DataTracks, a globally renowned provider of regulatory reporting solutions, has recently introduced the availability of the UKSEF Multi-Target Document tagging method through its DataTracks Rainbow™ software.
Unified iXBRL output
The Multi Target Document feature allows companies to tag their annual reports using both the UK Single Electronic Format (UKSEF) and Financial Reporting Council (FRC) taxonomies and generate a unified iXBRL output.
This makes it easy to file a single, fully tagged report to both the Financial Conduct Authority (FCA) and Companies House.
Multi-Target Document Method
With the UKSEF Multi Target Document method, companies can tag their financial information using both the ESEF taxonomy (for FCA) and the FRC taxonomy (for Companies House). When ESEF is the primary target document, the FRC serves as the secondary target document.
The FRC tags in the UKSEF Multi Target Document include specific target attributes
The FRC tags in the UKSEF Multi Target Document include specific target attributes that make it easy for regulators to identify and validate data. This helps maintain accuracy and meet both FCA and Companies House standards.
Companies House has updated its systems to accept UKSEF Multi Target Document files and has increased the file size limit to 300 MB. They have also provided guidance on which tags to use, making it easier for businesses to submit accurate reports.
Enhanced features of DataTracks Rainbow™
Flexibility in Taxonomy Selection:
Depending on the regulatory needs, issuers can choose from two taxonomy combinations
- UKSEF-IFRS (ESEF + UK-IFRS)
- UKSEF-FRS-102 (ESEF + FRS-102)
Easy to review elements from two taxonomies:
- Online Reviewers' Guide (ORG) has been updated to show elements from both taxonomies and hide either of them. This will help filers or their auditors review and approve both taxonomies seamlessly under the single review interface.
- Optional Approach: Using the Multi Targeting Document method is not mandatory. Companies can choose this option if they want to file one report for both FCA and Companies House. Alternatively, they can submit separate reports to each regulator.
FCA and Companies House requirements
"At DataTracks, we continually strive to deliver advanced solutions that make regulatory compliance easier for our clients. With the introduction of the UKSEF Multi Target Document Tagging method through our DataTracks Rainbow™ software, companies can effortlessly meet both FCA and Companies House requirements," said Pramodh Vittal, Senior Vice-President at DataTracks for Opportunities and Product Design.
He adds, "We are thankful to our customers and partners for their invaluable feedback, helping us create a solution that meets their regulatory needs."
