Award

Research Services - Investor use of structured company data

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

31 Jul 2023 at 16:21

Award Notice
Tender

13 Jun 2023 at 13:55

Tender Notice
Summary of the contracting process

The Financial Reporting Council has awarded a contract for Research Services on Investor use of structured company data. The project aims to understand how investors utilise structured data and XBRL reports. The contract has a minimum value of £35,000, a total value of £40,000, and commenced on 31st July 2023, ending on 31st October 2023. This opportunity falls under the category of Research and development services and related consultancy services.

This tender offers opportunities for businesses, particularly those in research and consultancy services, to engage with the Financial Reporting Council. Small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs) are well-suited to compete for this contract. Businesses interested in data analysis, financial reporting, and XBRL technology can benefit from participating in this procurement process that prioritises access, cost-efficiency, and data quality.

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Notice Information

Notice Title

Research Services - Investor use of structured company data

Notice Description

****THIS IS A CONTRACT AWARD NOTICE**** 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. Additional information: THIS IS A CONTRACT AWARD NOTICE. THIS TENDER HAS BEEN COMPLETED.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-bd72fa20-228c-419b-ba40-a5e129c8ba09
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/3d39b60f-a613-475e-b1dd-238436c7044a
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME, VCSE
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

CPV Codes

73000000 - Research and development services and related consultancy services

Notice Value(s)

Tender Value
£40,000 Under £100K
Lots Value
Not specified
Awards Value
£39,950 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
31 Jul 20232 years ago
Submission Deadline
29 Jun 2023Expired
Future Notice Date
Not specified
Award Date
18 Jul 20232 years ago
Contract Period
30 Jul 2023 - 31 Oct 2023 1-6 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
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

Supplier Information

Number of Suppliers
1
Supplier Name

CORE DATA RESEARCH

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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