Posted on Friday, March 26, 2021

XBRL US member Marc Joffe, chair of the Standard Government Reporting Working Group, and Senior Policy Analyst at the Reason Foundation, weighed in on the need for better revenue and expenditure data from state and local government to appropriately allocate COVID-19 aid funds in his March 16 article published at Federalism.US. Joffe notes:

“During the coronavirus pandemic, the lack of timely and standardized state and local disclosure prevented policymakers from quickly determining with any degree of accuracy how much revenue was lost as the pandemic unfolded.

If every state, major city, and county produced monthly cash reports in a standardized, machine readable format within two weeks of month-end, federal policy makers would have had a much better picture of how revenues and expenditures are evolving….

Ideally, of course, all state and local governments would adopt a single reporting taxonomy (i.e., data dictionary) that could be readily consolidated. Our Standard Government Reporting working group at XBRL US has produced a draft taxonomy for annual financial reporting. A small subset of items from this taxonomy could be applied to monthly reporting. Our taxonomies can be used with CSV, JSON and human-readable HTML reports.”

Read the article.

Upcoming XBRL US Events

Public Review: Annual Comprehensive Financial Report Taxonomy
Monday, August 15, 2022

Domain Steering Committee Meeting
Tuesday, August 16, 2022

Communications & Services Steering Committee Meeting
Tuesday, August 16, 2022

Public Exposure for Comment – Data Quality Committee Rules and Guidance
Wednesday, August 31, 2022

Center for Data Quality Committee Meeting
Wednesday, September 21, 2022