Scope
Reference
FRC2025-054
Description
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 undertook an experimental project to accelerate the use of XBRL structured data within a regulatory context. This project was called CODEx. The project delivered a powerful platform to use XBRL data, we have now taken that platform from its sandbox environment and embedded it within the FRC.
The FRC has built an SQL database within an AZURE environment, that contains certain data that has been processed from the XBRL accounts submitted to other organisations.
This data is combined with additional data from other public sources to create a powerful platform for policy analysis. This database is currently in operation.
In order for the XBRL data to be useable for our purposes it must (on a quarterly basis) be:
1. Identified and collected
2. Processed from XBRL into appropriate data format
3. Combined with additional data from a number of data sources
To support the project we are tendering for a vendor to support (for a 12 month period) the data collection and processing. Key deliverables include but are not limited to:
I. On a roughly quarterly basis (May/Aug/Jan/March) the collection of relevent XBRL accounts across our target population (Accounts of large and medium, listed and PLCs, totalling around 25k accounts from a total population of approx 1m per quarter).
II. Extraction of XBRL data from said accounts (Around 2.5m data points)
III. Appending of certain public data to the data points
The vendor must use an XBRL certified parser (certified by XBRL International) to process the data but is free to devise their own way of achieving the objectives.
Our expectation is that all deliverables can be achieved within the cost range of £25,000 to £35,000. The FRC does not anticipate bids over £35,000 incl VAT.
PLEASE SEE OUR ITT FOR FULL DETAILS.
Total value (estimated)
- £28,000 excluding VAT
- £35,000 including VAT
Below the relevant threshold
Contract dates (estimated)
- 1 June 2025 to 31 May 2026
- Possible extension to 31 May 2027
- 2 years
Description of possible extension:
Reserves the right to extend for 12 months.
Options
The right to additional purchases while the contract is valid.
Reserves the right to extend / add relates Services.
Main procurement category
Services
CPV classifications
- 72000000 - IT services: consulting, software development, Internet and support
Contract locations
- UKC - North East (England)
- UKD - North West (England)
- UKE - Yorkshire and the Humber
- UKF - East Midlands (England)
- UKG - West Midlands (England)
- UKH - East of England
- UKI - London
- UKJ - South East (England)
- UKK - South West (England)
Participation
Particular suitability
Small and medium-sized enterprises (SME)
Submission
Enquiry deadline
12 May 2025, 2:00pm
Tender submission deadline
21 May 2025, 12:00pm
Submission address and any special instructions
Please register your interest by emailing the FRC's procurement team - procurement@frc.org.uk
The FRC will share all tender queries and answer with those that have registered.
Your tender submission must be submitted within the deadline to
Tenders may be submitted electronically
No
Award criteria
Technical / Quality and Price. See ITT
Procedure
Procedure type
Below threshold - open competition
Documents
Associated tender documents
01 ITT CODEx XBRL Parser Service.pdf
01a CODEx Data Model.pdf
02 Tender Response template.docx
Contracting authority
THE FINANCIAL REPORTING COUNCIL LIMITED
- Companies House: 02486368
- Public Procurement Organisation Number: PLRG-2717-VPBY
13th Floor, Exchange Tower, 1 Harbour Exchange Square
London
E14 9GE
United Kingdom
Email: Procurement@frc.org.uk
Region: UKI42 - Tower Hamlets
Organisation type: Public authority - central government