2024 Taxonomy Suite published

News types:

Published: 9 November 2023

The Financial Reporting Council has published the 2024 suite of FRC Taxonomies.

The 2024 suite incorporates changes to all of the FRC’s Taxonomies - UK IFRS, FRS 101, FRS 102, UKSEF, 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].

The amendments are summarised as follows, but for more detail please refer to the 2024 FRC Taxonomy Suite webpage.

Key changes to the 2024 Taxonomy Suite

Tags have been updated and added to enable UKEB endorsed 2021 Narrow-scope amendments and Lease Liability in a Sale and Leaseback (Amendment to IFRS 16), and International Tax Reform—Pillar Two Model Rules (Proposed amendments to IAS 12)/Amendments to FRS 102.

  • SECR tags units have been updated to use ghgEmissionsItemType.
  • The Original and Revised Data dimension labels have been updated, and guidance tags created, to clarify the meaning of these terms in the taxonomy.
  • Recommendations on high quality disclosures of Expected Credit Losses have been digitised. Some pre-existing tags have been updated, and new tags have been created to enable preparers to tag with the granularity described in the recommendations.
  • The Charities extension has been updated.
  • The Irish extension has not been updated; there will not be a new Irish extension for 2024.

A draft UKSEF Conformance suite is open for public consultation until 31 December 2023.