
a. If so, how are they accessing and using it? For example, are they accessing the XBRL data directly or through an intermediary? How does it flow into their analysis?
b. If not, what are the main barriers to the use of XBRL data and what attributes is the XBRL data lacking? Which other sources of structured data do they use instead (for example commercial platforms providing proprietary structured data)?

This research project would principally feed into wider FRC Lab work on XBRL use by investors.

PLEASE SEE ATTACHED ITT FOR FULL DESCRIPTION.

More information

Attachments

Additional text

Notes:-

• Download and review the documents;

• Observe the timelines and tender process

• Register your interest in this opportunity by email to procurement@frc.org.uk

• You will need to register your interest in this opportunity to receive the Q&A responses.

• We retain the right to re-appoint the successful Supplier in the future for repetition of the survey subject to budget / cost and the aggregated value not exceeding £170,000.

About the buyer

Contact name

Head of Procurement

Address

8Th Floor,125 London Wall
LONDON
EC2Y5AS
England

Telephone

020 7492 2300

Email

procurement@frc.org.uk

Website

https://www.frc.org.uk