The Financial Reporting Council (FRC) has released a discussion paper detailing potential technical updates to the UK XBRL Taxonomy Suite and invited comments from all stakeholders involved in digital financial reporting. The proposed changes focus on improving the structure and functionality of the taxonomies used for digital filings in the UK. According to the FRC, these adjustments are intended to enhance usability, scalability, and technical consistency in financial data submissions. FRC stated that ...

The European Financial Reporting Advisory Group (EFRAG) has announced an initiative to create a key performance indicator (KPI)-based voluntary reporting template for small and medium-sized enterprises (SMEs). The initiative aims to improve the “accessibility and comparability” of financial information within EU SMEs. The proposed reporting template is expected to be accessible via the European Single Access Point (ESAP). This move, prompted by a request from the European Commission (EC) on 29 July 2025 ...