FRC consults on draft 2027 taxonomy suite
The UK’s Financial Reporting Council (FRC) has published a draft of its 2027 Taxonomy Suite. It’s out for consultation for eight weeks until 20 September, with a final version and feedback statement due in November. The key announcement is the first-time digitisation of FRS 103 Insurance Contracts under the FRS 102 entry point, added to prepare for forthcoming digital reporting requirements from Companies House.
The wider update keeps the UK and Irish taxonomies aligned with current reporting and assurance requirements, bringing in IFRS 18 on presentation and disclosure, the IFRS 9 and 7 amendments on nature-dependent electricity contracts, revisions to FRS 102 and FRS 101, and a run of changes to UK and Irish auditing standards, while removing references to the 2019 Charities SORP.
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