What’s next for UK Digital Reporting?
A comprehensive discussion paper has been issued by various regulators (including the FRC and FCA) on the future of digital reporting in the UK, which aims to gather stakeholder feedback on possible alternative taxonomies and assurance of digital tagging.
The FRC has been developing and maintaining UK taxonomies for over a decade, providing a framework for high-quality, consistent digital reporting. The UK Taxonomy Suite plays a crucial role in minimising burdens on businesses while supporting economic growth by enabling investors to access and compare information efficiently and allowing regulators to confirm compliance with legal and regulatory requirements.
Key topics covered in the discussion paper include:
- Potential alternatives to the European Single Electronic Format (ESEF) taxonomy for UK regulated markets
- Proposed changes to structured digital reporting to support regulatory disclosure initiatives
- Considerations for mandatory assurance of digital tagging
- The impact of "full tagging" requirements on companies
- Strategies to support stakeholders in adapting to new digital reporting requirements
The discussion paper seeks input from a wide range of stakeholders, including preparers of financial reports and investors, and aims to help shape the future of digital reporting in the UK, ensuring it meets the needs of all users while promoting transparency, comparability, and efficiency in corporate reporting.
Market intelligence, information, and data are increasingly important for both decision making and monitoring outcomes, so it is crucial that we set a strategy for UK taxonomies that will continue to deliver for business in the future.
Responses are due by 1 November 2024.
Published 14 August, 2024