Get Involved with the Disclosure Modernization Working Group
At least one-third of the 90,000 state and local governments in the United States produce annual financial reports. Due to the lack of standards for these reports, the ability to aggregate data and compare financial performance of governmental entities is limited. This working group seeks to address this problem by designing schemas and XBRL implementation(s) for open data reporting of state and local government actual financial results.
The scope of work includes Comprehensive Annual Financial Reports (CAFRs), Single Audit packages, state-mandated Annual Financial Reports (AFRs), and responses to relevant Census Bureau financial surveys. The group seeks to support relevant institutions gaining technical understanding and establishing best practices for disclosure modernization for the benefit of US state and local governments, as well as public pension systems.
In March 2018, Florida Gov. Rick Scott signed legislation called HB 1073, which establishes the Florida Open Financial Statement System, and enables the state CFO to build XBRL taxonomies for state, county, municipal, and special district financial filings; and to create a software tool that enables financial statement filers to easily create XBRL documents to be used with the taxonomies developed.
Separately, in June 2018, the Securities and Exchange Commission (SEC) approved the adoption of Inline XBRL, a technical specification that combines an HTML and an XBRL document, for operating company and mutual fund reporting. Inline XBRL is an ideal tool for CAFR reporting as it can transform a state’s CAFR into a single document which is both computer-readable and human-readable.
Now is the time to leverage the momentum to build greater efficiency into state and local government reporting to benefit all stakeholders.
Members of this XBRL US Working Group have the following skillsets:
- Technical expertise related to taxonomy development and creation of inline XBRL instance documents
- Knowledge of US State and Local Government Accounting Standards
- Familiarity with fiscal health indicators used by practitioners and academics to assess US state and local governments
- Ability to identify similar or related work that is being done in other Working Groups or by other organizations
Working group members are involved in taxonomy development and review, instance document preparation, identifying and engaging subject matter experts in government accounting and reporting; and building awareness among state agencies and legislators. Learn how you can become a contributing member of the group to influence the standards developed by emailing firstname.lastname@example.org.