As part of a cross-regulatory group, the Financial Reporting Council has announced the launch of a comprehensive discussion paper on the future of digital reporting in the UK.
The group, comprising the Financial Conduct Authority, Companies House, HMRC and Charity Commission for England and Wales, aims to gather stakeholder feedback on crucial developments in digital reporting. The paper addresses changes in the regulatory landscape and considers the impact of the recently passed Economic Crime and Corporate Transparency Act 2023.
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 and charities
- 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, investors, software vendors, accountants, and regulators. It 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.
Commenting on this, FRC executive director of regulatory standards, Mark Babington, said: “We want to hear from our stakeholders about how we can continue to develop digital reporting in the UK and further enhance the benefits it offers. 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.”
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