In their new publication, Building Momentum: Preparing for XBRL in Government, the AGA (Association of Govt Accountants) Journal of Government Financial Management provides details of the need for better and more timely financial information, the need for structured data standards such as XBRL to be leveraged for this, and the benefits that will accrue to various stakeholders. It outlines the current state of publicly-available CAFR or annual audit reports, the need for the use of a reporting standard such as XBRL to facilitate comparability and analysis, and the benefits to all concerned in the process.
The article mentions developments at the Federal level through the DATA Act and the GREAT Act, the developments in Florida for implementing XBRL-based reporting by local governments, and recent developments within the XBRL community through XBRL US and the work done by the State and Local Government Disclosure Modernization working group. Ez-XBRL Solutions has been part of this since its inception and contributed in multiple ways.
The article has been authored by Shannon Sohl, PhD, CPA, Senior Research Associate at Northern Illinois University’s Center for Governmental Studies, Jacqueline Reck, Ph.D., CPA, professor in the Muma College of Business, University of South Florida, and Tammy R. Waymire, Ph.D., CPA, associate professor of accounting in the Jones College of Business, Middle Tennessee State University.