Discussion Paper Launched on the Future of Digital Reporting in the UK
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13 September 2024 As part of a cross-regulatory group, the Financial Reporting Council has announced the launch of a comprehensive discussion paper on the future of digital reporting in the UK. The group, comprising the Financial Conduct Authority, Companies House, HMRC and Charity Commission for England and Wales, aims to gather stakeholder feedback on crucial developments in digital reporting. The paper addresses changes in the regulatory landscape and considers the impact of the recently passed Economic Crime and Corporate Transparency Act 2023. The FRC has been developing and maintaining UK taxonomies for over a decade, providing a framework for high-quality, consistent digital reporting. The UK Taxonomy Suite plays a crucial role in minimising burdens on businesses while supporting economic growth by enabling investors to access and compare information efficiently and allowing regulators to confirm compliance with legal and regulatory requirements. Key topics covered in the discussion paper include : – Potential alternatives to the European Single Electronic Format (ESEF) taxonomy for UK regulated markets To find out more details please visit : https://www.frc.org.uk/ |