Entities admitted to trading on UK regulated markets are required to produce their annual financial reports in a structured digital format (i.e. using iXBRL tagging) and submit that report to the Financial Conduct Authority (FCA) for filing in the National Storage Mechanism (NSM) under the UK implementation of the European Single Electronic Format (ESEF).  

The report is based on a review of 50 reports filed to the FCA's National Storage Mechanism and highlights the growing importance placed by investors on structured digital reports. 

The insights report focuses on three key areas: tagging, design and usability and process.  It provides some good practice tips with respect to tagging which build upon its 2021 and 2022 reports and highlights that most tagged report rejections are as a result of basic errors such as an incorrect file format, naming and structure.  

The Lab reminds companies that even if the tagging process is outsourced, they are responsible for the quality of the report.  It provides a number of areas for companies to consider when assessing the overall quality of their reports prior to submission.   

A press release and the full report are available on the FRC website.