Annual Comprehensive Financial Report Taxonomy, 2019 Demonstration Release

Government agency representatives, municipal analysts and investors, software providers, and other users of state and local government data are invited to review and comment on the data standards developed to represent sections of the Annual Comprehensive Financial Report (ACFR). This is a Demonstration Release Version 0.2, developed to illustrate how data standards can be created […more]


XBRL US CAFR Taxonomy Released with New Statements, Schedules and Footnotes

Now includes Single Audit Report schedules for municipalities and other federal grantees XBRL US announced today the public review of the third version of the demonstration Comprehensive Annual Financial Reporting (CAFR) Taxonomy, which now includes seven financial statements, two footnotes, and two schedules from the Single Audit Report. The taxonomy will be published for a […more]


SEC Fixed Income Markets Advisory Committee (FIMSAC) Addresses Muni Transparency

The Securities and Exchange Commission’s Fixed Income Markets Advisory Committee held a meeting on February 10, 2020 including a panel on “Draft Municipal Securities Transparency Recommendation Regarding Timeliness of Municipal Issuer Disclosures”. Speakers on the panel were: Geidre Ball, Metropolitan Washington Airports Authority Emily Brock, Government Finance Officers Association Akiko Mitsui, Vanguard Hannah Sullivan, Fidelity […more]


Illinois House Resolution Encourages XBRL Use by Local Governments

The state of Illinois introduced House Resolution (HR 0703) on February 4, 2020, to encourage the use of XBRL for financial reporting by local governments within the state.  The resolution notes: “Will County Auditor Duffy Blackburn has been the first county official in the country to publish the county’s Comprehensive Annual Financial Report (CAFR) for […more]


SEC Announces Conference on Municipal Securities Disclosures

The Securities and Exchange Commission announced that they are scheduling a conference titled “Spotlight on Transparency: A Discussion of Secondary Market Municipal Securities Disclosure Practices” to be held on March 10  at SEC headquarters in Washington D.C. from 9:30 a.m. to 4 p.m. The event will be open to the public, with advance pre-registration available here. A livestream of the […more]


Reason Foundation Comments on SEC FIMSAC Discussion on Structured Municipal Disclosures

The Securities and Exchange Commission’ Fixed Income Market Structure Advisory Committee held a meeting on November 4, 2019 which addressed “Structured Disclosures by Municipal Issuers” featuring speakers from Municipal Securities Rulemaking Board (MSRB), Will County, IL, Municipal Market Analytics, XBRL US, and the Securities and Exchange Commission. Marc Joffe and Spencer Purnell of XBRL US […more]


XBRL US CEO Participated in SEC Fixed Income Market Structure Advisory Committee

The Securities and Exchange Commission’ Fixed Income Market Structure Advisory Committee held a meeting on November 4, 2019 which addressed “Structured Disclosures by Municipal Issuers” featuring XBRL US CEO Campbell Pryde. Key messages conveyed during the panel included how XBRL data standards can be used to improve the efficiency and effective of municipal reporting. Separately, […more]


California Senate Bill 598 Unanimously Passes Assembly

On September 10, 2019, California Senate Bill 598 was presented in the California Assembly and passed with a vote of 64-0. SB 598 calls for the enactment of the Open Financial Statements Act, which would establish the Open Financial Statement Commission, a 9-member commission in the Treasurer’s office. The commission will be tasked with contracting […more]


XBRL US 2nd Release of CAFR Taxonomy for Municipal Reporting in Public Exposure Review

Will County, Illinois, First Local Government to Publish Financials in XBRL Format XBRL US announced today that it is conducting a 60-day public review and comment period for the second release of the Demonstration Comprehensive Annual Financial Report (CAFR) Taxonomy. The taxonomy, developed by the XBRL US State and Local Government Disclosure Modernization Working Group, […more]


XBRL US Comment to SEC Fixed Income Market Structure Advisory Committee

The Securities and Exchange Commission’ Fixed Income Market Structure Advisory Committee held a meeting on July 29, 2019 during which municipal issuer disclosures was addressed, among other topics. XBRL US submitted a comment letter to the Committee, recommending the use of data standards to increase transparency and improve efficiencies in the municipal securities markets. Highlights […more]