Discussion Paper: Opportunities for the future of digital reporting
Published: 13 August 2024
Response deadline: 1 November 2024
| Title | Discussion paper: Opportunities for future UK digital reporting |
|---|---|
| Format | pdf, 845.7 KB |
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Overview
This 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.
The FRC encouraged all interested parties to submit their responses to [email protected] by 1 November 2024.
Feedback statement
This Feedback Statement sets out the FRC’s summary of responses to the Discussion Paper “Opportunities for Future UK Digital Reporting”, which was issued on 13 August and closed on 1 November 2024.
Our stakeholders clearly recognise the value of digital reporting and are keen to work with us to ensure that the next phase of digital reporting requirements are pragmatic, efficient, and the data generated is a key enabler of growth and competitiveness in the UK.
Although no specific decisions will be taken this year as a direct result of the Discussion Paper, consultation responses will inform the relevant regulators’ current policy thinking and ongoing service development. Additionally, consultation responses will inform our collective approach to the technical and practical implications of the fundamental areas of discussion through the FRC’s ongoing strategic development of the UK Taxonomy Suite.
| Name | Opportunities for future UK digital reporting - Feedback Statement |
|---|---|
| Publication date | 15 May 2025 |
| Type | Feedback paper |
| Format | PDF, 274.6 KB |