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.
Since 2018, the XBRL US' Standard Government Reporting Working Group has been working to address this problem by designing schemas and conducting pilots for open data reporting of state and local government financials. The creation of the working group was instigated by legislation signed in the State of Florida, HB 1073, which establishes the Florida Open Financial Statement System, and enabled the state CFO to build XBRL taxonomies for state, county, municipal, and special district financial filings. Florida local governments today have the option of reporting their balance sheets as well as revenues and expenses in XBRL format. Publicly available Annual Financial Reports (AFR) are available for download in PDF and in iXBRL format.
With passage of the Financial Data Transparency Act (FDTA) in 2022, the Securities and Exchange Commission (SEC) became responsible for data transparency related to municipal securities through the use of data standards that render data searchable and machine-readable, enable high quality data through schemas documented in taxonomy or ontology models, that are nonproprietary and open, and that are consistent with applicable accounting principles.
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