Tender

XBRL taxonomies IFRS 17 Insurance Contracts (Provision of consulting & advisory services)

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 1 release in its history.

Tender

29 Apr 2022 at 13:37

Tender Notice
Summary of the contracting process

The Financial Reporting Council Limited (FRC) recently awarded a contract for consulting and advisory services related to the development of XBRL taxonomies for IFRS 17 Insurance Contracts. This procurement process, classified under accounting services, carried a total contract value of £50,000 and took place within London. The initial tender phase concluded on 6th May 2022, with the contract period starting from 16th May 2022 and running until 18th October 2022. The procurement method was an open procedure, designed to facilitate competitive bidding, with the FRC pursuing outcomes that enhance corporate governance and transparency within the UK market.

This opportunity may appeal to businesses specialising in accounting and consulting services, particularly those with expertise in financial reporting and regulatory compliance. Small and medium-sized enterprises (SMEs) could significantly benefit from this tender, as engagement with the FRC not only provides a platform for professional collaboration but also bolsters credibility within the industry. Firms aiming to expand their market presence in public sector contracts should consider similar future opportunities offered by the FRC to foster business growth.

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Notice Information

Notice Title

XBRL taxonomies IFRS 17 Insurance Contracts (Provision of consulting & advisory services)

Notice Description

The purpose of the Financial Reporting Council (FRC) is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them. Delivering on our purpose will bring a variety of benefits. Improved outcomes, created by each of our regulatory activities are shown in the circle; each of which can positively reinforce others in the circle and contribute to overall benefits for a wide range of stakeholders such as greater transparency, increased trust in UK markets and a lower cost of capital for companies. Our direct stakeholders include companies, institutional investors, auditors, actuaries, accountants and their respective professional bodies. Our indirect stakeholders include retail shareholders, suppliers, employees, customers, communities, pensioners and savers, and financial institutions, all of whom have an interest in the health of companies and other organisations within our existing and future regulatory scope and in the success of the UK corporate sector as a whole. The FRC has a requirement for the development of content for the FRC's XBRL taxonomies relating to the implementation of IFRS 17 Insurance Contracts. This is to facilitate the mandatory requirement of full digital tagging of any standards to HMRC. To fulfil the requirement for the development of content for the FRC's XBRL taxonomies relating to the implementation of IFRS 17 Insurance Contracts the FRC are seeking to engage specialist input. Please see attached ITT for further information. Additional information: 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. The FRC reserves the right to * extend the contract by an additional 12 month * to seek additional Services of the same nature under the contract (whilst capping the aggregated contract spend to no more than PS165,000)

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-a45a3aa2-50e2-4e16-ba7e-e7f3897bbcc8
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/beff40e8-70f1-486f-97e8-e3c9b4c27b5e
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

79211000 - Accounting services

79400000 - Business and management consultancy and related services

79900000 - Miscellaneous business and business-related services

Notice Value(s)

Tender Value
£50,000 Under £100K
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
29 Apr 20223 years ago
Submission Deadline
6 May 2022Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
15 May 2022 - 18 Oct 2022 1-6 months
Recurrence
Not specified

Notice Status

Tender Status
Active
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
THE FINANCIAL REPORTING COUNCIL LIMITED
Contact Name
Head of Procurement
Contact Email
procurement@frc.org.uk
Contact Phone
020 7492 2300

Buyer Location

Locality
LONDON
Postcode
EC2Y 5AS
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
City of London
Electoral Ward
Bassishaw
Westminster Constituency
Cities of London and Westminster

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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