As many of you are no doubt aware, the XBRL FRC Taxonomies will be updated in 2021. We will be making these new taxonomies available for submission from 1 April 2021.
The 2021 taxonomy suite will introduce the new UK Single Electronic Format (UKSEF) taxonomy with the capability to use extensions. This can be used by listed companies to file their consolidated accounts.
Also, in line with iXBRL best practice, Companies House and HMRC will be limiting submissions to the last three available taxonomies (2021,2019,2018) and rejecting submissions using older versions (such as 2014) on 1 April 2021. This means you will need to upgrade your accounts filing packages and products to use the latest three versions of the taxonomy. We will no longer be able to accept submissions using older versions of the taxonomies after 1 April 2021.
We will be in touch early in the new year with the full technical information so that you can prepare for these changes. We will continue to provide regular updates between now and the date of implementation.