This effort creating a common data format so tagged information can be computer-readable could be a potential opportunity for management accountants involved in government reporting and will spawn a new sector of accounting IT professionals
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This announcement today, follows the announcement last week from the White House that US Treasury and OMB has selected the XBRL data standard as the data standard to be used across financial government reporting for better transparency and accountability of federal, state and local governments. Both XBRL for the US Capital Markets and for Government reporting will offer new job skill opportunities for management accountants. This effort -- creating a common data format so tagged information can be machine-readable -- will be a potential opportunity for management accountants involved in financial, regulatory and government reporting and will spawn a new sector of accounting IT professionals
Darrell Issa (R-Calif.) who has been working behind the scene to move the DATA ACT forward and use XBRL across government reporting so we know where taxpayer dollars are being spend
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
Can the IPSASB move forward in this direction to create an XBRL global standard for government reporting for countries using the IPSAS that using taxpayer dollars more efficiently and effectively?
According the US GAO more than $100 Billion is unaccountable on an annual basis by US Government agencies. XBRL government reporting transparency is currently being built out by Treasury and OMB and hopefully can begin to be used by government entities within the next year or so
For more information about XBRL for securities, banking, insurance, tax, sustainability and government reporting will be discussed at the upcoming Data Amplified Global Conference in Paris, France on November 6-8, 2017
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What about government reporting like GASB, FASAB, IPSASB and other accounting standards?