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.