Draft Streamlined Energy & Carbon Reporting (SECR) Taxonomy opens for consultation
The Financial Reporting Council (FRC) has opened a consultation on the draft Streamlined Energy & Carbon Reporting (SECR) Taxonomy, which is a proposed addition to the FRC Taxonomies suite to reflect SECR reporting requirements.
Since 2010, it has been compulsory for companies and a range of other organisations to send their Company Tax Returns online using iXRBL for accounts and computations, which involves the application of computer-readable tags to business data, and the majority of companies apply the same for filing their annual reports to Companies House.
The ‘tags’ enable the data to be processed automatically by software, bringing greater efficiencies and providing an opportunity for high quality analysis of business information. The FRC consultation relates to the development of the SECR taxonomy and the related ‘tags’, to enable the efficient conversion of SECR reports into XBRL reports and thereby providing similar benefits of transparency and accessibility to users of SECR reports.
While it is not mandatory at this time to tag SECR data, the government wants to enable companies that file their annual reports digitally to be able to report their SECR data in the same way to ensure the same level of transparency is available to external users.
For more details and to give feedback, visit the consultation page.