During the 2018 Legislative Session, changes were made to Section 218.32, Florida Statutes which will affect local government financial reporting. The changes which are effective July 1, 2018 require the Chief Financial Officer to create an interactive repository of financial statement information, called the Florida Open Financial Statement System. This system must have standardized taxonomies for state, county, municipal, and special district financial filings.
For fiscal years ending on or after September 1, 2022, local governments are to report financial data required by Section 218.32, Florida Statutes using extensible business reporting language (XBRL).
July 1, 2018 – Law is effective; CFO’s office can recruit and select contractors to develop the taxonomies and Florida Open Financial Statement System
December 31, 2021 – all work products to develop the taxonomy and the Florida Open Financial State System must be completed
Fiscal Years ending after September 1, 2022 – Local governments must begin filing in the Florida Open Financial Statement System