LONDON, May 22, 2024
/PRNewswire/ -- DataTracks, a leading provider of regulatory
reporting solutions, has recently introduced the availability of
the UKSEF Multi-Target Document tagging method through its
DataTracks RainbowTM software. 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 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
RainbowTM:
- 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:
Our 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 to 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.
"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 RainbowTM software,
companies can now effortlessly meet both FCA and Companies House
requirements," said Pramodh
Vittal, Senior Vice-President at
DataTracks for Opportunities and Product Design. "We are
thankful to our customers and partners for their invaluable
feedback, helping us create a solution that meets their regulatory
needs."
About DataTracks
For 19 years, DataTracks has successfully provided compliance
reporting products and services to companies worldwide. The experts
at DataTracks help companies convert their financial statements to
XBRL, iXBRL, HTML, XHTML, and XML formats. They also offer various
other regulatory solutions, such as AIFMD, FATCA, Solvency II, ESG,
CESOP, CRD IV, and MiFID II, to help EU-listed companies meet
compliance requirements with regulators like ESMA, EIOPA, EBA,
etc.
With over 400,000 compliance reports prepared for more than
28,000 clients in 26 countries, DataTracks is a trusted partner for
accurate ESEF and HMRC reporting. For more details, visit
https://www.datatracks.com/eu/.
For Business Enquiries:
Email: enquiry@datatracks.eu
Ph: +31 20 225 3702
Ph: (UK): +44 02036088035
Media Contact: mediarelations@datatracks.com
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