Are data standard requirements for municipal bond issuers as outlined in the FDTA just a “solution in search of a problem”? Hear from government entities and data users about how they analyze government financial data today. Learn about their wish list on how to improve the usefulness of data used for peer analysis and policy […more]
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]
The Florida Division of Accounting & Auditing has partnered with the Office of Information Technology to build the new Florida Open Financial Statement System, and have finalized and published the 2022 Annual Financial Report Taxonomy. Local governments will have the option to provide their financial data in the same manner they currently utilize, where it […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]
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.
XBRL US submitted a letter commenting on the MSRB’s Strategic Goals and Priorities which asks the MSRB to consider how data standards would impact the current EMMA (Electronic Data Municipal Markets Access) data collection and dissemination process. We pointed out that we support the use of data standards to improve efficiencies in the reporting and […more]
The national consortium for
the business reporting standard
