Consultation opens
25/03/2022
Consultation closes
08/04/2022
CP22/5: Proposed changes to allow companies to use a more up to date electronic format for their annual financial reports
We propose a minor rule change to a transparency rules technical standard on electronic reporting.
Why we are consulting
We currently allow issuers to use, among other taxonomies, the UK Single Electronic Format (UKSEF) 2022 taxonomy from the Financial Reporting Council (FRC) to mark up their annual financial statements within the annual financial report.
Earlier this year, the FRC issued a replacement taxonomy version with updated standards following recently adopted EU legislation on the European Single Electronic Format (ESEF). However, our rules do not reference this new version.
In February 2022, we explained the plan to switch our National Storage Mechanism (NSM) over to accepting filings in UKSEF 2022 v2.0.0 in place of UKSEF 2022 v1.0.0.
What we are consulting on
We now propose to change the definition of UKSEF 2022 in Article 2(4B) of the Transparency Directive (TD) ESEF Regulation so that it refers to UKSEF 2022 v2.0.0 instead of v1.0.0.
We propose this change happens from Tuesday 3 May 2022. The last business day we would accept filings using UKSEF 2022 v1.0.0 would be Friday 29 April 2022.
Who this applies to
This consultation applies to issuers who follow Disclosure, Guidance and Transparency Rules (DTR) 4.1.
Respond to this consultation
The consultation has closed and we have issued Handbook Notice 98 and Handbook Notice 100 which set out the changes made to the rules in relation to the UKSEF 2022 taxonomy and the ESEF 2021 taxonomy which we previously consulted on.
Next steps
Subject to feedback received, we propose this change would take effect from 3 May 2022.