FRC restructure boosts focus on digital reporting and XBRL taxonomies
Earlier this month the UK’s Financial Reporting Council (FRC) announced a significant restructure, establishing two new functions: Market Intelligence and Insights, and Digital Reporting and Taxonomies. This strategic reorganisation aims to enhance the FRC’s capabilities in data analysis and digital reporting, promising improved outcomes for stakeholders.
The inclusion of a new Digital Reporting and Taxonomies team indicates the FRC are committed to enhancing the evolving landscape of digital reporting. This team will focus on improving the quality of digital reporting, developing tools to support the reporting ecosystem, and building the FRC’s expertise in XBRL taxonomies. The team will also drive thought leadership and policy work in digital reporting, ensuring high data quality and effective utilisation of digital reporting standards.
The Market Intelligence and Insights team will deliver comprehensive, evidence-based analysis to support the FRC’s policy development, monitoring, and regulatory activities. This restructuring integrates the work previously undertaken by the FRC Lab into these two new functions.
The FRC’s new team will facilitate better regulatory compliance, improve stakeholder confidence in digital data, and help the FRC navigate the broader industry trends towards increased digital, accessible, transparent financial information.
Read more and listen to the FRC’s latest podcast on this topic here.
