Information on the data exchange standard required by the DATA Act has been published to provide technical glimpse into implementation. On May 9, 2014, President Obama signed into law the DATA Act. The DATA Act was passed unanimously by Congress (which included Senator Menendez's affirmative vote). The DATA Act addresses the growing crisis of US government transparency and accountability by requiring actions that would help make spending data shareable and comparable across various government programs, allowing executive branch agencies and Congress to accurately measure the costs and performance of federal budgets and investments for better government. The passage of the DATA Act follows other efforts by the federal government to make open, freely available structured data available to citizens, companies and other important stakeholders in XBRL’s computer-readable format for improved discovery and enhanced analysis
Great background article from Nextgov about the DATA ACT and the upcoming May 9, 2015 deadline that calls on the US Treasury and the Office of Management and Budget (OMB) to adopt a government-wide data standard for all federal spending information and moving this tagged data into an Open Data format Cloud platform for public consumption and analysis
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Interesting story in FCW about the current implementation by the DATA Act by the US Federal Government… The DATA Act requires the use of the eXtensible Business Reporting Language (XBRL) data standard for the tagging of both business and financial data for better transparency and accountability
Similar to the “Open Checkbook” program launched by the Ohio State Treasurer – the Data Act will create a new era of transparency for government spending using a common financial data format (XBRL). Under the DATA Act, federal agencies will have two years to start reporting their financial information in the XBRL data format
Great article in NEXTGOV regarding the status of the DATA ACT. According to today’s article -- late last week - US Treasury issued a final version of the "schema," outlining definitions, time frames and standards for data sharing across government agencies. The DATA ACT requires the use of the XBRL data standard supported by the IMA to improve transparency and accountability of financial and business information using a machine-readable format that can be imported into Excel Spreadsheets for comparison and better analysis
1 Comment - Great follow-up article from FWC on Treasury's action related to the DATA ACT and its significance: https://fcw.com/articles/2016/05/03/data-act-schema.aspx?
” Additionally, Mulvaney suggested in his testimony that OMB could help clarify the White House budget by publishing it using the same standards laid out in the Data Act. The nominee said he was looking forward to the implementation of the Digital Accountability and Transparency Act, an open government law passed in 2014 requiring agencies to publish financial information in a standardized format to the USASpending.gov website
At this point US Treasury and OMB have been quiet on how they are implementing the DATA Act (Approved in 2014) with very few data KPIs released that can be data tagged and shared across government agencies
Attended the XBRL US - "Improving Financial Analysis Through Structured Data" Conference yesterday at Baruch College. Excited to hear from Mike Willis, Assistant Director, Office of Economics and Risk Analysis, US SEC speak about structured data (XBRL) and its use at the US SEC and former...
In April 2014, President Obama signed into law the Data Act that would use global standards like XBRL to enhance government financial transparency
The announcement by the US SEC Chair Mary Jo White yesterday confirms the US SEC interest in actively using XBRL across the capital markets for transparency and accountability and provides further support to US Treasury and OMB in using XBRL as the possible data standard for financial government reporting under the DATA Act. Currently the US SEC is using XBRL for enhanced transparency and disclosure for public company financial statement data posted in the EDGAR System for the public to access