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FRC issues its 2022 suite of Taxonomies

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11 Oct 2021

The Financial Reporting Council (FRC) has issued the 2022 suite of FRC Taxonomies.

The suite is updated for all FRC taxonomies and the key changes to the 2022 suite include:

  • The Streamlined Energy and Carbon Reporting (SECR) taxonomy containing the Task Force on Climate-related Financial Disclosures (TCFD) disclosures has been incorporated into the main body of the FRC suite.
  • The SECR and TCFD tags are now found in all the Directors’ Report section of the FRC Taxonomies (except for the Irish extensions and UKSEF).
  • The SECR Taxonomy has had its TCFD disclosures augmented to reflect expected enhanced disclosures from companies looking to provide such information to investors.
  • The UKSEF imports the most up-to-date version of the ESEF and can be used with tags from the rest of the FRC taxonomies suite (including tags for the Directors Report, SECR and TCFD disclosures) for UK reporting purposes to Companies House and the Financial Conduct Authority (FCA).
  • The FRC taxonomies now supports a Welsh label linkbase.
  • HMRC’s Detailed Profit & Loss (DPL) taxonomy extension is now part of the Directors’ Report.
  • Tags for Gender Pay Gap reporting have been included in the Directors Report for those who wish to tag these concepts.
  • A tag for Academies will be inserted into the Charity Accounts Taxonomy to enable Academies to be able to digitally report.

The 2022 suite represents the most up to date version of the FRC Taxonomies and as such should be used to comply with HMRC requirements to fully tag. It is expected that Companies House will have enabled this suite by 1 April 2022 and the FCA will have enabled the suite by 31 December 2021. The Charity Accounts Taxonomy may be used by all charities preparing accounts in accordance with the Charities FRS 102 SORP and is mandatory for large charities with income over £6.5m filing with HMRC.

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

Correction list for hyphenation

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