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 | 3 | | a freely available and global data format for exchanging
| 4 | | business information that standardizes business reporting; and
| 5 | | WHEREAS, The United States Securities and Exchange | 6 | | Commission has recently required the utilization of inline | 7 | | XBRL for
certain financial filings with that agency to make | 8 | | the data in SEC reports both human and machine-readable for | 9 | | faster
and more efficient analysis and comparison; and
| 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
| 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
| 4 | | WHEREAS, Will County Auditor Duffy Blackburn has been the | 5 | | first county official in the country to publish the county's
| 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
| 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 | 14 | | for
municipal bond markets and improvements to better | 15 | | government; therefore, be it
| 16 | | RESOLVED, BY THE SENATE OF THE ONE HUNDRED SECOND GENERAL | 17 | | ASSEMBLY OF THE STATE OF ILLINOIS, that we encourage the | 18 | | adoption and utilization of XBRL by all Illinois | 19 | | municipalities and state agencies in their financial reporting | 20 | | to increase transparency, decrease costs, and more easily | 21 | | 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
| 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 | 11 | | Budget.
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