DataTracks Contributes to the Inline XBRL Initiative of State and Local Governments
DataTracks, a global leader in disclosure management and regulatory compliance software and services, participated in a kick-off meeting organized by the XBRL US State & Local Government Disclosure Modernization Working Group on August 7 in St. Petersburg, Florida. As an active contributor in the working group, DataTracks processed the Comprehensive Annual Financial Report (CAFR) of the City of St. Petersburg in iXBRL and made it available on GitHub for other members of the group.
The meeting was primarily focused on establishing sub-committees, finalizing design principles and setting the timeline for deliverables with a view of the Inline XBRL mandate for Florida from 2022. Though the mandate starts with the state of Florida, the working group is committed to promoting the use of Inline XBRL across all the state and local governments in the US. The working group will work on defining the data standards that not only standardize regulatory reporting by governments but also increase the efficiency in analyzing the data reported.
Pramodh Vittal, Vice President of Opportunities and Product Design, DataTracks says, “As a leader in XBRL/iXBRL with over 13 years of experience, we are excited to be part of this working group and will continue sharing our expertise with the group.” He further adds, “Thanks to the modular design of our Rainbow application used for US SEC filings, we were able to quickly incorporate the CAFR draft taxonomy and generate the iXBRL output for the city of St. Petersburg.”
Manish Mishra, Vice President of Sales, DataTracks says, “Having processed more than 50,000 iXBRL documents to date across multiple geographies; we are strong advocates for iXBRL, which is a format readable by both machines and humans. We feel that the working group will considerably enhance compliance and regulation standards, with members from multiple domains and fields of expertise working tirelessly to modernize regulatory reporting in state and local governments.”
Marc Joffe, Senior Policy Analyst, Reason Foundation and Chairperson for the XBRL US State & Local Government Disclosure Modernization Working Group says, “Now that the working group has decided to target Inline XBRL specifically, we’re excited to be able to leverage DataTracks’s expertise on this emerging technology.”
DataTracks is a global leader in disclosure management and regulatory compliance software and services. Seven of the top 10 accounting firms and over 13,500 enterprises across global markets trust us with their data, counting on our deep expertise to help them inform, decide and comply. We enable enterprises across geographies to file reports compliant with the standards of regulators like the SEC (US), HMRC (UK), Revenue (Ireland), various EU regulatory authorities, ACRA (Singapore), MCA (India), and CIPC (South Africa). To know why financial accounting firms and enterprises world-over trust DataTracks, please visit www.datatracks.com, www.datatracks.co.uk, and www.datatracks.eu.
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