The UK Financial Reporting Council (FRC) issued a draft version of its 2027 taxonomy suite to ensure the proposed changes are aligned with current reporting and assurance requirements.
To prepare for upcoming digital reporting requirements from Companies House, the draft introduces the first-time digitisation of FRS 103, Insurance Contracts, under the FRS 102 entry point of the taxonomies, a news release said.
According to the release, other proposed changes include:
- IFRS 18, Presentation and Disclosure in Financial Statements;
- Amendments to IFRS 9 and IFRS 7, Contracts Referencing Nature-dependent Electricity;
- FRS 103, Insurance Contracts;
- Amendments to FRS 102 — the Financial Reporting Standard applicable in the UK and Republic of Ireland; and
- Annual review of FRS 101, Reduced Disclosure Framework.
The taxonomy digitises reporting standards, which allows entities to submit regulatory filings in a machine-readable, structured format. The FRC also produces Irish and charities taxonomies.
The FRC encouraged respondents to read the changelog document included with the draft because it provides detailed information on the proposed amendments.
The consultation is open until 20 September. The FRC plans to release the final version in November.
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