UK FRC sets out changes to its 2023 Taxonomy Suite

The UK Financial Reporting Council (FRC) has published a draft version of the 2023 suite of FRC Taxonomies. The publication follows a consultation on a draft of the taxonomies in the summer and incorporates changes to all the FRC's Taxonomies — UK IFRS, FRS 101, FRS 102, UK Single Electronic Format (UKSEF), Irish Extensions, and Charities.

The taxonomies have been developed by a project team at the FRC with guidance from a technical task force and under the oversight of a governance committee.

The suite contains taxonomy documentation, supporting documents, key information sheets, and release notes, the FRC said in a news release.

The FRC changes include new or improved tags and guidance, support for reporting alternative performance measures, the incorporation of the Financial Conduct Authority's diversity and inclusion reporting proposals, and changes in other areas.

The draft and supporting documentation can be downloaded from the FRC's website under Current Taxonomies: Downloads.

Although the public consultation has now closed, the FRC said it is possible to send feedback to the XBRL Taxonomies Team by email to XBRL@frc.org.uk or through the FRC's comment tool, Yeti.

— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.