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| 1 | HOUSE RESOLUTION
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| 2 | WHEREAS, XBRL (eXtensible Business Reporting Language) is | ||||||
| 3 | a freely available and global data format for exchanging
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| 4 | business information that standardizes business reporting; and
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| 5 | WHEREAS, The United States Securities and Exchange | ||||||
| 6 | Commission has recently required the utilization of inline XBRL | ||||||
| 7 | for
certain financial filings with that agency to make the data | ||||||
| 8 | in SEC reports both human and machine-readable for faster
and | ||||||
| 9 | more efficient analysis and comparison; and
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| 10 | WHEREAS, Other financial agencies that have required | ||||||
| 11 | financial filings to utilize XBRL include the U.S. Federal | ||||||
| 12 | Deposit
Insurance Corporation, the Federal Energy Regulatory | ||||||
| 13 | Commission, the Committee of European Banking Supervisors, the | ||||||
| 14 | United Kingdom's HM Revenue and
Customs, Singapore's | ||||||
| 15 | Accounting and Corporate Regulatory Authority, and India's | ||||||
| 16 | Ministry of Corporate Affairs; and
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| 17 | WHEREAS, In the states of Florida and California and in | ||||||
| 18 | Congress, lawmakers are preparing to require all state and | ||||||
| 19 | local financial
information related to municipal bonds and | ||||||
| 20 | other municipal financial information be migrated to a | ||||||
| 21 | machine-readable format; and | ||||||
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| 1 | WHEREAS, Conventional financial documents cannot be read | ||||||
| 2 | by software because they do not electronically identify
each | ||||||
| 3 | piece of information; and
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| 4 | WHEREAS, Will County Auditor Duffy Blackburn has been the | ||||||
| 5 | first county official in the country to publish the county's
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| 6 | Comprehensive Annual Financial Report (CAFR) for the 2018 | ||||||
| 7 | fiscal year using data tags to specify each number and line | ||||||
| 8 | item,
including the mathematical relationships between them; | ||||||
| 9 | and
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| 10 | WHEREAS, Will County Auditor Duffy Blackburn has | ||||||
| 11 | demonstrated the transparency value of the standardized format | ||||||
| 12 | of
XBRL financial data and predicted the benefits of the | ||||||
| 13 | universal adoption of this innovation, such as cost cutting for
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| 14 | municipal bond markets and improvements to better government; | ||||||
| 15 | therefore, be it
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| 16 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | ||||||
| 17 | HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
| 18 | we encourage the adoption and utilization of XBRL by all | ||||||
| 19 | Illinois municipalities and state agencies in their financial | ||||||
| 20 | reporting to increase transparency, decrease costs, and more | ||||||
| 21 | easily permit comparison of financial data; and be it further | ||||||
| 22 | RESOLVED, That we further encourage the Office of the | ||||||
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| 1 | Comptroller and the Department of Innovation
and Technology to | ||||||
| 2 | investigate the feasibility of the development of an official | ||||||
| 3 | XBRL taxonomy for use
by Illinois municipalities and state | ||||||
| 4 | agencies and to make adoption of XBRL by those entities easier | ||||||
| 5 | and
to ensure comparability; and be it further
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| 6 | RESOLVED, That suitable copies of this resolution be | ||||||
| 7 | delivered to the Illinois Association of County Officials, the | ||||||
| 8 | Department of Revenue, the Comptroller, the Treasurer, the | ||||||
| 9 | Secretary of State, the Department of Innovation and | ||||||
| 10 | Technology, and the Governor's Office of Management and Budget.
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