SEC Launches XBRL Taxonomy for US Local-Government Reporting for Public Review

SEC Launches XBRL Taxonomy for US Local-Government Reporting for Public Review

By Devlekar 27 June, 2022

Routine digital reporting by local governments in the US just got a huge step closer. XBRL US and the University of Michigan’s Center for Local, State and Urban Policy (CLOSUP) have issued a ‘commercial-grade’ XBRL taxonomy for local-government reporting. The essential financial data reported by state and municipal governments is currently reported in PDF format – effectively ‘paper under glass’ – making it very difficult to access or use. The new taxonomy provides the digital definitions “that can be used to transform paper-based financial statements and footnotes into machine-readable data.”

The publication comes alongside a pilot project on enabling digital reporting in Flint, Michigan. It seeks to improve transparency on local government finances, enabling improved analysis and insight on the challenges of today. “Open data standards generate financial data that will help local entities respond faster, and have the information to make better policy decisions,” says Stephanie Leiser, CLOSUP’s Local Fiscal Health Project leader

To find out more details please visit : https://xbrl.org/