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.
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.
Our readers will be aware of the innovative project between the University of Michigan Center for Local, State, and Urban Policy (CLOSUP) and XBRL US exploring how digital data standards can improve transparency in local government reporting and ultimately lead to better governance.
Routine digital reporting by local governments in the US just got a huge step closer. XBRL US and the University of Michigan’s Center for Local, State and Urban Policy (CLOSUP) have issued a ‘commercial-grade’ XBRL taxonomy for local-government reporting.
One of the most interesting developments of recent years for reporting nerds has been the adoption of XBRL by the US Federal Energy Regulatory Commission (FERC) for disclosures by energy utilities. In Q3 it completed its transition to XBRL, activating its new Forms portal and ceasing to accept submissions in the legacy Visual FoxPro system.
A new pilot programme in Flint, Michigan will explore how the use of XBRL can improve transparency in fiscal reporting and lead to better governance, potentially averting crises in municipal finance.
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