Regulators

FRC opens draft taxonomies 2022 suite to consultation

Following consideration of the comments, a final version of the taxonomy suite is set to be released on 8 October 2021

The Financial Reporting Council (FRC) has opened changes to the draft FRC taxonomies 2022 suite for consultation.

Issued on the Yeti taxonomy viewer, feedback on the changes can be provided via the commenting tool until 16 September 2021.

Following consideration of the comments, a final version of the taxonomy suite is set to be released on 8 October 2021. 

The suite is to be updated for all taxonomies, including the UKSEF, charities, and Irish extension, with the streamlined energy and carbon reporting (SECR) taxonomy included in all taxonomies bar the Irish extension.

Through the changes the FRC also said that the taxonomy will now support a Welsh label linkbase.

Moreover, both the SECR and the taskforce on climate-related financial disclosures (TCFD) have been augmented to facilitate further detailed tagging.

A final key update includes HMRC’s detailed profit and loss (DPL) taxonomy extension becoming part of the directors’ report.

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