How companies are preparing to meet new electronic reporting requirements
The Financial Reporting Lab has published the results of its survey on how companies are preparing to meet new electronic reporting requirements.
Under DTR 4.1.14R, issuers with transferable securities admitted to trading on UK regulated markets will be required to publish and file their annual financial reports in XHTML format for financial years commencing on or after 1 January 2021. Issuers preparing consolidated IFRS accounts for financial years will be required to tag the notes to their annual financial statements for financial years commencing on or after 1 January 2022.
The Lab's survey reveals that companies have begun to put steps in place to implement the new requirements but that key actions remain such as running a test, e.g. using a prior-year annual report.
The Lab is currently reviewing early examples of UK and EU electronic filings and plans to publish a best practice report in the autumn. It is also keen to speak to stakeholders to learn from their experience and invites interested parties to get in touch at FinancialReportingLab@frc.org.uk.
In the meantime, the Lab has published a list of resources to help companies understand and implement the requirements.