Posted on Monday, March 18, 2019

On February 22, 2019, California State Senator John Moorlach introduced Senate Bill 598, legislation to enact the Open Financial Statements Act which, if passed, will do the following:

  • Create the Open Financial Statement Commission, consisting of seven members appointed by the Governor
  • Require the newly created Commission to contract with vendors to build an XBRL taxonomy for public agency financial filings along with an open source tool to create Inline XBRL documents
  • Require public agencies to file financials using Inline XBRL

Next steps for the bill include going to two separate Senate committees for hearings scheduled in early April. XBRL US has been invited to participate in a demo day being held by California State later this month.

On March 18, 2019, XBRL US submitted a letter expressing our support for the bill with some suggestions relate to the language in the bill.

Read the draft legislation.

Read the XBRL US Letter: XBRL US Letter of Support RE SB 598



Upcoming XBRL US Events

Center for Data Quality Committee Meeting
Wednesday, September 29, 2021

Domain Steering Committee Meeting
Thursday, October 7, 2021

Communications & Services Steering Committee Meeting
Tuesday, October 19, 2021

XBRL Updates for FERC Filers – Get Ready Now
Wednesday, October 20, 2021

Working with SEC Data for Analysts
Monday, October 25, 2021

Investor Forum 2021: Data that Delivers
Wednesday, November 10, 2021