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.

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Format for Digital Reporting

Filers in the EU and the UK

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Taxonomy Options in the UK

UKSEF 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.

UKSEF reporting makes for a smoother financial reporting process since iXBRL facilitates greater software adaptability by virtue of being a format that computers understand.

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.

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.

The UKSEF taxonomy includes machine-readable elements related to Streamlined Energy and Carbon Reporting (SECR) requirements. Companies can also report ESG information.

IRIS CARBON® for UKSEF Reporting

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.

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: IRIS CARBON® has cleared the SOC 2, ISAE 3000 & 3402 certifications. We are highly committed to data security and internal systems integrity.

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.