Municipal market participants this week laid out their doubts about a data standards law in a blizzard of comments to the Securities and Exchange Commission.A similar refrain came from issuers big and small: the Financial Data Transparency Act of...
When Congress passed the Financial Data and Transparency Act (FDTA) in 2022, it required all municipalities in the U.S. to modernize and digitize their financial reports. This is a heavy lift for small towns and school districts, most of which still...
XBRL US announced that they will be hosting a one-day conference, GovFin 2023: Empowering Governments, Modernizing Reporting, in Washington, DC, on Thursday, November 9, 2023. This educational forum will focus on the passage of legislation including...
CLOSUP, The Bond Buyer: "Flint is also at the forefront of the development of XBRL for financial reporting. Flint participated in a pilot project with the University of Michigan's Center for Local, State, and Urban Policy at the school's Ford School...
Flint, Michigan's fiscal condition remains stable but fragile with some positive signs on the horizon as its citizens move closer to receiving compensation for the 2014 water contamination crisis, with a $600 million state-backed settlement clearing...
The Center for Local, State, and Urban Policy (CLOSUP) has been partnering with XBRL US, to work with the City of Flint to explore whether a new fiscal reporting mechanism for governmental entities can help create transparency—and prevent future...
For Flint, Michigan, new machine-readable disclosure standards which have sparked controversy across the muni market represent a "quantum leap" for the city's finances, its CFO said. "If you're asking me, it's about time that we modernize and...
Stephanie Leiser, XBRL US: "Making government financial data open and accessible to all is the right thing to do, and it is long overdue. Financial transparency is absolutely essential to maintaining trust between governments and the public. Equally...
Increasing transparency in how local government works got a boost when the U.S. Congress passed the Financial Data Transparency Act (FDTA) on December 15, 2022. The act requires the Securities and Exchange Commission to adopt data standards related...
Federal legislation requiring machine-readable reporting has its critics, but it would go a long way toward modernizing how data is collected, used and shared. It also could lower borrowing costs for states and...
The municipal market is rattled by legislation pending before the Senate that would require governments to standardize their financial reports, with opponents warning it would be onerous and costly and ultimately could shrink tax-exempt...
Through a Michigan pilot program, Stephanie Leiser and the Center for Local, State, and Urban Policy are building a taxonomy for machine-readable local government financial documents.
"Transparency into local government fiscal health is needed to...
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...
XBRL US, a nonprofit standards organization, and the Center for Local, State, and Urban Policy (CLOSUP) at University of Michigan’s Gerald R. Ford School of Public Policy, announced the publication of digital financial data standards for local...
XBRL US, a nonprofit standards organization, and the Center for Local, State, and Urban Policy (CLOSUP) at University of Michigan’s Gerald R. Ford School of Public Policy, announced the publication of digital financial data standards for local...
Governments, standard setters, regulators and analysts encouraged to provide input
A pilot project involving the University of Michigan and others is exploring whether a new fiscal reporting mechanism for governmental entities can help create...
News outlets are applauding Tom Ivacko and the Center for Local, State, and Urban Policy's announcement about a project with the city of Flint that will examine whether a new fiscal reporting mechanism can help create transparency in local fiscal...
Researchers at the University of Michigan on Wednesday announced plans to help Flint, Michigan, develop new open-data standards to improve the city’s financial...
The water crisis in Flint and the bankruptcy in Detroit were separate events that had a common theme -- they had been caused in part by fiscal challenges decades in the making. Avoiding similar tragedies in the future could be tied to greater...
Join XBRL US for a session to explore government data standards, find out how governments can create their own machine-readable financial statements, and discover what impact this legislation could have on government entities. Most importantly, discover how machine-readable data standards can benefit state and local government entities by reducing costs and increasing access to time-sensitive information for policy making.
XBRL, an open data standard, can improve access and analysis of public financial data for local governments in Michigan. Key benefits of creating an XBRL program for local governments include enhanced public transparency, easier data access for...
