CP22/5: Proposed changes to allow companies to use a more up to date electronic format for their annual financial reports

Consultation opens
25/03/2022
25/03/2022
Consultation closes
08/04/2022

We propose a minor rule change to a transparency rules technical standard on electronic reporting.

Read CP22/5

Why we are consulting 

We currently allow issuers to use, among other taxonomies, the UK Single Electronic Format (UKSEF) 2022 taxonomy from the Financial Reporting Council (FRC) to mark up their annual financial statements within the annual financial report. 

Earlier this year, the FRC issued a replacement taxonomy version with updated standards following recently adopted EU legislation on the European Single Electronic Format (ESEF). However, our rules do not reference this new version. 

In February 2022, we explained the plan to switch our National Storage Mechanism (NSM) over to accepting filings in UKSEF 2022 v2.0.0 in place of UKSEF 2022 v1.0.0. 

What we are consulting on 

We now propose to change the definition of UKSEF 2022 in Article 2(4B) of the Transparency Directive (TD) ESEF Regulation so that it refers to UKSEF 2022 v2.0.0 instead of v1.0.0.  

We propose this change happens from Tuesday 3 May 2022. The last business day we would accept filings using UKSEF 2022 v1.0.0 would be Friday 29 April 2022.  

Who this applies to 

This consultation applies to issuers who follow Disclosure, Guidance and Transparency Rules (DTR) 4.1. 

Respond to this consultation 

Online response form

We want to know what you think of our proposals. Please use this online form or email: [email protected] by Friday 8 April 2022. 

Next steps  

Subject to feedback received, we propose this change would take effect from 3 May 2022.