FRC releases draft 2025 taxonomy suite for consultation
The Financial Reporting Council (FRC) has published a draft version of the 2025 Taxonomy Suite and is inviting public feedback until 20 September 2024. This draft introduces several important updates designed to enhance digital financial reporting and provide clearer information for users.
The central changes include the addition of new entry points and concepts to facilitate digital reporting for Community Interest Company and Dormant Subsidiary Exempt Package accounts to Companies House. Additionally, the draft updates tags to align with recent amendments to UK Financial Reporting Standards, specifically FRED 82 and FRED 84, and includes a new core schema for the Detailed Profit and Loss (DPL) account while removing the DPL presentation from the financial reporting core schema to simplify data presentation.
The draft 2025 Taxonomy Suite also reflects updates to the Charities and Irish extensions, ensuring they are consistent with recent regulatory changes.
Stakeholders are encouraged to review the detailed changelog provided in the draft suite to fully understand the proposed revisions. The FRC aims to release the final version of the Taxonomy Suite, along with a feedback statement, in October.
To participate in the consultation and provide feedback, you can use the FRC’s comment tool, Yeti, or send responses via email to xbrl@frc.org.uk.
For more information, visit the FRC’s website.
