FCA adds new specs to system

Posted on March 10, 2024 by Editor

The UK’s Financial Conduct Authority (FCA) has made an upgrade to their filing system, adopting the recently finalised specification update Calculation 1.1 specification and permitting .xbri file extensions in line with the Report Packages specification.

This will allow filers in the UK to make use of these relatively new upgrades to XBRL reporting. Calculations 1.1 is a key upgrade that helps streamline calculations in validation reports. Calculations can flag up warnings in XBRL tagging and the underlying numbers in a report, however, prior to the latest specification, issued associated with rounding scaled numbers hamper the accuracy and efficiency of these calculations.

The Report Packages specification provides a singular container for XBRL reports, which often consist of multiple files in different XBRL formats like Inline XBRL, xBRL-XML, xBRL-JSON, and xBRL-CSV. The specification provides a standardised mechanism for assembling reports into a single file, and introduced two new file extensions – ‘.xbr’ and ‘.xbri’ – to help users and systems easily identify XBRL reports. It’s a small but effective update to help reduce issues with compatibility and sharing – and filers reporting to the FCA can now make use of it!

Find out about using both of the updates in the FCA’s technical guidelines and the UK National Storage Mechanism user guide.

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