The XBRL taxonomy of municipalities is a standard, which is used for common financial data reporting by municipalities and which enables the automatic exchange of business information to the needs of different external reporting.
The benefits of the XBRL taxonomy, which is described in this recommendation, are related to the standardization of municipalities??? financial and business information. The aim of the standardization is to harmonize the definition and maintenance procedures of finance and business information of the municipalities as well as to improve the common usability in order to enhance the information management. Links to other elements of the standard, e.g to other recommendations and instructions, are also provided in this recommendation.