Every untry has different approaches to managing ernment finances.It seems that every untry,at every level,struggles.

The State of Florida in the United States has more than 400separate municipalities,including 282cities.Like every other unit of ernment in that untry,they prepare “CAFRs”or prehensive Annual Financial Reports in acrdance with US ernment Acunting Standards.Those reports are analog.Given the importance of municipal bond markets to the long term funding of local and state infrastructure in the US,this seems preposterous.

However,the path towards digital ernment financial and performance reporting has seemed a long one.Or it has until recently.

Florida is in the last stages of finalising legislation that will require the llaborative design and implementation of XBRL based reporting from municipalities.The CAFR will go digital.An experiment,but one with a strong chance of suess.

As the Florida project gets under way there are a range of new opportunities in XBRL reporting,including the use of a wider range of formats.Inline XBRL means that human readable reports presented as web pages can also be high fidelity digital reports nsumed by machines.The Table Linkbase allows the creation of smart templates to facilitate nsistent,mplex,multi-dimensional reporting.

These are well proven specifications with literally millions of reports prepared around the world using these capabilities,and with a large,interoperable and increasingly certified software base to support them.

Our upming Open Information Model remmendations will roll out a number of different formats for reporting,including CSV,XML and JSON,while retaining the existing strong validation and machine readable definitions which make XBRL the right standard for business reporting.In the not too distant future we anticipate an environment in which definitions and data will be aessed through standardised APIs.

These new approaches to the proven strengths of the XBRL standard for business reporting mean that those llaborating on the Florida project have new choices and new capabilities to make their lives easier.

llaboration is key:policy makers,ernment executives,city and state/provincial officials,the software industry and end users of ernment data all need to work together to bring public sector reporting into the 21st century.

Does ernment reporting in your part of the world hum?Is it timely,aurate,reliable and usable?If the answer isn’t 100%yes,then perhaps you should think about your own llaborative effort to improve things.

In Florida,all local ernmental financial statements for fiscal years ending on or after September 1,2022,will have to be filed in XBRL format and must meet the validation requirements of the relevant taxonomy.We’ll all be watching.

Read more here and here.

中文新闻：改进政府报告