FRC unveils stakeholder backing for next phase of UK digital reporting

Stakeholders support digital reporting and foster the collaborative approach needed to address the challenges in the next phase of digital reporting in the UK, the FRC has unveiled.

A new discussion paper on “Opportunities for Future UK Digital Reporting” from the FRC reflects responses received during a feedback period which gathered perspectives from preparers, regulators, software vendors, and other stakeholders on how to shape the future of digital reporting in a EU-exit environment and in light of new legislation such as the Economic Crime and Corporate Transparency Act 2023.

Key findings include strong support for ongoing collaboration between regulators and preparers to reduce complexity, calls for improved guidance and support materials, and a recognition of the balance needed between UK-specific reporting requirements and international comparability.

The insights published in the paper will inform ongoing development and technical approaches to digital reporting across UK regulatory bodies.

Mark Babington, executive director of regulatory standards at the FRC, said: “We are grateful to all stakeholders who contributed valuable insights to this discussion paper. The feedback clearly demonstrates that the digital reporting landscape in the UK is evolving, with stakeholders recognising both the benefits and challenges. 

“As we enter a new phase of digital reporting in 2025, the FRC remains committed to enabling efficient, accessible digital reporting that serves the public interest while supporting UK economic growth.”