The 2024 suite incorporates changes to all of the FRC’s Taxonomies - UK IFRS, FRS 101, FRS 102, UKSEF, and Charities – available in English or Welsh. In addition, the Suite contains taxonomy documentation, supporting documents, key information sheets and release notes.

The key changes to the 2024 Taxonomy Suite are:

• Tags have been updated and added to enable UK Endorsement Board (UKEB) endorsed 2021 Narrow-scope amendments and Lease Liability in a Sale and Leaseback (Amendment to IFRS 16), and International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12) and corresponding amendments to FRS 102.
• SECR tags units have been updated.
• The Original and Revised Data dimension labels have been updated, and guidance tags created, to clarify the meaning of these terms in the taxonomy.
• Recommendations on high quality disclosures of Expected Credit Losses have been digitised. Some pre-existing tags have been updated, and new tags have been created to enable preparers to tag with the granularity described in the recommendations.
• The Charities extension has been updated.

The Irish extension has not been updated and there will not be a new Irish extension for 2024.

The press release (including a link to the FRC 2024 Taxonomy Suite) is available on the FRC website.