{"id":79356,"date":"2022-02-02T09:44:56","date_gmt":"2022-02-02T09:44:56","guid":{"rendered":"https:\/\/fin-xsolutions.com\/?p=79356"},"modified":"2022-08-19T11:50:34","modified_gmt":"2022-08-19T11:50:34","slug":"5-things-about-uksef-taxonomy-one-should-know","status":"publish","type":"post","link":"https:\/\/fin-xsolutions.com\/5-things-about-uksef-taxonomy-one-should-know\/","title":{"rendered":"5 Things About UKSEF Taxonomy One Should Know"},"content":{"rendered":"

[vc_row row_height_percent=”0″ override_padding=”yes” h_padding=”6″ top_padding=”2″ bottom_padding=”1″ overlay_alpha=”50″ gutter_size=”3″ column_width_percent=”100″ shift_y=”0″ z_index=”0″][vc_column][vc_column_text text_lead=”yes”]The Financial Reporting Council (FRC) released the UK Single Electronic Format (UK SEF) taxonomy in September 2020 as part of its 2021 suite of taxonomies. Taxonomies can seem intricate and complex at times. ESEF filers in the UK can choose between the ESEF and UKSEF taxonomies for tagging their information.<\/p>\n

ESEF taxonomy vs. UKSEF taxonomy?<\/h3>\n\n\n\n\n
ESEF taxonomy<\/strong><\/td>\nUKSEF taxonomy<\/strong><\/td>\n<\/tr>\n
ESEF taxonomy is the same taxonomy that European companies use.<\/strong><\/td>\nUKSEF taxonomy is an extension of the ESEF taxonomy and allows tagging of additional information. (More on this below)<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

In short, we can say that the UKSEF taxonomy refers to the UK-specific variant of the ESEF taxonomy. If you are a filer listed on the Main UK regulated market, it is essential to count these 5 points:<\/p>\n

1. UKSEF Is NOT A Mandatory Requirement<\/h3>\n

From January 1, 2022, it has become mandatory for all the companies in the UK to comply with ESEF requirements by preparing Annual Financial Reports(AFRs) in the xHTML format, with XBRL tags embedded in the documents. However, it is NOT mandatory for companies to use the UKSEF taxonomy when filing.<\/p>\n

Fin-X<\/a>\u00a0encourages the filing of AFRs voluntarily to improve the transparency and quality of the reports. Companies can prepare themselves well in advance, for the mandate.<\/p>\n

2. UKSEF Taxonomy Versions And The Updates<\/h3>\n

Taxonomies are expected to be updated from time to time. These updates reflect the changes in standards and user experience. Taxonomy updates are usually announced well in advance. At present, the UKSEF Taxonomy is subject to be reviewed annually until it achieves maturity.<\/p>\n

The basic rule is to follow only two versions of the taxonomies when developing your AFRs- the latest version (UKSEF 2022) and the penultimate version (UKSEF 2021).<\/p>\n

On 8 October 2021: The latest versions of the Full Suite of FRC Taxonomies 2022 was released<\/p>\n

On 14 January 2022: The update with UKSEF 2022 Taxonomy was released.<\/p>\n

3. UKSEF 2021 vs UKSEF 2022<\/h3>\n

The UKSEF 2021:<\/h4>\n

This version of the taxonomy was deliberately limited in scope. Due to the uncertainty over the exact nature of the UK\u2019s departure from the European Union. It includes:<\/p>\n