The FCA has published streamlined rules relating to structured electronic reporting, as well as feedback on its consultation on the rule changes (CP 23/2).
Under DTR 4.1, listed companies are required to publish their annual report in the single electronic reporting format. This requirement used to be set out in DTR 4.1.14, which cross-referred to the requirements in the UK Transparency Directive European Single Electronic Format Regulation (the ESEF Regulation), the UK version of EU Regulation 2019/815 on the technical standards for reporting in electronic format – see our snapshot on reporting in structured electronic format for further details.
To simplify the structure of the UK's rules, and in keeping with the government's post-Brexit drive to replace retained EU laws and regulations, the FCA has deleted DTR 4.1.14 (and therefore the cross-reference to the ESEF Regulation) and has instead set out the requirements directly in DTR 4.1.15 to DTR 4.1.23, DTR 6.2, and a new Annex to DTR 4. The new provisions broadly reflect the ESEF Regulation, though the FCA has made some minor clarifications and changes.
The taxonomies approved for use when tagging information in financial statements and notes to financial statements, which were set out in the ESEF Regulation, are now contained in a new Technical Note (Structured digital reporting for annual financial reports – Primary Market/TN/507.1).
The rule changes took effect on 28 July 2023 and the rules apply to financial years starting on or after 1 January 2022.
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