The Financial Reporting Council (FRC) has published its annual review of structured digital reporting, highlighting key areas for improvement in how UK listed companies present their digital annual reports.

While some of the basic errors identified in previous years have been resolved, companies are still having problems with more complex aspects of digital reporting.

There are also too many instances of companies creating numerous custom tags when they could easily use the available taxonomy, which is ‘adequately presented by a current IFRS tag’, the FRC said.

‘Extensions create issues for those trying to analyse annual report data. At best they require an additional level of assessment to consider the purpose and nature of the extended data, at worst they are simply left out of analysis.’