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Items tagged with "Municipal"

Municipal reporting and the implementation of the FDTA

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.

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States show the way with insights into FDTA implementation

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.

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IPSASB kickstarts project to develop global public sector sustainability standards

The International Public Sector Accounting Standards Board (IPSASB) has embarked on a project to develop sustainability reporting standards for the public sector.

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SEC Chair advocates greater data transparency in municipal bond markets with FDTA

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.

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SEC strategy to balance benefits and risks of FDTA implementation

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.

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UK inquiry into local government reporting

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.

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States seek involvement in FDTA design

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).

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The moment arrives to modernise state-level reporting

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.

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FDTA implementation sparks debate

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.

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Cities focus on data as machine-readable reporting on the horizon

 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.

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