FRC opens technical discussion on future UK taxonomy design
This week the UK’s Financial Reporting Council (FRC) launched a discussion paper outlining proposed technical changes to the UK XBRL Taxonomy Suite. The paper invites input from across the digital reporting ecosystem as the FRC looks to modernise its taxonomy architecture.
This consultation builds on the 2024 consultation on digital reporting policy, deepening the dialogue from high-level strategy to detailed technical modelling. It arrives at a pivotal moment: as Companies House prepares for sweeping change under the Economic Crime and Corporate Transparency Act (ECCT Act) 2023, full iXBRL tagging of accounts will become mandatory for most UK companies.
Against this backdrop, the FRC’s proposals include adopting extensible enumerations, formula linkbases, and typed dimensions; refining entry points for micro-entities and charities; and preventing cross-entry-point element reuse. These updates aim to ensure the UK Taxonomy Suite keeps pace with modern XBRL specifications, remains proportionate to different filer needs, and continues to support high-quality digital reporting across regulatory regimes.
These changes would affect all taxonomy sets under the FRC’s remit and carry implications for software vendors, preparers and regulators alike. As such, this is an important moment for UK-based stakeholders to weigh in – you have until 11 January.
Read the full discussion paper here.
