The FSA has decided against using the extensible business reporting language (XBRL) for companies to file their regulatory returns, according to reports.
XBRL is a version of the popular XML language and is known for its flexible usage and simple coding. It should enable large volumes of financial data to be searched quickly. The FSA had planned to use the language to upgrade its integrated regulatory reporting programme which is used by every financial services company in the UK.
The FSA's decision to abandon the language, mostly due to cost factors according to reports, means that UK regulators now do not have to commit to backing XBRL.
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