In December 2022, Congress passed legislation requiring the SEC to adopt data standards related to municipal securities. The FDTA aims to enhance transparency in government financial reporting while mitigating disruptive changes and requiring no new disclosures. XBRL US, in conjunction with the University of Michigan’s Center for Local State and Urban Policy (CLOSUP), has developed open, nonproprietary financial data standards that represent government financial reporting which could be used to support the FDTA.

The session will feature discussions on the following topics:

• ways governments benefit from access to timely, consistent, easily accessible data as well as efficacy through automation
• how governments may prepare their own machine-readable financial statements
• options available for entities to comply with the new requirements

For further details, including instructions on registration and how to join the conference, visit the event’s webpage on xbrl.us.

Sources:

Government Financial Reporting – Data Standards and the Financial Data Transparency Act (xbrl.us)