FRC launches discussion paper on the future of digital reporting in the UK
Last month, the Financial Reporting Council (FRC) released a discussion paper aimed at gathering stakeholder insights on key developments that could shape the future of digital reporting in the UK.
It addresses the need for an updated legislative approach to digital reporting in light of the UK’s post-Brexit landscape and the potential benefits and drawbacks of moving away from the European Single Electronic Format (ESEF) framework.
The paper also seeks feedback on the future of structured digital reporting and the potential for extending digital requirements to other regulatory disclosures, such as sustainability reporting.
By considering the preferences and needs of different stakeholders—including preparers, end-users, and regulators—the FRC aims to develop a digital reporting framework that balances compliance requirements with the need for high-quality, accessible data. The FRC also emphasise the importance of collaboration among UK regulators to ensure that digital reporting standards are consistent, robust, and conducive to achieving broader policy goals, such as combating economic crime and enhancing corporate transparency.
This initiative provides a timely opportunity for stakeholders to influence the direction of digital reporting standards in the UK, and to ensure that they meet the needs of all users. We would encourage our readers to engage thoughtfully with this consultation.
Responses are welcome until 1 November, and can be sent via email to XBRL@frc.org.uk.
For more details and to participate in the consultation, visit the FRC’s website.
