SB 598, a bill introduced in California by Senator John Moorlach, was passed unanimously through the Senate Government Organization Committee. This is the second state Senate committee that has unanimously passed this bill which will go to a final vote before September 13. The bill calls for the creation of the Open Financial Statement Commission, consisting of nine members. The bill would require the commission, by January 1, 2021, to report to the Legislature and make recommendations regarding how and whether to transition financial reporting by state and local agencies to a machine readable (Inline XBRL) format.
The next step for this bill is to go to Senate Appropriations by May 17, to the Senate Floor by May 31, then onto Committees and a Floor vote in the Assembly. All bills have to be approved by both Houses before September 13.
Read the legislation.
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