2021 suite of FRC Taxonomies
News types: Policies and Responsibilities, Publications
Published: 29 September 2020
The FRC has today issued the 2021 suite of FRC Taxonomies.
In addition to updates of all the existing taxonomies, a new taxonomy is now available called the UKSEF which can be used for UK reporting purposes to Companies house and HMRC. It is a UK version of the ESEF Taxonomy and overseas entities wishing to file with Companies House need to use the UKSEF to file, since it contains the extra tags needed to file in the UK. The suite is updated for all taxonomies except for the Irish Extensions which remain as per the 2019 version.
Key information documents are produced for all the taxonomies.
As part of continued efforts to increase digital enablement of accounts, the FRC has enabled revised accounts . Disruption arising from the COVID pandemic has increased the need for this facility and highlighted the extent of the benefit that this will bring.
Covid Issues : additional income-related tags to cover the Coronavirus Jobs Retention Scheme (CJRS) and other Covid-related grants have been added.
Off Payroll Working : additional tags have been added to cover revenue from off payroll working and off payroll working expenses. These new tags have been added for all entry-points (FRS 101, FRS 102, UK IFRS and Charities).
Pay Ratio Regulations : The Statutory Instrument ‘The Companies (Miscellaneous Reporting) Regulations 2018’ sets out requirements for the reporting of pay ratio information in the Directors’ Remuneration Report. All entry-points have been amended to cover these requirements.
SECR Reporting: The SECR Taxonomy introduced in 2019 supersedes the greenhouse gas emissions reporting items present in the Directors’ Report. These tags have been removed (not deprecated, to avoid confusion with the SECR reporting requirements).
In addition, SECR reporting is an additional requirement for (large) companies who may choose to report using UK SEF. Consequently, the SECR taxonomy has been incorporated into the UKSEF taxonomy extension for the convenience of filers. This will avoid the complication of additional combined entry-points.
The 2021 suite represents the most up to date version of the FRC Taxonomies and as such should 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 Companies House should use the most-up to date version where possible. It is expected that both HMRC and Companies House will have enabled this suite by April 2021.