FRC publishes its draft 2023 Taxonomy Suite for comment

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16 Aug, 2022

The Financial Reporting Council (FRC) has issued, for comment, its draft 2023 Taxonomy Suite.

The key changes to the 2023 Taxonomy Suite are: 

  • Initial, and interim reporting, medium-sized companies, and filleted accounts all have new/updated tags and guidance.
  • Support has been added for reporting Alternative Performance Measures (APMs), including a new hypercube with new dimensions.
  • The Financial Conduct Authority's Diversity & Inclusion (D&I) reporting proposals have been incorporated, including new hypercubes for Gender/Sex and Ethnicity reporting.
  • Irish Extension and Charities taxonomies have been updated.
  • IFRS 17 Insurance Contracts has been digitalised to reflect the UK endorsement of the Standard. 

The FRC also intends to release a new version of the UK Single Electronic Format (UKSEF) taxonomy.  Further information will be available in its UKSEF Guide which is intended to be published later this year.

The comment period is open for a period two months from the date the taxonomy Suite was published (12 August 2022). The press release (including a link to the draft FRC 2023 Taxonomy Suite) is 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.