Legislation passed through the Florida House of Representatives (Bill 1073), authorizes the creation of the Florida Open Financial Statement System, an interactive data repository for governmental financial statements.
The bill authorizes the creation of XBRL taxonomies for state, county, municipal, and special district financial filings. If the Florida Chief Financial Officer is satisfied with the taxonomies created, the bill requires all local governmental financial statements for fiscal years ending on or after September 1, 2022, to be filed in XBRL format and to meet the validation requirements of the relevant taxonomy.
Read the full text of the bill.
