FRC releases discussion paper on UK XBRL Taxonomy Suite

The Financial Reporting Council (FRC) has released a treatment insubstantial detailing imaginable method updates to the UK XBRL Taxonomy Suite and invited comments from each stakeholders progressive successful integer fiscal reporting.

The projected changes absorption connected improving the operation and functionality of the taxonomies utilized for integer filings successful the UK.

According to the FRC, these adjustments are intended to heighten usability, scalability, and method consistency successful fiscal information submissions.

FRC stated that for much than a decennary it has developed and maintained UK taxonomies, creating a accordant integer reporting model that reduces concern burdens portion supporting economical growth.

Key areas included successful the treatment insubstantial see shifting from fixed point types to extensible enumerations, which would bring alignment with existent XBRL standards.

The insubstantial besides proposes introducing look linkbases to alteration automatic checks and amended information quality, arsenic good arsenic expanding the usage of typed dimensions for accrued flexibility.

Additional recommendations see eliminating usage of crossed entry-points elements to safeguard taxonomy structure; considering peculiar entry-points for micro-entity and tiny institution reports; incorporating accounting semantics arcroles for clearer information interpretation; and moving towards digitising charities’ receipts and payments accounts.

The FRC is encouraging responses from individuals and organisations progressive successful preparing integer fiscal reports, including bundle providers, accountants, regulators.

These suggested changes are expected to person implications for each integer reporting bundle that utilises FRC-developed taxonomies.

Software suppliers volition request to update their systems successful enactment with the caller taxonomy operation if the proposals spell ahead.

Responses to the treatment insubstantial are requested by 11 January 2026.

"FRC releases treatment insubstantial connected UK XBRL Taxonomy Suite " was primitively created and published by The Accountant, a GlobalData owned brand.

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