Scope
Reference
FRC2025-155
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's Digital Reporting and Taxonomy team set the UK's digital reporting taxonomy. Our taxonomy is used by millions of companies in the UK to file annual report data to regulators and we are keen to ensure that the data is used to its fullest potential.
The UK has a focus on economic growth, support for longer-term investment and a drive to maintain and enhance the UK's capital markets. A key enabler for all these goals is a data ecosystem that provides useful insights to the widest audience and at the lowest cost. To achieve this, it is critical to enable access to both the data and the tools to analyse the data.
The UK is a world leader in collecting company and organisational data in structured digital form in the iXBRL (Inline eXtensible Business Reporting Language) format. Of the 3.1 million accounts published annually on the Companies House register, 80% are available in iXBRL format. In addition, more than 500 issuers on regulated markets file their annual reports in iXBRL format with the FCA.
The FRC seeks a supplier to design and facilitate a Four (4) month innovation sprint, supporting the DREO initiative to:
• Identify and engage relevant stakeholder groups from across the corpotate reporting, FinTech, accounting and xbrl ecosystem for the innovation sprints.
• Run the innovation sprints to explore key themes and challenges related to the production and use of XBRL data from listed and non-listed company, charaties and other organisations annual accounts. And provide for the facilitation of group discussions or working groups to address, experiment with and consider technical topics and develop practical use cases based upto three regulator led challenges.
• Synthesis and Report on the sprints including a final report or roadmap that brings together the insights and outputs from the engagement activities including barriers, gap analysis and use cases.
• Provide programme management, stakeholder coordination, and documentation related to the sprints.
PLEASE REFER TO THE INVITATION TO TENDER FOR FULL DETAILS.
IMPORTANT
• Please register your interest by emailing the FRC's procurement team, email procurement@frc.org.uk
• The FRC will share all tender queries and answers with those that have registered.
• Your tender submission must be submitted within the deadline by email to procurement@frc.org.uk
Total value (estimated)
- £35,000 excluding VAT
- £42,000 including VAT
Below the relevant threshold
Contract dates (estimated)
- 12 January 2026 to 16 April 2026
- Possible extension to 31 March 2027
- 1 year, 2 months, 20 days
Description of possible extension:
In the event of delay to the project activities and/or the inclusion of additional Services of the same nature.
Options
The right to additional purchases while the contract is valid.
Additional Services of the same nature.
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)
- Voluntary, community and social enterprises (VCSE)
Submission
Enquiry deadline
8 December 2025, 12:00pm
Tender submission deadline
15 December 2025, 12:00pm
Submission address and any special instructions
Via email to procurement@frc.org.uk
Tenders may be submitted electronically
No
Award criteria
Quality and Price (See Invitation to Tender - ITT)
Procedure
Procedure type
Below threshold - open competition
Documents
Associated tender documents
01 Invitation to Tender 2025 DREO.pdf
02 Tender Response DREO.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
Website: https://www.frc.org.uk/
Region: UKI42 - Tower Hamlets
Organisation type: Public authority - central government