The state of Illinois introduced House Resolution (HR 0703) on February 4, 2020, to encourage the use of XBRL for financial reporting by local governments within the state.
The resolution notes:
“Will County Auditor Duffy Blackburn has been the first county official in the country to publish the county’s Comprehensive Annual Financial Report (CAFR) for the 2018 fiscal year using data tags to specify each number and line item, including the mathematical relationships between them; and whereas, Will County Auditor Duffy Blackburn has demonstrated the transparency value of the standardized format of XBRL financial data and predicted the benefits of the universal adoption of this innovation, such as cost cutting for municipal bond markets and improvements to better government; therefore, be it RESOLVED … we encourage the adoption and utilization of XBRL by all Illinois municipalities and state agencies in their financial reporting to increase transparency, decrease costs, and more easily permit comparison of financial data; and be it further resolved, that we further encourage the office of the Comptroller and the Department of Innovation and Technology to investigate the feasibility of the development of an official XBRL taxonomy for use by Illinois municipalities and state agencies and to make adoption of XBRL by those entities easier and to ensure comparability. “
Will County’s XBRL-formatted CAFR statement was prepared using the XBRL US CAFR Taxonomy, which was developed by the XBRL US Standard Government Reporting working group.
Read the release about the 2nd CAFR Taxonomy and the publication of the Will County XBRL-formatted CAFR.
View the Will County financials in XBRL.
Follow HR0703.
