The new reporting requirements for energy and carbon data, introduced on April 1, 2019, are applicable to all large companies, limited liability partnerships, and listed companies. The new reporting requirements supersede mandatory greenhouse gas (GHG) reporting, which has been in force since 2013. Consequently, entities have to report on greenhouse gas emissions, energy consumption, and energy efficiency.
In addition, the Government of United Kingdom (UK) is keen to enable companies that file their annual reports digitally to account their streamlined energy and carbon reporting (SECR) data. Furthermore, the government expects the reports to be filed in a standardized way so that both internal and external users experience the same level of transparency. Consequently, it has been proposed to have a SECR taxonomy as an addition to the Financial Reporting Council (FRC) taxonomies suite.
The draft of the SERC taxonomy has been uploaded on Yeti — a live consultation program. This will enable preparers and interested parties to submit responses to the technical aspects of the SECR taxonomy and its use. In addition, the objective is to ensure transparency and consideration of users and the needs and experiences of the preparers.
Further, the department for business, energy and industrial strategy (BEIS) and the FRC have raised relevant questions to promote interest in the consultation about the SECR taxonomy and its use. Users can utilize the survey to respond to the questions, or email to j.guest@frc.org.uk on or before September 30, 2019.
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