Lab report: Get ready for structured digital reporting
News types: Publications
Published: 12 October 2021
Under the Disclosure Guidance and Transparency Rules, certain companies are required to start producing their 2021 annual financial reports in a structured electronic format. As a result, electronic data for thousands of companies will become available for automatic extraction, analysis and comparison. However, the data will only be useful if it is of high quality.
The FRC’s Lab (Lab) has today published a report that supports companies in the move towards high-quality digital reporting. The Lab review of fifty early structured reports found that many reports fell short of the quality that will be expected for companies’ official filings. The Lab report sets out key considerations and tips for companies covering:
- how to set up the structured reporting process;
- how to enhance the usability of structured reports; and
- common tagging issues to avoid.
To further support the market, the Lab is organising a short webinar on 7 December that will highlight some of the report findings, regulatory updates and tips for companies - sign up here.
If you would like to get involved in the Lab's work, it is also currently inviting participants to its new projects on ESG data production and Cyber, Digital and Data Risk.