Released 12 October 2021
The Financial Reporting Council’s (FRC) Lab has published a report that supports companies in the move towards high-quality digital reporting.
Under the Disclosure Guidance and Transparency Rules, certain companies are required to start producing their 2021 annual financial reports in a structured electronic format. As a result, electronic data for thousands of companies will become available for automatic extraction, analysis and comparison. However, the data will only be useful if it is of high quality.
The Lab review of 50 early structured reports found that many reports fell short of the quality that will be expected for companies’ official filings. The report sets out key considerations and tips for companies covering:
•how to set up the structured reporting process;
•how to enhance the usability of structured reports; and
•common tagging issues to avoid.
More information can be found at: https://www.frc.org.uk/news/october-2021/lab-report-get-ready-for-structured-digital-report.