UK FRC maps out collaborative next steps for digital reporting
In May 2025, the UK’s Financial Reporting Council (FRC) published its Feedback Statement on “Opportunities for Future UK Digital Reporting,” summarising responses to its consultation that closed in November 2024.
The message? Digital reporting is here to stay, with a future that depends on collaboration between regulators, preparers, and vendors.
UK digital reporting has been evolving since 2011, starting with HM Revenue & Customs (HMRC) requiring XBRL submissions for company tax returns. Since then, it has expanded to include filings to Companies House, the Financial Conduct Authority (FCA), the Charity Commission, and more. The post-Brexit landscape and new laws like the Economic Crime and Corporate Transparency Act 2023 are driving fresh discussions on the future of UK reporting requirements, specifically the extent to which they should diverge from EU frameworks.
Stakeholders broadly welcomed the ongoing strategic development of the UK Taxonomy Suite – the technical backbone for digital filings – while stressing the need for clear guidance and a proportional approach to assurance, especially for smaller entities. The FRC also highlighted the launch of its digital reporting Viewer, a free tool that improves transparency by making validated structured data accessible to investors and businesses alike.
A clear theme from responses was the importance of alignment and comparability – balancing UK-specific reporting needs while maintaining consistency with global standards like IFRS and (of course) Inline XBRL. This feedback reflects a strong desire to keep UK digital reporting interoperable and meaningful for both domestic and international stakeholders.
We’d also like to extend a thank you to XBRL International members who contributed their valuable insights to the FRC consultation. Your expertise and feedback are crucial in shaping a digital reporting framework that is practical, efficient, and future-ready.
Stay tuned as the UK shapes the next phase of digital reporting.
Read the full Feedback Statement here.
