FRC releases discussion paper on UK XBRL Taxonomy Suite

Core Viewpoint - The Financial Reporting Council (FRC) has released a discussion paper proposing technical updates to the UK XBRL Taxonomy Suite aimed at enhancing digital financial reporting in the UK [1][2]. Group 1: Proposed Changes - The proposed changes focus on improving the structure and functionality of taxonomies used for digital filings, enhancing usability, scalability, and technical consistency in financial data submissions [1][2]. - Key recommendations include shifting from fixed item types to extensible enumerations to align with current XBRL standards [2]. - The introduction of formula linkbases is proposed to enable automatic checks and improve data quality, along with expanding the use of typed dimensions for increased flexibility [3]. Group 2: Additional Recommendations - Recommendations also include eliminating the usage of across entry-points elements to safeguard taxonomy structure and considering specific entry-points for micro-entity and small company reports [4]. - Incorporating accounting semantics arcroles is suggested for clearer data interpretation, and there is a move towards digitizing charities' receipts and payments accounts [4]. Group 3: Stakeholder Engagement - The FRC is encouraging responses from individuals and organizations involved in preparing digital financial reports, including software providers, accountants, and regulators [5]. - The proposed changes are expected to impact all digital reporting software utilizing FRC-developed taxonomies, necessitating updates to systems if the proposals are implemented [5]. - Responses to the discussion paper are requested by 11 January 2026 [5].