Regulatory Alerts2023-02-24
Added · Updated
CP23/2: Streamlining transparency rules on structured digital reporting of annual financial statements
The Financial Conduct Authority proposes to revoke the onshored Technical Standards and relocate substantive requirements directly into the Disclosure Guidance and Transparency Rules (DTRs) for in-scope companies with securities admitted to UK regulated markets. A new rule in DTRs will require issuers preparing consolidated annual financial statements in accordance with IFRS to tag them using a generally accepted taxonomy, with specific guidance provided in a new online Technical Note. The proposals include updating the list of generally accepted taxonomies to incorporate the ESEF 2022 taxonomy and expanding the option for UK-incorporated preparers of solo-company IFRS financial statements to report in the tagged structured digital format. These changes are intended to simplify the regulatory framework without altering the underlying obligation to file annual financial reports in an electronic, structured digital format.