This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

FRC issues its 2021 suite of Taxonomies

  • FRC Image
  • XBRL (eXtensible Business Reporting Language) (mid blue) Image

30 Sep 2020

The Financial Reporting Council (FRC) has issued the 2021 suite of FRC Taxonomies.

In addition to updating all existing taxonomies (except for the Irish Extensions which remain as per the 2019 version), the FRC has published a new taxonomy called the UKSEF which can be used for UK reporting purposes to Companies house and HMRC.  It is a UK version of the ESEF Taxonomy and overseas entities wishing to file with Companies House need to use the UKSEF to file, since it contains the extra tags needed to file in the UK.

Key changes to the 2021 suite include: 

  • Enablement of revised accounts due to disruption caused by COVID-19.
  • Covid Issues: additional income-related tags to cover the Coronavirus Jobs Retention Scheme (CJRS) and other Covid-related grants have been added.
  • Off Payroll Working: additional tags have been added to cover revenue from off payroll working and off payroll working expenses. These new tags have been added for all entry-points (FRS 101, FRS 102, UK IFRS and Charities).
  • Pay Ratio Regulations: The Statutory Instrument The Companies (Miscellaneous Reporting) Regulations 2018 sets out requirements for the reporting of pay ratio information in the Directors’ Remuneration Report. All entry-points have been amended to cover these requirements.
  • SECR Reporting:  The SECR Taxonomy introduced in 2019 supersedes the greenhouse gas emissions reporting items present in the Directors’ Report. These tags have been removed (not deprecated, to avoid confusion with the SECR reporting requirements).

In addition, SECR reporting is an additional requirement for (large) companies who may choose to report using UK SEF. Consequently, the SECR taxonomy has been incorporated into the UKSEF taxonomy extension for the convenience of filers. This will avoid the complication of additional combined entry-points.

The 2021 suite represent the most up to date version of the FRC Taxonomies and as such should be used to comply with HMRC requirements to fully tag.  The suite has been designed with full tagging in mind.  Accounts should be fully tagged, except for consolidated UKSEF data where regulations permit minimum tagging. Filers to Companies House should use the most-up to date version where possible.  It is expected that both HMRC and Companies House will have enabled this suite by April 2021. .

The press release and updated taxonomies are available on the FRC website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.