The 2022 GRIP Taxonomy is a collection of taxonomies for state and municipal reporting. It includes published versions of the Annual Comprehensive Financial Reporting Taxonomy that incorporates a Michigan-specific extension taxonomy, as well as the latest versions of the Grants Reporting Taxonomy and the Single Audit Taxonomy. This resource was developed by the State and Local Government Working Group.
This version of the ACFR Taxonomy was open for comment between July 15 and August 15, 2022. The published version of the ACFR is part of the Government Reporting Information Package (GRIP)
The Securities and Exchange Commission (SEC) announced plans to hold a Municipal Securities Disclosure Conference on May 10, 2023 at SEC headquarters. The event will have both in-person and virtual access and registration is required. The deadline to register is May 5, 2023. Topics to be covered include: Financial Data Transparency Act (FDTA) Voluntary Disclosure […more]
On December 23, 2022, President Biden signed into law H.R. 7776, the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 which includes TITLE LVIII, the Financial Data Transparency Act (FDTA). The FDTA calls for the use of data standards by member agencies of the U.S. Financial Stability Oversight Council, including U.S. Treasury, […more]
The U.S. Congress passed legislation on December 15, 2022 that includes requirements for the Securities and Exchange Commission to adopt data standards related to municipal securities. The Financial Data Transparency Act (FDTA) aims to improve transparency in government reporting, while minimizing disruptive changes and requiring no new disclosures. The University of Michigan’s Center for Local […more]
XBRL US commented on the Municipal Securities Rulemaking Board (MSRB) Request for Comment on Draft Amendments to MSRB Rule G-32 to Streamline the Deadlines for Submitting Information on Form G-32. The XBRL US letter encouraged the MSRB to consider allowing municipal securities bond issuers to optionally submit their continuing disclosure documents which include event-based and […more]
Marc Joffe, Senior Policy Analyst at Reason Foundation (XBRL US member) noted in a recent blog post, “XBRL can make data from state and local governments more digestible and publicly available. In 2002, three academic researchers proposed applying eXtensible Business Reporting Language (XBRL) to state and local government financial reporting to make municipal data more digestible and […more]
Comment on this Release Candidate through August 15, 2022
The University of Michigan’s Center for Local, State and Urban Policy (CLOSUP) is working with the XBRL US Standard Government Reporting Working Group (SGR) to modernize and digitize Michigan local government financial reporting, with the City of Flint as the first local government partner and pilot site.
The Municipal Securities Rulemaking Board (MSRB) published a Request for Information on Environmental, Social and Governance (ESG) Practices in the Municipal Securities Market. The Board seeks input on how best to enhance issuer protection, investor protection, and the overall fairness and efficiency of the municipal securities market in relation to: (1) the disclosure of information […more]
XBRL US submitted a comment letter to the Governmental Accounting Standards Board (GASB) in response to their public exposure of Project No. 3-20 (Recognition of Elements of Financial Statements) and Project No. 3-25 (Financial Reporting Model Improvements). Our letter emphasized the importance of considering how state and local government data is used, noting: We believe […more]
The national consortium for
the business reporting standard
