Market Overview

XBRL US Forms State and Local Government Disclosure Modernization Working Group

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Encourages participation from organizations with government
accounting & reporting expertise

XBRL US, the national consortium for the business reporting standard,
announced today the formation of the State and Local Government
Disclosure Modernization Working Group, which is focused on using
standards to improve the efficiency of data collection and analysis
concerning the financial performance of governmental entities. The
group's efforts will improve government financial transparency, enhance
the efficiency of the municipal bond market, and aid efforts to
streamline regulatory reporting, including grant reporting.

One of the catalysts for the formation of the working group was the
signing of Florida legislation, HB 1073 (http://www.flsenate.gov/Session/Bill/2018/1073/BillText/er/PDF),
in March 2018, which establishes the Florida Open Financial Statement
System, and enables the state CFO to build XBRL taxonomies for state,
county, municipal, and special district financial filings.

Most of the 90,000 state and local governments in the United States
produce annual financial reports. The lack of standardization in these
reports makes it difficult to aggregate fiscal results and perform
comparative analysis across public sector entities.

"Thousands of state and local governments produce data-intensive
financial reports that are handled today through a largely manual
process. Financial data standards that enable automation can free the
data from these documents, increasing the timeliness and quality of
reported data, and reducing the cost of data processing," said Campbell
Pryde, CEO of XBRL US.

The Working Group intends to build data standards for Comprehensive
Annual Financial Reports (CAFRs), Single Audit packages, state-mandated
Annual Financial Reports (AFRs), and responses to relevant Census Bureau
financial surveys. Standards proposed by the group will implement
existing accounting standards issued by the Governmental Accounting
Standards Board (GASB) to help streamline financial reporting for US
state and local governments, as well as public pension systems.

The group's initial membership represents companies, academic
institutions and not-for-profits, including Certent; DataTracks;
EZ-XBRL; Intrinio; IRIS Business Services LLC; Lehigh University;
Merrill Corporation; Middle Tennessee State University; Northern
Illinois University; Novaworks LLC; the Reason Foundation; Broadridge
Financial Solutions; Thales Consulting; University of Maryland, College
Park; University of Southern Florida; and Workiva.

Chairing the group is Marc Joffe, a former bank IT manager and rating
agency executive who now works as a Senior Policy Analyst at Reason
Foundation. The vice chair is Dr. Shannon Sohl, CPA, a Senior Research
Associate at Northern Illinois University who has a background in
auditing, financial systems and process improvement as well as financial
reporting and analytics.

Individuals at organizations that have XBRL technical experience, or
familiarity with state and local government accounting and reporting,
should contact info@xbrl.us to learn
how they can become a member of the Working Group. To learn more about
the working group, go to https://xbrl.us/home/government/state-and-local-government/.

About XBRL US

XBRL US is the non-profit consortium for XBRL business reporting
standards in the U.S. and represents the business information supply
chain. Its mission is to support the implementation of business
reporting standards through the development of taxonomies for use by
U.S. public and private sectors, with a goal of interoperability between
sectors, and by promoting XBRL adoption through marketplace
collaboration. XBRL US has developed taxonomies for U.S. GAAP, credit
rating and mutual fund reporting under contract with the U.S. Securities
and Exchange Commission and has developed industry-specific taxonomies
for corporate actions and surety processing. http://xbrl.us

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