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Taylor to Study Innovative Financial Reporting System
Auditor of State Mary Taylor today announced her office is examining an opportunity to make local government financial statements more accountable and transparent by utilizing XBRL (eXtensible Business Reporting Language) technology to communicate fiscal information to the public.
Taylor made the announcement about the XBRL study the Office of the Ohio Auditor of State intends to conduct at the American Institute of Certified Public Accountants 2008 Fall Meeting of Council in Tucson, Arizona.
“XBRL is a language for the electronic communication of business and financial data and is transforming how business information is reported around the world,” Taylor said. “I believe this system has the potential to make government financial reporting more efficient, effective and transparent to all Ohio taxpayers. XBRL will also provide the public with a more consistent comparison of financial statements so taxpayers will be able to see how their community stacks up against other local government entities.”
Taylor will convene a workgroup to study the potential implementation of XBRL in Ohio. The workgroup will consist of local government officials, certified public accountants and business professionals.