Mark Funkhouser, former Mayor of Kansas City, Missouri, and a prominent figure in municipal finance, recently released a white paper titled “FDTA Playbook: Owning your fiscal future.” Sponsored by XBRL US member, DebtBook, this publication comes at an important juncture for government entities grappling with the implications of the Financial Data Transparency Act (FDTA).
In compliance with 2022’s Financial Data Transparency Act (FDTA), the US Securities and Exchange Commission (SEC) has released its second semi-annual report providing insights into the use and value of machine-readable data. The report covers a spectrum of benefits, including an updated list of which corporate disclosures are machine-readable.
Heightened transparency is on the horizon at state and municipal level in the US, with last years Financial Data Transparency Act (FDTA) set to transform the way local governments, including school districts, disclose financial information by introducing a machine-readable format.
XBRL US held its GovFin2023 conference in Washington DC yesterday. The event brought together a significant number of experts from the XBRL community, US regulators as well as state and municipal reporting experts to discuss the upcoming implementation of the Financial Data Transparency Act or FDTA.
Marc Joffe, Senior Policy Analyst at The Cato Institute, highlighted the role of state-level reporting systems in shaping the implementation of the Financial Data Transparency Act (FDTA). Joffe’s insights shed light on how states could provide a model for FDTA execution.
In 2022, the Municipal Securities Rulemaking Board (MSRB) launched EMMALabs, an innovation sandbox within the Electronic Municipal Markets Access (EMMA). The new platform is designed to accelerate and advance data analytics in municipal securities markets. EMMALabs has recently introduced a prototype dedicated to structured data, providing essential insights into its significance.
In an ongoing effort to enhance the quality and utility of corporate financial data filed with the SEC, the Division of Corporation Finance has issued a sample letter addressing companies’ XBRL and Inline XBRL disclosures. This letter aims to provide constructive feedback and guidance to improve the clarity and accuracy of financial reporting.
The implementation of standardised, normalised and harmonised data collections, such as in the Dutch Standard Business Reporting (SBR) program, can significantly reduce administrative burden and improve efficiencies.
The Securities and Exchange Commission (SEC) has published its Semi-Annual Report to Congress on the use of machine-readable data for corporate disclosures, as mandated by the Financial Data Transparency Act (FDTA).
The US Federal Housing Finance Agency (FHFA) has been encouraged to embrace the use of XBRL and the LEI (Legal Entity Identifier) to facilitate the transition mandated by the FDTA (Financial Data Transparency Act) legislation.
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