Bill Text: IL SR0048 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Encourages the adoption and utilization of XBRL by all Illinois municipalities and state agencies in their financial reporting to increase transparency, decrease costs, and more easily permit comparison of financial data. Encourages the Office of the Comptroller and the Department of Innovation and Technology to investigate the feasibility of the development of an official XBRL taxonomy for use by Illinois municipalities and state agencies and to make adoption of XBRL by those entities easier and ensure comparability.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-04-30 - Chief Sponsor Changed to Sen. Don Harmon [SR0048 Detail]

Download: Illinois-2021-SR0048-Introduced.html

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SR0048 LRB102 13791 MST 19141 r
SENATE RESOLUTION
WHEREAS, XBRL (eXtensible Business Reporting Language) is
a freely available and global data format for exchanging
business information that standardizes business reporting; and
WHEREAS, The United States Securities and Exchange
Commission has recently required the utilization of inline
XBRL for certain financial filings with that agency to make
the data in SEC reports both human and machine-readable for
faster and more efficient analysis and comparison; and
WHEREAS, Other financial agencies that have required
financial filings to utilize XBRL include the U.S. Federal
Deposit Insurance Corporation, the Federal Energy Regulatory
Commission, the Committee of European Banking Supervisors, the
United Kingdom's HM Revenue and Customs, Singapore's
Accounting and Corporate Regulatory Authority, and India's
Ministry of Corporate Affairs; and
WHEREAS, In the states of Florida and California and in
Congress, lawmakers are preparing to require all state and
local financial information related to municipal bonds and
other municipal financial information be migrated to a
machine-readable format; and

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WHEREAS, Conventional financial documents cannot be read
by software because they do not electronically identify each
piece of information; and
WHEREAS, Will County Auditor Duffy Blackburn has been the
first county official in the country to publish the county's
Comprehensive Annual Financial Report (CAFR) for the 2018
fiscal year using data tags to specify each number and line
item, including the mathematical relationships between them;
and
WHEREAS, Will County Auditor Duffy Blackburn has
demonstrated the transparency value of the standardized format
of XBRL financial data and predicted the benefits of the
universal adoption of this innovation, such as cost cutting
for municipal bond markets and improvements to better
government; therefore, be it
RESOLVED, BY THE SENATE OF THE ONE HUNDRED SECOND GENERAL
ASSEMBLY OF THE STATE OF ILLINOIS, that we encourage the
adoption and utilization of XBRL by all Illinois
municipalities and state agencies in their financial reporting
to increase transparency, decrease costs, and more easily
permit comparison of financial data; and be it further
RESOLVED, That we further encourage the Office of the

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Comptroller and the Department of Innovation and Technology to
investigate the feasibility of the development of an official
XBRL taxonomy for use by Illinois municipalities and state
agencies and to make adoption of XBRL by those entities easier
and to ensure comparability; and be it further
RESOLVED, That suitable copies of this resolution be
delivered to the Illinois Association of County Officials, the
Department of Revenue, the Comptroller, the Treasurer, the
Secretary of State, the Department of Innovation and
Technology, and the Governor's Office of Management and
Budget.