State and Local Government
In March 2018, Florida House of Representatives signed a legislation that mandates each state, county, municipal and special district to file their Annual financial reports in XBRL format for fiscal years ending on or after Sep 1, 2022. Following this legislation, a State and Local Government Disclosure Modernization working group was formed under XBRL US with a view to establish standards as issued by Governmental Accounting Standards Board and design taxonomy and to support technical understanding by the relevant organizations.
As an active contributor in the working group, with our Rainbow application, we processed the Comprehensive Annual Financial Report (CAFR) of the City of St. Petersburg in iXBRL using draft taxonomy and made it available on GitHub for other members of the group.
How DataTracks Rainbow works?
Five easy steps (two are one time; three are recurring):
Set up a data model. Map from sources in your enterprise. Data will be fed automatically into data model when your source is ready
Set up as multiple report templates. Data can be defined in report as in data model or as computed from sources in data model
Write narratives (multiple people can contribute; owner decides on what goes in)
Tag contents with labels in State and Local Government (SLG) taxonomy
Extract reports in iXBRL or PDF format
