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The FCA consultation and UKSEF taxonomy

The FCA is currently consulting to allow issuers to use a wider range of taxonomies when preparing their annual financial reports under the ESEF requirements. Only the taxonomy updates that were available before the 31st December 2020 are currently permitted to be used for the iXBRL tagging of the annual reports. These wider taxonomies include the 2021 version of the ESEF taxonomy and the UKSEF taxonomy.

ARKK expect the FCA consultation to allow for these new taxonomies and expect the results to be released before submissions start in early 2022. If there is a delay in the consultation results however, ARKK will use the most updated taxonomy permitted for your ESEF filing.

ARKK have been made aware that due to the large technical changes that have been made for the new UKSEF taxonomy (based on the ESEF taxonomy), the FCA will not be able to validate these UKSEF files until late Q1, (assuming there are no further delays in updating their validation software). Even if the consultation results allow for the use of the UKSEF taxonomy, ARKK recommend that we use the ESEF taxonomy this year to avoid any possible validation issues on submission.