Last week the US Securities and Exchange Commission’s (SEC) Chair Gary Gensler spoke at the Municipal Securities Disclosure Conference in Washington D.C., emphasising the importance of transparency and disclosure in the US $4 trillion municipal bond market.
The recently passed Financial Disclosure Transparency Act (FDTA) requires the US Securities and Exchange Commission (SEC) and other regulators to adopt data standards for — inter alia — municipal data collection and reporting. Although the act passed in December 2022, the details of implementation are still a work in progress.
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.
The Public Finance Network, representing US state and local governments, government entities, and issuers of municipal securities, has requested that its members be involved and provide input in the implementation of the Financial Data Transparency Act (FDTA).
An article on Route Fifty this week looks at the new mandate for state and local governments in the US to prepare standardised, searchable financial statements.
How will the Financial Data Transparency Act (FDTA) reshape municipal financial reporting in the US? The FDTA will require electronic reporting and machine-readable tagging (likely in XBRL) of state and local government financial data, boosting the ability of users — especially lenders — to undertake analysis and comparison.
A recent article on Cities Today examines how local governments in the US can maximise federal funding by using (machine-readable) data. With the US government investing significantly in municipal infrastructure, local governments are leveraging data to understand their needs, and to make smarter decisions about how to spend funding.
We are pleased to report that this week the US Senate passed the provisions of the Financial Data Transparency Act (FDTA), as part of the Fiscal Year 2023 National Defense Authorization Act (NDAA), marking a significant milestone in transparency and data utility for the US.
In a talk at last week’s XBRL Asia Round Table in Mumbai, Srikanth Viswanathan, the CEO of the Janaagraha Centre for Citizenship and Democracy, outlined the vital role that data about municipalities plays in the next steps for key infrastructure development in India.
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.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
