Financial Services Authority engages DecisionSoft to manage taxonomy development and maintenance
Oxford, 28th May 2004.
DecisionSoft Limited, Europe’s leading XBRL components vendor, have been selected by the Financial Services Authority (FSA) to manage the development and maintenance of their regulatory taxonomies.
The FSA’s regulatory taxonomies describe the XBRL message formats which will be required for regulatory submissions following the planned Autumn 2004 launch of their online regulatory services. DecisionSoft was called in at an early stage to support the formulation of the FSA’s approach to regulatory submissions, culminating in the publication of the taxonomy and documentation sets for High Street firms at the end of March 2004. Following the success of this first phase, Decisionsoft have been engaged to ensure that the FSA’s business processes are appropriately modelled in the regulatory taxonomy (the “catalogue” of data) and maintained in line with best practice for XBRL data.
“DecisionSoft’s support has been fundamental to the success of the project so far,” said David Anderson, Director for the Integrated Regulatory Returns Programme at the FSA. “Their ability to deliver on time and to specification encourages us in delivering this project on time and to budget.”
The project for mortgage and general insurance regulation is one of a series of XBRL-based services which are being put in place by government agencies around the world, including the Inland Revenue in the United Kingdom and the Federal Deposit Insurance Corporation in the United States. The service will be rolled out to all regulated firms carrying out mortgage, general insurance and retail investment activities from 1 July 2005. DecisionSoft’s involvement in this project is the culmination of five years of successful business modelling for leading government departments, most recently for the Inland Revenue’s e-Corporation Tax programme.
XBRL is a freely licensed, open XML standard, managed by a not-for-profit consortium comprising more than 200 organisations worldwide. It allows agreed concepts, such as UK GAAP accounting standards, to be defined and exchanged between compliant systems. XBRL also allows the FSA to add its own data requirements, or groups of data requirements, to the dictionaries (strictly “taxonomies”) of XBRL terms already available – to form a regulatory taxonomy.
About the FSA
The FSA regulates the financial services industry in the UK and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.
In March 2004 the FSA established new reporting requirements for firms carrying out mortgage, insurance and retail investment activities.
DecisionSoft is the UK’s foremost XML specialist, and has developed key XML and XBRL tools used by UK government departments in their online filing projects. DecisionSoft provides the technology and support behind the UK Inland Revenue’s XBRL-enabled online Corporation Tax project. DecisionSoft also maintains Pathan, the Open Source XPath and XPath2 interpreter for the Xerces-C project.
DecisionSoft is a privately held company based in Oxford, England.