UKSEF iXBRL Reporting
Since January 2021, it has been mandatory for companies with securities listed in UK-regulated markets to prepare and submit annual reports to the Financial Conduct Authority (FCA) in a digital format called Inline XBRL.
(*DISCLAIMER: Fin-X Solutions is the UK trade name of IRIS Business Services, the parent company of IRIS CARBON®. We have no association whatsoever with the UK’s IRIS Software Group.)
(*DISCLAIMER: Fin-X Solutions is the UK trade name of IRIS Business Services, the parent company of IRIS CARBON®. We have no association whatsoever with the UK’s IRIS Software Group.)
ESEF iXBRL Mandate
A Closer Look
The European Single Electronic Format (ESEF) regulation came into force in the EU in January 2020. The UK adopted ESEF before the country’s withdrawal from the EU on 31 January 2020. From January 2021, it became mandatory for UK companies to comply with ESEF requirements.
Compliance with ESEF regulations requires companies to tag or label their financial information with machine-readable elements available in the ESEF taxonomy. UK companies have the option of using the UKSEF taxonomy to tag their data. The UKSEF taxonomy released by the Financial Reporting Council adds UK-specific elements to the ESEF taxonomy.
In Phase 1 of their compliance, which involved annual reports to be published in 2022, UK companies were required to apply machine-readable XBRL tags only against primary financial statement disclosures. In Phase 2, which related to annual reports due in 2023, the companies also need to tag notes to the annual financial statements.
Smoother Process
UKSEF reporting makes for a smoother financial reporting process since iXBRL facilitates greater software adaptability by virtue of being a format that computers understand.
Easier Analysis
An UKSEF xHTML report is a human-readable and machine-readable document that helps key stakeholders to analyze the reported data effectively and make informed decisions.
High-quality Data
The data in a UKSEF document is of high quality because the iXBRL format allows filers to validate the information being reported to ensure there are no errors or inconsistencies.
Sustainability Data
The UKSEF taxonomy includes machine-readable elements related to Streamlined Energy and Carbon Reporting (SECR) requirements. Companies can also report ESG information.
Companies preparing UKSEF reports may outsource their iXBRL report creation. The reporting process involves tagging financial data with appropriate UKSEF taxonomy elements; forming extension elements for company-specific information with no matching UKSEF elements; anchoring the extensions to UKSEF elements with the nearest accounting meaning.
Companies need to consider their UKSEF xHTML document as a marketing tool and ensure that it is as visually appealing as a PDF annual report. Once the UKSEF document is published with the FCA’s National Storage Mechanism (NSM), companies may display it on their websites in the form of an iXBRL previewer link.
1 Format for Digital Reporting
4,600+ Filers in the EU and the UK
2 Taxonomy Options in the UK
For UKSEF Reporting and Compliance, visit
IRIS CARBON® for UKSEF Reporting
Fin-X Solutions’ IRIS CARBON® provides companies with a hassle-free way to comply with UKSEF filing requirements. We bring to the table a wealth of XBRL expertise to create high-quality digital financial reports.
Why IRIS CARBON®?
Diverse & Happy Clientele
Fin-X Solutions has been the preferred financial regulatory compliance service provider for leading organizations across the UK and Ireland since 2010.Comprehensive Experience
We have over 17 years of experience in XBRL-based reporting, having facilitated more than 5 million regulatory filings the world over. We have 350+ XBRL experts in our team.Unparalleled Quality
We consistently rank #1 for XBRL quality in independent third-party assessments. This highlights our dedication to our client's high-quality financial reporting with the regulators.Robust Data Security
Fin-X Solutions’ IRIS CARBON® has cleared the SOC 2, ISAE 3000 & 3402 certifications. We are highly committed to data security and internal systems integrity.What Our Clients Say
In the midst of our annual group reporting, we have found with IRIS the perfect service provider for ESEF, which is a new requirement for all financial years from 2020 within the European Union. Speed and customer orientation as well as the highest output quality are key indicators for our company – these were perfectly met by the IRIS team.
We had an absolutely great experience using IRIS CARBON® for ESEF compliance. It is a tool with exceptional functionalities that helps with a transparent ESEF reporting process.Their highly professional support team is worthy of special mention. I would give the training sessions organized by IRIS CARBON® a 10/10. Keep up the good work.
A big THANK YOU to the entire IRIS CARBON team for its professionalism, responsiveness, and availability throughout our project. We recommend the IRIS CARBON solution for worry-free XBRL integration.
If you are looking for collaborative software that promises supreme-quality reports within the fastest turnaround time, then IRIS CARBON® is the product I would strongly suggest.
Unparalleled XBRL Expertise at your Service
We take pride in calling ourselves XBRL evangelists because we have contributed to developing the format. Our work in XBRL-based reporting spans 17+ years and we have collaborated with over 30 global regulators, helping some of them develop XBRL taxonomies.
Apart from UKSEF/ESEF reporting, we facilitate iXBRL filings with the UK’s HMRC, the US SEC, and the South African regulator CIPC. The CIPC uses an iXBRL report creation portal built by IRIS. We also facilitate XBRL filings with the US energy regulator FERC.
- Outsourcing & In-house Compliance
- Unlimited XBRL Expert Support
- Scalable Solution for Newer Filing Needs
- Relentless Innovation for High-quality Filings
Download UKSEF Reporting & Compliance Brochure
Learn everything you need to know about streamlined UKSEF iXBRL reporting and compliance.
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