New Report Urges Transparency in Government Data
Open Data Will Improve Access and Visibility in Comprehensive Annual Financial Reports
WASHINGTON, December 5, 2018 – Today, the Data Foundation and Workiva (NYSE:WK) released the report, Transparent State and Local Financial Reporting: The Case for an Open Data CAFR, which recommends that state and local governments publish Comprehensive Annual Financial Reports (CAFR) as open data.
The report, which defines open data as information that is presented in a machine-readable format and easily accessible by the public, makes the case for improving transparency in government financial reporting.
The report explains how financial reporting professionals first must work together to define an information model for the content of CAFRs. Then, they must settle on a data encoding language to implement their information model. “These two steps will allow the contents of CAFRs to be captured and published as machine-readable data,” said Dean Ritz, Senior Director of Digital Reporting Strategy at Workiva, and co-author of the report.
“Using open data in the electronic report packaging of CAFRs will increase transparency and accessibility to financial information for municipalities and their constituents, governing boards and bond buyers,” added Ritz.
“Modernizing the CAFR process improves the value of government financial data,” said Martin Vanderploeg, CEO of Workiva. “With our Wdesk platform, we help a wide variety of government agencies improve data assurance, increase efficiencies and ease regulatory burdens.”
Key Report Takeaways:
Read the full report here.
About The Data Foundation
The Data Foundation is the nation’s first industry-focused open data research organization. Through research, education, and programming, the Data Foundation supports the publication of government information as standardized, open data.
Workiva delivers Wdesk, a leading enterprise cloud platform for data collaboration, reporting and compliance that is used by thousands of organizations worldwide, including over 75 percent of the Fortune 500®. Companies of all sizes, state and local governments and educational institutions use Wdesk to help mitigate risk, improve productivity and gain confidence in their data-driven decisions.
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