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ARTICLE · 28 FEBRUARY 2018

FRC Publishes Report On Digital Future Of Corporate Reporting

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On 13 December 2017, the FRC's Financial Reporting Lab announced publication of its report on the digital future of corporate reporting.

United KingdomAccounting and Audit
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On 13 December 2017, the FRC's Financial Reporting Lab announced publication of its report on the digital future of corporate reporting. The report focuses on how corporate reporting might be optimised using technology, demonstrating a move away from paper-based annual reporting.

The report provides a summary of the potential impacts and issues of the use of eXtensible Business Reporting Language (XBLR) and concludes that it is an important technology in the path to digitisation of company reporting. With the goal of fully realising the potential of XBRL and responding to the challenge of a new European Single Electronic Format for digital corporate reporting due in 2020, the Lab recommends a series of actions for regulators, technology companies, preparers (listed companies) and investors.

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