2023 FRC Taxonomy Suite

Published: 3 November 2023

5 minute read

The 2023 Taxonomy Suite relates to the FRC’s Taxonomies: UK IFRS, FRS 101, FRS 102, UKSEF, Irish Extensions and Charities and contains taxonomy documentation (supporting documents, key information sheets and release notes). A Feedback Statement is also available to download.

The 2023 suite of FRC Taxonomies - version 1.0.0. - was issued on 21 October 2022. A hotfix - version 1.0.1 - was released on 17 February 2023, and is available to download using the links below. This was necessary to address an issue that would have prevented two income hypercubes being valid regardless of how the tagging was arranged.

Users must also refer to the FRC Taxonomies Documentation and Guidance resources.

Download the 2023 FRC Taxonomy Suite

FRC Taxonomy Suite 2023

The 2023 FRC Taxonomy Suite includes Taxonomies for: UK IFRS, FRS 101, FRS 102, UKSEF, Irish Extensions and Charities.

Name 2023 FRC Taxonomy suite v1.0.1
Publication date 17 February 2023
Format ZIP, 4.7 MB
Name Charities Taxonomies 2023
Publication date 17 February 2023
Format ZIP, 1.3 MB
Name Irish Extension Taxonomy 2023
Publication date 17 February 2023
Format ZIP, 2.8 MB

2023 Mapping files

The mapping documents are designed to enable software houses to easily identify the changes. Four colours are used with red denoting a deletion, green an addition, yellow a change to an existing line, and orange to indicate deprecated items. Two new columns have been added to the start of each sheet to provide more information in relation to the change. The first column ‘Description of Change’ provides a brief but informative description of the nature of the changes. The second column ‘Ancestry Change’ indicates that a concept has moved within the current hierarchy.

2023 Mapping Files

Mapping documents detailing all the changes to the 2023 suite since the 2022 version.

Name Mapping: UK FRS 101 2023
Publication date 19 October 2022
Format XLSX, 991.9 KB
Name Mapping: UK FRS 102 2023
Publication date 19 October 2022
Format XLSX, 946.7 KB
Name Mapping: UK IFRS 2023
Publication date 19 October 2022
Format XLSX, 982.9 KB
Name Mapping: Charities 2023
Publication date 19 October 2022
Format XLSX, 1.0 MB
Name Mapping: Ireland FRS 101 2023
Publication date 19 October 2022
Format XLSX, 742.5 KB
Name Mapping: Ireland FRS 102 2023
Publication date 19 October 2022
Format XLSX, 703.5 KB
Name Mapping: Ireland IFRS 2023
Publication date 19 October 2022
Format XLSX, 735.3 KB

Who should use the 2023 Taxonomy Suite?

In principle, only two versions of the taxonomies should be in use by preparers and developers: the latest version and the penultimate version. This is to ensure that preparers comply with the full tagging requirement from HMRC.

The 2023 suite represents the penultimate version of the FRC Taxonomies and as such can be used to comply with HMRC requirements to fully tag. The suite has been designed with full tagging in mind. Accounts should be fully tagged, except for consolidated UKSEF data where regulations permit minimum tagging. Filers to HMRC and Companies House should use the most-up-to-date version where possible.

The Charity Accounts Taxonomy may be used by all charities preparing accounts in accordance with the Charities FRS 102 SORP and is mandatory for large charities with income over £6.5m filing with HMRC.

Key changes to the 2023 Taxonomy Suite

All of the non-IFRS 17 changes will be implemented in the FRC Core taxonomy and the Charities Taxonomy. The Irish Extensions taxonomy will implement changes/additions to hypercubes, dimensions, and dimension members, because these are common across all the taxonomies. However, it will not implement UK-specific Presentation items.

1. Companies House requirements

‘Legal Entity Identifier' has moved to the Basic hypercube so that it can be used for both group and individual entities in consolidated accounts.

Interim and initial reporting

  • Guidance has been added (by Companies House) for the use of 'Report is an interim financial statement from a publicly listed entity [true/false]'
  • Guidance has been added (by Companies House) for the use of 'Report is an initial financial statement from a publicly listed entity [true/false]'

Medium sized entities

  • 'Statement that company has prepared accounts under the provisions relating to medium-sized companies’ has been added to the Directors’/Strategic Report section.
  • A ‘Medium entities (FRS 102)’ member has been added to the Accounting Standards dimension.
  • The two ‘Large and medium…’ members of the Applicable Legislation dimension have been split into four separate members for ‘Large…’ and ‘Medium…’.

Filleted accounts

  • 'Statement that members have agreed to preparation of accounts under section 444 (5A) Companies Act 2006’ has been replaced by 'Statement that directors have elected not to deliver profit and loss account under section 444 (5A) Companies Act 2006’.

2. IFRS 17 - Insurance Contracts

Following its endorsement by the UK Endorsement Board, IFRS 17 Insurance Contracts will replace IFRS 4 Insurance Contracts. In order to facilitate the mandatory requirement of full digital tagging of any standards to HMRC, the FRC is required to develop the content for the FRC’s XBRL taxonomies relating to the implementation of IFRS 17 Insurance Contracts.

The new standard for insurance contracts has an effective date of 1 January 2023 and represents a complete overhaul of the accounting for insurance contracts in recognition of the need for greater transparency of insurers’ financial positions and performance. Improved information in the new disclosures will allow for greater comparability of their financial statements with other insurers.

An entity shall apply IFRS 17 Insurance Contracts to:

  • Insurance and reinsurance contacts that it issues
  • Reinsurance contracts it holds; and
  • Investment contracts with discretionary participation features it issues, provided it also issues insurance contracts.

Since there are, as yet, very few examples of how reporting will develop under the IFRS 17, the new content has been derived after reviewing the following material:

  • The IFRS 17 accounting standard and the disclosure requirements contained therein;
  • The IASB’s IFRS content in the IFRS taxonomy;
  • Model IFRS 17 accounts published by large accounting firms.

As issuers start to use the IFRS 17 content in the taxonomy, they may have thoughts or more specific feedback that they think should impact on the next iteration of the Taxonomy Suite. Although the public consultation has now closed, it is always possible to feedback to the XBRL Taxonomies Team via one of the following routes:

3. Alternative Performance Measures

Support has been added for reporting Alternative Performance Measures (APMs), including a new hypercube with new dimensions:

  • A new dimension ‘Alternative Performance Measures’ has been added to support APMs.
  • A new dimension ‘Reconciling adjustments’ has been added to support APMs.
  • A new dimension ’Type of exchange rate’ has been added to support APMs.
  • A new dimension ’Types of growth rate’ has been added to support APMs.

4. Diversity and Inclusion (D&I)

FCA’s Diversity & Inclusion (D&I) reporting proposals have been incorporated, including new hypercubes for Gender/Sex and Ethnicity reporting:

  • A new D&I dimension ’Sex’ has been added (for reporting by biological sex).
  • A new D&I dimension ‘Gender’ has been added (for reporting by gender identity).
  • A new D&I dimension ‘Ethnicity’ has been added.
  • The section headed 'Number of staff by gender shown in Strategic Report [heading]’ has been restructured to use new D&I Gender or Sex dimensions for consistency with the D&I additions.
  • Gender Pay Gap reporting has acquired a new item 'Further information relating to GPG breakdown’.
  • The old ‘Gender’ dimension (used for GPG reporting) has been replaced by a similar dimension, ‘GPG Gender' with GPG-specific member labels.

5. UKSEF 2023

The original reason for developing the UKSEF taxonomy was to extend the ESEF taxonomy, following the UK’s exit from Europe, enabling in-scope filers in the UK and internationally, to meet both FCA (ESEF) and Companies House (FRS 102/UK IFRS) filing requirements in one report, given the desire to remain as aligned with Europe as possible and because the FCA had already transposed the ESEF in the DTR rules.

Following feedback on the efficacy of UKSEF 2022, the 2023 version of UKSEF makes use of XBRL's "multiple target document" feature, enabling relevant issuers to file one report to multiple regulators and fulfils the technical requirements for both ESEF and FRS 102/UK IFRS tagging.

Guides are available for taggers and developers. They provide helpful guidance in relation to developing products for filing in the UK with UKSEF and for those tagging with the UKSEF. This guide is necessary, since the ESEF rules and guidance are not aimed at UK filers and taggers, and there are additional considerations for software houses regarding implementing multiple target documents in their products.

Welsh language support

The FRC taxonomies support a Welsh label linkbase, to enable those that wish to browse the taxonomies and/or report in the Welsh language to be able to do so. Changes made to the suite since 2022 have been translated into Welsh.

Deprecation Policy

As standards evolve and tagging requirements become more burdensome, it is inevitable that some pre-existing tags will be replaced by new tags that are better suited to meet filers’ needs. The process of phasing out the old tag is called “deprecation”.

We have formalised the steps we take when deprecating parts of the taxonomy suite into a Deprecation Policy. This is included in the documentation and guides.