UK FCA updates permitted taxonomies for use in financial reporting
The UK’s Financial Conduct Authority (FCA) has amended its rules on the XBRL taxonomies permitted for use in mandatory digital financial reporting. With Europe going digital, the UK has introduced the UK Single Electronic Format (UKSEF), which is heavily based on the European Single Electronic Format (ESEF) with a few country-specific modifications. Currently, companies may choose to use either the ESEF or UKSEF taxonomy.
The recent changes mean that preparers employing the UKSEF 2022 taxonomy must use the latest version, v2.0.0. The FCA will no longer accept filings prepared using version 1. The FCA also confirms that, for financial years beginning on or after 1 January 2021 but before 1 January 2022, issuers may use the ESEF 2021 taxonomy to tag their reports; ESEF 2020 and UKSEF 2021 also continue to be valid options.