In 2018 Florida passed a bill that could require local governments to submit financial data in machine-readable format. California has recently followed suit, and the second version of the Demonstration Comprehensive Annual Financial Report (CAFR) Taxonomy, currently out for review, will also aid the process. But what benefits would standardisation bring? Beyond abstract accolades of increased transparency, […]
Last week we reported that California have voted to test machine-readable reporting, passing Bill 598, which calls for a commission to build a test taxonomy and make recommendations on moving local reporting to a machine-readable format. The task of developing a test taxonomy will be greatly simplified by the work of the XBRL US State and […]
In a significant step forward for municipal reporting standards this week the California Assembly passed a bill that will set the state on the path to machine-readable reporting.
California could be on their way to join Florida in leading America’s state and local government towards transparent, easily accessed financial statements. The Open Financial Statement’s Act, SB 598, which has passed in the Senate and is soon to go to Senate Assembly, is the latest in a long trail of small steps towards local […]
In an article on The Bond Buyer this month Marc Joffe makes the case for municipal market data standards. Data and technology featured frequently at the Bond Buyer National Municipal Summit, with concerns coming from data vendors and issuers. However, Joffe points out that municipal bondholders are merely one group amongst many with a stake […]
In another step on the long road to making US state-level financial reports machine-readable the Open Financial Statement Act, SB-598, was introduced into the Californian Senate on 27 February. Currently, Californian counties, cities, school districts, and pension funds send unaudited data to the state controller and also prepare audited financial statements in PDF form, making […]
Bond Buyer this week published one of two takes on the latest push for state-level XBRL in the US, arguing that while machine-readable technologies should bring more transparency to the municipal bond market, they could also cause ‘headaches’ for issuers. But are the concerns voiced legitimate, simply a fear of technology, lack of education – […]
Last week XBRL US advanced the push for state-level XBRLby releasing a demonstration taxonomy that shows how data standards can be used in portions of the Comprehensive Annual Financial Report (CAFR). While significant progress has been made at the federal level towards machine-readable reporting, at the state level, financial information is still submitted in the PDF-based […]
We’ve covered the growing support for US state level XBRL several times over the past couple of months, including the move towards local Comprehensive Annual Financial Reports (CAFRs) and the benefits of structured data for municipal bond markets. This week saw another addition to the debate with publication of a report from The Data Foundation and Workiva: Transparent State […]
Just over a month ago we reported on the progress being made towards US state level XBRL. Further optimistic thoughts on that this week from Barnet Sherman in Forbes. While the US municipality bond market is larger than any other, the work being done in this context has direct relevance to government reporting in many other parts of the world.