Rachel Carpenter, CEO of Intrinio, recently highlighted the many benefits proper XBRL filing implementation would offer US municipalities.
Should the federal funds being used to boost US state and local budgets after a steep Covid-19-induced decline be dependent on better transparency?
In Montreal, a financial planner can set a trigger to distribute a financial report the moment their budget is exceeded. In New Hampshire, accountants can easily look at the number, type and relationship between a taxpayer’s bills, all in a single portal. And in LA, a self-service data analytics tool allows users to create the […]
The Covid-19 crisis has made it clear how important it is to be able to quickly access and interpret data in a rapidly moving market. While public companies in the US report XBRL-tagged financial information to the SEC quarterly, making up-to-date data relatively easy to analyse, municipal data is much harder to find.
With the criminal justice system and police reform in the spotlight recently, it would make sense to examine the data to make informed, effective changes. There’s one problem: the data itself.
XBRL US has released for public review the third version of the demonstration Comprehensive Annual Financial Reporting (CAFR) Taxonomy. The CAFR Taxonomy demonstrates how comparable data standards are applicable to municipal government annual reports. The third version of the Taxonomy expands on the previous two versions to include seven financial statements, two footnotes, and two schedules from the […]
In 2005 the US Government Finance Officers Association (GFOA) recommended governments monitor the development of standardised electronic reporting, and to apply it when it became appropriate. Since then, financial regulators around the world have harnessed a myriad of benefits by migrating to XBRL for corporate reporting. The same evolution, however, has not been extended to […]
Municipal governments and US states are sitting on large amounts of potentially useful data – but with disparate software systems leading to proliferating databases and a lack of machine-readable data, it’s currently difficult to analyse. The Reason Foundation is advocating for local governments to make the most of their extensive data sources by implementing Open, […]
Recently Marc Joffe outlined the significant opportunities presented by the newly passed GREAT Act – and highlighted some steps already taken along the path to its realisation. At the start of 2020 the US Congress passed the “Grant Reporting Efficiency and Agreements Transparency”, or GREAT, Act. The GREAT Act presents a significant opportunity to increase […]
The US Securities and Exchange Commission (SEC) has announced a conference to be held on March 10 focusing on municipal securities disclosure practices. The conference, Spotlight on Transparency: A Discussion of Secondary Market Municipal Securities Disclosure Practices, aims to bring together both issuers and users of municipal disclosures to discuss emerging trends, problems, achievements and voluntary […]