Marc Joffe, Senior Policy Analyst at Reason Foundation (XBRL US member) noted in a recent blog post, “XBRL can make data from state and local governments more digestible and publicly available. In 2002, three academic researchers proposed applying eXtensible Business Reporting Language (XBRL) to state and local government financial reporting to make municipal data more digestible and publicly available. Now 20 years later, the University of Michigan’s Center for Local, State and Urban Policy (CLOSUP), in conjunction with industry standards group XBRL US, is releasing the first commercial-grade XBRL taxonomy for US governments. The taxonomy is a catalog of over 2,800 standardized terms for concepts that appear in government financial reports.“
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