FSA's proposed technological approach for the future development of Integrated Regulatory Reporting (IRR)
The FSA's original intention was to build a single system to enable firms to report electronically, using eXtensible Business Reporting Language (XBRL). A formal review of this approach was undertaken involving discussions with a number of firms. The review concluded that this was not the most cost effective route at this time for either firms or for the FSA, so the FSA will not at this stage develop reporting systems using XBRL.
The FSA's approach will, therefore, look to use existing electronic means of reporting where this is feasible. The review also identified that the option of an appropriate system-to-system submission method was important to a number of firms. The FSA will continue to review this requirement and involve the industry as the IRR programme develops.
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