Professional services

Contact: Robert Morris, Graham Reid
and Davina Given

Professional services

Launch of digital reporting tool to access reporting data

On 10 March 2025, the Financial Reporting Council (FRC) announced the beta launch of Viewer, its new tool that will allow users to access and analyse iXBRL files, which make up the majority of accounts published on Companies House and those filed with the FCA. The Viewer will make financial information and company reporting more accessible to investors, businesses, the public and other stakeholders.

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Reporting threshold guidance updated

The FRC has recently updated the UK reporting thresholds and any relevant publication ahead of the changes coming into force on 6 April 2025. The changes to the thresholds change turnover and balance sheet criteria by 50%, reducing the reporting burden on thousands of small companies by moving them into smaller classification where reporting requirements are simpler. To help businesses navigate the changes, the FRC has published several documents including a summary document with key changes, scoping tables and an overview of the financial reporting framework.

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FRC outlines its new three-year plan

The FRC has published its Strategy for 2025-28 and its Annual Business Plan and Budget for 2025-26, following a period of consultation and engagement with stakeholders. There are some key messages alongside the Strategy, Plan and Budget, with the FRC emphasising an intention to support UK economic growth and investment whilst serving the public interest through "smart, targeted and proportionate" regulation. The three-year strategy and annual budget allow the FRC to set out interim objectives whilst they prepare for the Government's draft legislation to modernise its statutory powers and ensure that they are fit for purpose.

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Professional services

FRC review highlights digital reporting challenges for UK listed companies

The Financial Reporting Council (FRC) has released its annual review of structured digital reporting, highlighting areas requiring improvement in UK listed companies' digital annual reports. While basic errors from previous years have been resolved, companies continue to struggle with more complex aspects of digital reporting. The FRC analysed reports from FCA-listed companies using tools developed through the CODEx project, including detailed assessments of 25 annual reports. Persistent challenges include inappropriate custom tagging, misapplication of tags from irrelevant accounting standards, and design issues affecting usability. The FRC plans to enhance its monitoring by conducting sample reviews alongside regular annual report assessments, with companies showing significant tagging issues potentially receiving direct communication.

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