In July 2018, XBRL US, a not-for-profit national consortium for business reporting standards announced the creation of a State and Local Government Disclosure Modernization Working Group aimed at developing machine-readable reporting for ACFRs. IRIS Business Services LLC, our local subsidiary is a member of this working group, working with various stakeholders in facilitating the adoption of XBRL for ACFRs. IRIS contributed in multiple ways, providing several of their products for various pilots and proof of concept initiatives with interested several state agencies across the US. IRIS contributed to the development of the working group taxonomy, participated in pilots facilitating the conversion of several ACFRs into XBRL/iXBRL documents, and in demonstrating the value of XBRL for real-time analytics.
As part of a pilot project, we assisted Michigan’s County of Ogemaw, Pine River Township, and the City of South Haven in preparing their ACFRs in iXBRL. IRIS played a significant role in creating a “commercial grade” XBRL taxonomy through a project organized by XBRL US and the University of Michigan’s Center for Local, State, and Urban Policy (CLOSUP).