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.

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Consultation Paper
CP23/2*
Streamlining our transparency rules on structured digital reporting of annual financial statements by companies January 2023

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How to respond
We are asking for comments on this Consultation Paper (CP) by Friday 24 February 2023. You can send them to us using the form on our website. Or in writing to:
Jayne Williams
Financial Conduct Authority
12 Endeavour Square
London E20 1JN
Email:
cp23-2@fca.org.uk
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Summary 3
The wider context 6
Our proposals 8
Annex 1
Questions in this paper 13
Annex 2
Cost benefit analysis 14
Annex 3
Compatibility statement 17
Annex 4
Abbreviations used in this paper 21
Appendix 1
Draft Handbook text
Appendix 2
Draft Handbook text
Appendix 3
Draft Technical Note

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Source: Financial Conduct Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works