FRC issues its 2023 suite of Taxonomies

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24 Oct, 2022

The Financial Reporting Council (FRC) has issued the 2023 suite of FRC Taxonomies.

The suite is updated for all of the FRC's taxonomies and contains taxonomy documentation, supporting documents, key information sheets and release notes.  The key changes to the 2023 suite include:

  • Initial, and interim reporting, medium-sized companies, and filleted accounts all have new/updated tags and guidance to facilitate Companies House requirements
  • IFRS 17 Insurance Contracts has been digitalised to reflect the UK endorsement of the Standard. 
  • 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.
  • An updated 2023 UKSEF that makes use of XBRL's "multiple target document" feature, enabling relevant issuers to file one report to multiple regulators and fulfils the technical requirements for both ESEF and FRS 102/UK IFRS tagging.

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.