SR0048 102ND GENERAL ASSEMBLY

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

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 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.