The original bill, SB 598, which was introduced by Senator John Moorlach, has been amended to eliminate the mandate for XBRL, but it continues to include the creation of a 9-member commission to write a report to the legislature recommending further action towards the use of Inline XBRL for state and local government financial filings. On April 10, the Committee on Governance and Finance of the State of California approved the amended version of SB 598 – the California Open Financial Statements Act – by a bi-partisan 5-0 vote. Marc Joffe, Chair of the XBRL US State & Local Government Working Group, and Michelle Savage of XBRL US were invited to provide testimony.
Read the testimony: Marc Joffe, Michelle Savage.
The bill also received public support from the California State Treasurer’s Office as well as encouraging comments from the Committee Chair.
The bill will now go to a second committee, which it must also pass before reaching the floor.
Read the legislation.
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