Taxonomy clarification for UK filers
We hear that public company filers to the UK Financial Conduct Authority (FCA) will continue to be able to use both European Single Electronic Format (ESEF) and UK Single Electronic Format (UKSEF) taxonomies. It is not the case, as we reported two weeks ago, that from next year preparers will be limited to the UKSEF 2022 taxonomy only.
We understand that the FCA is in the process of updating its guidance on permitted taxonomies, but the due process for that effort takes a little while. There is currently a holding clarification on the FCA web site that states:
“We are aware that the ESEF 2021 taxonomy has been omitted from our rule that sets out the Permitted Taxonomies for financial years starting on or after 1 January 2022… We plan to rectify this shortly.”
Read more here.