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.
The UK’s Financial Conduct Authority (FCA) has amended its rules on the XBRL taxonomies permitted for use in mandatory digital financial reporting.
In case you missed it and of particular interest to vendors operating in the UK, in October the Financial Reporting Council (FRC) published its XBRL Tagging Guide for the UKSEF Taxonomy Version 1.0.
Tucked into Chapter 8 of the Financial Conduct Authority (FCA) Quarterly Consultation are proposals to allow UK issuers to use a wider range of XBRL taxonomies.
What is UKSEF, how does it relate to European standards, and should companies use it? The UK has its own Inline XBRL format and taxonomy, the UK Single Electronic Format (UKSEF), an analogue to the European Single Electronic Format (ESEF).
Will the UK forge ahead with the European Single Electronic Format (ESEF) in January 2021, as originally planned? Or will the current consultation result in a delay, giving the country time to get its post-Brexit house in order?
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