📢 Call for Input: Shaping the Future of Digital Reporting in the UK! 📢
The Financial Reporting Council (FRC) has released a crucial Discussion Paper on the "Opportunities for Future UK Digital Reporting," addressing the implications of the new Economic Crime and Corporate Transparency Act 2023.
Since 2011, UK regulators, agencies, and government departments have increasingly required filers to digitally report financial and non-financial information in the Extensible Business Reporting Language (XBRL International, Inc.), and, later, iXBRL. This began with HM Revenue & Customs’ original mandate for companies to send their Company Tax Returns online using XBRL for accounts and computations, and, most recently, includes the Economic Crime and Corporate Transparency Act 2023 and Corporate Transparency and Register Reform white paper’s comprehensive digital mandate for all submissions to Companies House.
Published on August 13, 2024, this paper explores key areas of digital reporting, including:
* Alternatives to the European Single Electronic Format (ESEF) taxonomy from European Securities and Markets Authority (ESMA)
* Changes to structured digital reporting for enhanced regulatory disclosure
* Mandatory assurance of digital tagging
* The impact of "full tagging" requirements on organisations
* Strategies to assist stakeholders in adapting to evolving digital reporting standards
The FRC seeks feedback from all stakeholders—financial report preparers, investors, software vendors, accountants, and regulators—to ensure the UK's digital reporting framework supports transparency, comparability, and efficiency.
📅 Deadline for responses: November 1, 2024
CoreFiling is also actively working on a response to the consultation. Your input is vital in shaping a robust and future-ready digital reporting landscape.🌟
#DigitalReporting #FinancialReporting #CorporateTransparency #FRC #UKTaxonomy #StakeholderEngagement #XBRL
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