Draft 2025 Taxonomy Suite Published

2 August 2024

The FRC has published a draft version of the 2025 Taxonomy Suite. The consultation on the draft version of the 2025 Taxonomy Suite is open to public comment for two months until 20 September and responses can be sent through Yeti or via email to xbrl@frc.org.uk.
The FRC is aiming to release the final version of the Taxonomy Suite in October 2024, together with a feedback statement.

Key changes to the 2025 Taxonomy Suite :
Respondents are strongly recommended to read the changelog.pdf file in the draft Taxonomy Suite zip folder download. This gives substantially more detail on the proposed changes for this year and supports the use of the Excel mapping files.

– Tags have been updated and added to enable UKEB endorsed Supplier Finance Arrangements: Amendments to IAS 7 and IFRS 7 and Lack of Exchangeability: Amendments to IAS 21
– Tags have been updated and added to enable amendments to UK Financial Reporting Standards (FRED 82 and FRED 84).
– New entry points and concepts have been added to enable digital reporting of Community Interest Company and Dormant Subsidiary Exempt Package accounts to Companies House
– Creation of a new DPL core schema and removal of the DPL presentation from the financial reporting core schema.
– Changed balance types and labels of “Issue of bonus shares”, “Increase (decrease) in net debt”, and “Past service cost of defined benefit plan” to better reflect their meaning.
– Updated “Average number of employees during the period” to use the nonNegativeDecimalItemType to address the issue where numbers of employees are incorrectly reported as a negative number.
– The Charities extension has been updated.
– The Irish extension has been updated this year, and includes the changes made in the 2024 Taxonomy Suite.

To find out more details please visit : https://www.frc.org.uk/