A new digital tool – The Streamlined Energy and Carbon Reporting (SECR) taxonomy will make it easier and more convenient for businesses to comply with energy and carbon reporting rules.
Previous articles – UK SECR Regulations come into force on 1 April 2019 & UK Streamlined Energy & Carbon Reporting Guidance published covered the new Director’s Reporting requirements for all large UK companies and large Limited Liability Partnerships (LLP), as well as all quoted companies, to report on their annual energy use, greenhouse gas emissions and energy efficiency actions they have taken. Other businesses can also include the disclosures on a voluntary basis.
This new tool supports businesses to report their energy and carbon data when they file digital accounts with Companies House.
The taxonomy has been developed by the Financial Reporting Council (FRC) in collaboration with Companies House & the Department of Business, Energy and Industrial Strategy (BEIS). The SECR taxonomy is an addition to the FRC Taxonomies suite to reflect the new reporting requirements for energy and carbon data introduced on 1st April
It enables businesses to report information in XBRL format. Many companies already submit accounts using XBRL, but this is the first time it has been utilised to capture environmental data in annual reports.
Regulation of the energy and carbon reporting requirements will lie with Companies House and the FRC are responsible for ensuring businesses comply with the SECR reporting requirements.
All large UK companies and large LLPs, as well as all quoted companies should:
- Note the publication of the The Streamlined Energy and Carbon Reporting (SECR) taxonomy
- Prepare their Energy and Carbon Reporting for their Director’s Reporting by their relevant deadlines
- Consider using the taxonomy for their Energy and Carbon Reporting