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.
For fiscal years ending on or after September 1, 2022, local governments are to report financial data required by Section 218.32, Florida Statutes using extensible business reporting language (XBRL).
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)
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]
Michigan Governor Whitmer signed off on House Bill No. 5783 which includes appropriations for fiscal years 2022 and 2023. The bill includes funding for Michigan State Treasury to work in partnership with a public university located in Michigan to develop an IT strategy focusing on machine-readable financial disclosures for local units of government, and that […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]
Governments, standard setters, regulators, and analysts encouraged to provide input XBRL US, a nonprofit standards organization, and the Center for Local, State, and Urban Policy (CLOSUP) at University of Michigan’s Gerald R. Ford School of Public Policy, announced the publication of digital financial data standards for local government reporting entities, that can be used to […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 University of Michigan announced a partnership with the city of Flint, MI, on a fiscal reporting pilot program to improve transparency and governance. The pilot centers on developing digitized data standards to represent the Annual Comprehensive Financial Report (ACFR), and will build on the XBRL Taxonomy developed by the XBRL US Standard Government Reporting […more]
Executive Summary Reporting, collecting, and analyzing data about individual grants, and the grantees themselves, is time-consuming, labor-intensive, and costly. Grantees prepare multiple forms, and duplicate data reported. Federal awarding agencies and other users of grantee information manually extract data from inconsistently prepared PDF forms or text files. The GREAT (Grants Reporting Efficiency and Transparency) Act […more]
The national consortium for
the business reporting standard
