2023 Taxonomy Suite published – 21 October 2022

News types: Generic Announcement, Guidance

Published: 21 October 2022

The Financial Reporting Council has today published the 2023 suite of FRC Taxonomies

The 2023 suite incorporates changes to all of the FRC’s Taxonomies - UK IFRS, FRS 101, FRS 102, UKSEF, Irish Extensions and Charities – available in English or Welsh. In addition, the suite contains taxonomy documentation, supporting documents, key information sheets and release notes.

The publication follows a consultation on a draft of the taxonomies in the summer. Though the public consultation has now closed, it is always possible to feedback to the XBRL Taxonomies Team via Yeti or email to [email protected]. You can also find the Feedback Statement for the consultation on the Taxonomies webpage.

The amendments are summarised as follows, but for more detail please refer to the Taxonomies webpage, 2023 Downloads, and Guidance sections.

Key changes to the 2023 Taxonomy Suite:

  1. To facilitate Companies House requirements, new or improved tags and guidance have been created for initial reporting, interim reporting, medium-sized companies, and filleted accounts.
  2. IFRS 17 – Insurance Contracts: Following its endorsement by the UK Endorsement Board, the FRC is required to develop the content for the FRC’s XBRL taxonomies relating to the implementation of IFRS 17 Insurance Contracts, in order to facilitate the mandatory requirement of full digital tagging of any standards to HMRC. The new standard for insurance contracts has an effective date of 1 January 2023 and we welcome feedback via the above methods as issuers start to use this content.
  3. Alternative Performance Measures: Support has been added for reporting APMs, including a new hypercube with new dimensions.
  4. Diversity & Inclusion: FCA’s Diversity & Inclusion (D&I) reporting proposals have been incorporated, including new hypercubes for Gender/Sex and Ethnicity reporting.
  5. UKSEF: 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.
  6. Deprecation Policy - We have formalised the steps we take when deprecating parts of the taxonomy suite into a Deprecation Policy, which can be read on the Taxonomies webpage.