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