The UK FRC 2021 Accounts taxonomies

We're pleased to announce immediate and full support for the UK FRC 2021 Accounts taxonomies, which HMRC and Companies House began accepting yesterday, 1st April 2021. This includes the 2021 version of the Streamlined Energy and Carbon Reporting (SECR) taxonomy, the 2021 Charities taxonomy extension and support for tagging revised (amended) accounts for online submission to Companies House.

The UK FRC 2021 taxonomy suite provides updated versions of Full IFRS, FRS101, FRS102, Charity and SECR entry-points last released in 2019. This includes support for revised accounts and revised auditor's reports, reporting pay ratio information, accounting for off-payroll working, accounting for Coronavirus-related business funding support and better coverage of FRS101 exemptions.

Until yesterday it had been impossible for companies to file revised accounts online to Companies House to update previously-submitted accounts for the same period. Companies House now support this, and SureFile Accounts provides rules to check that the revised accounts tags have been used correctly, supporting both the 'revision by Supplementary Note' and 'revision by replacement' methods described in the 2008 supplement to the Companies Act 2006. In addition, SureFile Accounts checks Companies House's record in real-time to verify that original or already-revised accounts have previously been filed for the same period. The 2021 update also includes support for Auditor's revised accounts statements (or Charity Auditors in the case of Charity accounts).

The Streamlined Energy and Carbon Reporting (SECR) taxonomy is a standalone taxonomy within the UK FRC suite of taxonomies that supersedes the Greenhouse Gas Emissions reporting requirements formerly included in the Directors' Report module. SECR reporting is mandatory for large companies and partnerships and recommended for all other entities. The taxonomy includes an early version of the disclosures required by the Task Force on Climate-related Financial Disclosures (TCFD) which are also mandatory for large companies in the UK.

Pay ratio information, which is also mandatory for large listed UK companies from the start of 2020, can now be fully tagged in the Director's Report.