FRC publishes draft UKSEF conformance suite
The UK’s Financial Reporting Council (FRC) has published the draft version of the UK Single Electronic Format (UKSEF) Conformance Suite as part of the 2024 Taxonomy annual cycle. Open for public consultation until 31 December 2023, the suite is key to understanding and ensuring compliance with UKSEF filing requirements.
The UKSEF Conformance Suite is designed to ensure universal consistency across UKSEF filings, defining the meaning and intention of UKSEF filing rules. It includes a set of filing rules, accompanied by a colour-coded spreadsheet.
With Europe introducing electronic filing under the European Single Electronic Format (ESEF), the UK has introduced the UK Single Electronic Format (UKSEF), which is extremely close to ESEF with a handful of UK-specific modifications. Companies in the UK may choose to use either the ESEF or UKSEF taxonomy.
Developers of preparation applications, take note – the suite is essential to anticipating and addressing variations when testing applications against regulators’ services.
For those who want to deep-dive, check out the Draft UKSEF Conformance Suite here. Comments are welcome until 31 December 2023.
