IL HR0703

Encourages adoption and utilization of XBRL (eXtensible Business Reporting Language) by all Illinois municipalities and state agencies for financial reporting to increase transparency, decrease costs, and improve financial data comparison.

Directs the Office of the Comptroller and Department of Innovation and Technology to investigate the feasibility of developing an official XBRL taxonomy for use by Illinois municipalities and state agencies.

Recognizes Will County Auditor Duffy Blackburn as the first county official in the country to publish a Comprehensive Annual Financial Report using XBRL data tags for the 2018 fiscal year.

Notes that the U.S. Securities and Exchange Commission and other federal and international financial agencies have already implemented XBRL requirements for financial filings to make data both human and machine-readable.