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 will be tagged and converted into XBRL format for their validation and submission, or they may choose to submit an XBRL instance.
This is the first state-led XBRL initiative that has officially launched. Local Florida governments are required to report financial data in XBRL format for fiscal years ending on or after September 1, 2022.
