The FSA has picked Xtensible Business Reporting Language as the blueprint for the set of electronic reporting standards it will develop, opting for XBRL over Origo.
XBRL is an electronic messaging system used by accountancy groups worldwide which condenses complex financial data.
Starting from 2005 with a phased introduction until 2007, regulated firms will report not only their basic business details online but also submit compliance returns via an FSA extranet.
Origo says the decision does not exclude it from involvement in the next stage of the FSA's strategy and that the processes it uses could be absorbed within XBRL processes.
FSA spokesman Robin Gordon-Walker says: “We are still speaking to groups such as Origo and other organisations about implementation but we are going for the XBRL standard.”