FRC Publishes 2024/25 Insights on Structured Digital Reporting

The Financial Reporting Council (FRC) has published its 2024/25 annual review of structured digital reporting, providing key insights into the current state of iXBRL usage among UK-listed companies. The report serves as a timely reminder of the increasing significance—and complexity—of digital financial disclosures in the UK’s regulatory landscape.

Since the 2021 mandate requiring digital annual reports in iXBRL format for FCA-listed companies, hundreds of issuers have transitioned to structured reporting. While the FRC acknowledges improvements in resolving previously identified basic errors, this year’s review highlights ongoing challenges in more technical areas.

Among the key issues flagged in the report:

• Inappropriate use of custom tags

• Application of taxonomy elements from unrelated accounting standards

• Design-related issues affecting report navigation and usability

The FRC’s analysis included a representative sample of filings submitted to the Financial Conduct Authority’s (FCA) National Storage Mechanism. It emphasized the need for enhanced tagging accuracy and better adherence to standards in order to maximize the usefulness of digital reports for investors and market participants.

“Digital reporting plays an essential role in enabling efficient access to company data,” said Mark Babington, Executive Director of Regulatory Standards at the FRC. “Greater focus is needed on quality and usability to provide maximum value.”

As the FRC enhances its monitoring efforts—including sample reviews and potential direct communication with companies—preparation and compliance have never been more critical.

At Ez-XBRL, we are committed to helping issuers navigate the digital reporting landscape with confidence. Our advanced tools and expert services are designed to ensure iXBRL compliance, minimize tagging errors, and improve the overall quality of digital disclosures. As reporting demands grow more stringent, we enable businesses to stay compliant, transparent, and future-ready.

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