News October 2021 2022 FRC Taxonomies Suite

2022 FRC Taxonomies Suite

08 October 2021
The 2022 suite of FRC Taxonomies has today been issued and is available here

The suite is updated for all FRC taxonomies.
 
The amendments are summarized as follows, but for more detail please refer to the mappings and guides sections.  Key information documents are produced for all the taxonomies.

Key changes to the 2022 suite

The SECR taxonomy containing the TCFD disclosures has been incorporated into the main body of the FRC suite, as requested by software houses to facilitate the possibility of incorporating SECR tagging in products for tagging for accounting, so that more entities can be encouraged to take up supplying this information digitally. All items have migrated into the ‘direp’ (Directors’ Report) namespace when imported into the FRC suite.

The SECR and Task Force on Climate-related Financial Disclosures (TCFD) tags are now found in all the Directors’ Report section of the FRC Taxonomies (except for the Irish extensions and UKSEF). 

With a view to embracing the ability to tag more detailed TCFD disclosures, even though they are not mandatory, the SECR Taxonomy has had its TCFD disclosures augmented to reflect expected enhanced disclosures from companies eager to provide information to investors. The original four reporting concepts have been made into headings with the greater detail contained in child tags relating to the headings.

The UKSEF imports the most up-to-date version of the ESEF and can be used with tags from the rest of the FRC taxonomies suite (including tags for the Directors Report, SECR and TCFD disclosures) for UK reporting purposes to Companies House and FCA.  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 makes available the extra tags needed to file in the UK. Companies filing to the FCA can also use the UKSEF.  A UKSEF guide for taggers and developers will be available from mid-October. The guide will provide helpful guidance in relation to developing products for filing in the UK with the 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.

The 2022 version of the UKSEF is more flexible and interchangeable with the other taxonomies in the FRC suite and, a different architecture allows for any future changes that may need to be made to the UKSEF, depending on future UK legislative changes and requirements.

The FRC taxonomies now supports 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.
HMRC’s Detailed Profit & Loss (DPL) taxonomy extension is now part of the Directors’ Report.
  • The DPL has been incorporated as a section within each of the current entry points, not separately as its own entry point.
  • An additional concept has been added (for the UK only) for declaring that one has included a DPL statement.
Digitally enabling Gender Pay Gap reporting
Tags for Gender Pay Gap reporting have been included in the Directors Report for those who wish to tag these concepts. 

Digital enabling of Academy reporting

The charitable status of Academy Trusts is that they are charitable companies but are exempt from registration with CCEW.  The Department for Education (DfE) is Principal Regulator.

Academies report as charities under the Charities SORP (FRS102), and the Charity Commission is supportive of a tag for Academies to be inserted in the Charity Accounts Taxonomy to enable Academies to be able to digitally report.

An ‘Academy trust’ is the member name for Legal Form of Entity dimension and it has been placed high up in the Charities hierarchy so that it is obvious to an Academy to select the tag.

Who should use this suite?

The 2022 suite represent 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 HMRC and Companies House should use the most-up to date version where possible.  It is expected that Companies House will have enabled this suite by 1 April 2022 and the FCA will have enabled the suite by 31 December 2021. 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.
 
 

Contact the Communications Team

William BoyackCommunications Manager