On 13th August, the Financial Reporting Council (FRC), as part of a cross-regulatory group, announced the launch of a discussion paper on the future of digital reporting in the UK. The group also includes the Financial Conduct Authority, Companies House, HMRC, and the Charity Commission for England and Wales.
The paper will gather stakeholder feedback on digital reporting developments, addressing regulatory changes and the impact of the Economic Crime and Corporate Transparency Act 2023. Stakeholders here include preparers of financial reports, investors, software vendors, accountants, and regulators.
The paper looks at the scope and extent of digital reporting requirements, the assurance of digital reports, and recent developments in iXBRL (inline eXtensible business reporting language) taxonomies.
Several key topics are covered:
- Alternatives to the European Single Electronic Format (ESEF) taxonomy for UK regulated markets
- Changes to structured digital reporting to support regulatory disclosure initiatives
- Considerations for mandatory assurance of digital tagging (iXBRL)
- Impact of full tagging requirements on companies and charities
- Strategies to support stakeholders adapting to new digital reporting requirements
The aim is to help ensure that digital reporting meets user needs whilst promoting transparency, comparability, and efficiency in corporate reporting.
The deadline for response submissions is 1 November 2024.
Discussion paper: https://www.frc.org.uk/consultations/discussion-paper-opportunities-for-the-future-of-digital-reporting/
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