Illinois General Assembly - Full Text of SR0048
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Full Text of SR0048  102nd General Assembly

SR0048 102ND GENERAL ASSEMBLY


  

 


 
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1
SENATE RESOLUTION

 
2    WHEREAS, XBRL (eXtensible Business Reporting Language) is
3a freely available and global data format for exchanging
4business information that standardizes business reporting; and
 
5    WHEREAS, The United States Securities and Exchange
6Commission has recently required the utilization of inline
7XBRL for certain financial filings with that agency to make
8the data in SEC reports both human and machine-readable for
9faster and more efficient analysis and comparison; and
 
10    WHEREAS, Other financial agencies that have required
11financial filings to utilize XBRL include the U.S. Federal
12Deposit Insurance Corporation, the Federal Energy Regulatory
13Commission, the Committee of European Banking Supervisors, the
14United Kingdom's HM Revenue and Customs, Singapore's
15Accounting and Corporate Regulatory Authority, and India's
16Ministry of Corporate Affairs; and
 
17    WHEREAS, In the states of Florida and California and in
18Congress, lawmakers are preparing to require all state and
19local financial information related to municipal bonds and
20other municipal financial information be migrated to a
21machine-readable format; and
 

 

 

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1    WHEREAS, Conventional financial documents cannot be read
2by software because they do not electronically identify each
3piece of information; and
 
4    WHEREAS, Will County Auditor Duffy Blackburn has been the
5first county official in the country to publish the county's
6Comprehensive Annual Financial Report (CAFR) for the 2018
7fiscal year using data tags to specify each number and line
8item, including the mathematical relationships between them;
9and
 
10    WHEREAS, Will County Auditor Duffy Blackburn has
11demonstrated the transparency value of the standardized format
12of XBRL financial data and predicted the benefits of the
13universal adoption of this innovation, such as cost cutting
14for municipal bond markets and improvements to better
15government; therefore, be it
 
16    RESOLVED, BY THE SENATE OF THE ONE HUNDRED SECOND GENERAL
17ASSEMBLY OF THE STATE OF ILLINOIS, that we encourage the
18adoption and utilization of XBRL by all Illinois
19municipalities and state agencies in their financial reporting
20to increase transparency, decrease costs, and more easily
21permit comparison of financial data; and be it further
 
22    RESOLVED, That we further encourage the Office of the

 

 

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1Comptroller and the Department of Innovation and Technology to
2investigate the feasibility of the development of an official
3XBRL taxonomy for use by Illinois municipalities and state
4agencies and to make adoption of XBRL by those entities easier
5and to ensure comparability; and be it further
 
6    RESOLVED, That suitable copies of this resolution be
7delivered to the Illinois Association of County Officials, the
8Department of Revenue, the Comptroller, the Treasurer, the
9Secretary of State, the Department of Innovation and
10Technology, and the Governor's Office of Management and
11Budget.