The UK's Financial Services Authority has broken ranks with the international movement to standardise electronic financial reporting around the extensible business reporting language, XBRL.
In a statement issued last week, the UK's financial regulator said it had determined that XBRL "is not the most appropriate technology for the FSA or UK financial services regulation at the current time".
As the FSA's document made clear, XBRL is the preferred route for a number of regulatory bodies, most notably the US Securities and Exchange Commission, which now accepts and publishes accounts in XBRL format via its EDGAR online reporting service.
Unlike the SEC, the FSA's role is not about publishing financial information, but about regulating the companies that operate within financial services. Its XB...