IL SR0048

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 enable easier comparison of financial data.

Requests the Office of the Comptroller and Department of Innovation and Technology 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 (CAFR) using XBRL data tags for the 2018 fiscal year.

Notes that the U.S. Securities and Exchange Commission and other major financial agencies globally have already required XBRL usage for financial filings to make data both human and machine-readable.

Directs copies of the resolution be delivered to the Illinois Association of County Officials, Department of Revenue, Comptroller, Treasurer, Secretary of State, Department of Innovation and Technology, and Governor's Office of Management and Budget.