Last updated: 27 Aug 2024 12:00 Posted in:
A comprehensive discussion paper on the future of digital reporting in the UK has been launched by a cross-regulatory group, headed by the Financial Reporting Council (FRC).
The group, which includes the Financial Conduct Authority, Companies House, HMRC and Charity Commission for England and Wales, aims to gather stakeholder feedback on developments in digital reporting. The paper addresses changes in the regulatory landscape and considers the impact of the recently passed Economic Crime and Corporate Transparency Act 2023.
The FRC said it “has been developing and maintaining UK taxonomies for over a decade, providing a framework for high-quality, consistent digital reporting.
“The UK Taxonomy Suite plays a crucial role in minimising burdens on businesses while supporting economic growth by enabling investors to access and compare information efficiently and allowing regulators to confirm compliance with legal and regulatory requirements,” it added.
Key topics covered in the discussion paper include:
The discussion paper seeks input from a wide range of stakeholders, including preparers of financial reports, investors, software vendors, accountants, and regulators, the FRC said. “It aims to help shape the future of digital reporting in the UK, ensuring it meets the needs of all users while promoting transparency, comparability, and efficiency in corporate reporting.”
Mark Babington, Executive Director of Regulatory Standards, said: “We want to hear from our stakeholders about how we can continue to develop digital reporting in the UK and further enhance the benefits it offers. Market intelligence, information, and data are increasingly important for both decision making and monitoring outcomes, so it is crucial that we set a strategy for UK taxonomies that will continue to deliver for business in the future.
The FRC encourages all interested parties to submit their responses to the discussion paper to XBRL@frc.org.uk by 1 November 2024.
