The UK’s Levelling Up, Housing and Communities Committee (LUHCC) is launching an inquiry into financial reporting and audit in local authorities following calls for more understandable local authority financial statements.
As we reported last week, the Florida Division of Auditing and Accounting has released an XBRL taxonomy for use by local governments to report their financial information digitally.
In the US state of Florida, the Division of Accounting & Auditing within the Department of Financial Services has partnered with the Office of Information Technology to build a new Florida Open Financial Statement System.
How can we effectively track Covid-19 relief funding and understand its impact? Our colleagues at XBRL US believe a government standard is needed, enabling coordinated digital 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 […]
Better ratings and better bankruptcy predictions are possible with ratio analysis of the financial statements prepared by local government. That requires high quality digital disclosures.
In our interview with Bruno Simoes from the Brazil National Treasury, he gave an overview of the XBRL project there and details how using XBRL is improving government reporting though enhanced data transparency and accuracy. The true strength of XBRL he says is that “XBRL empowers the business person. You are no longer a rider in a car being […]