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 law also incorporated the OPEN Government Data Act, which requires all non-sensitive government data to be made available in machine-readable formats which includes financial data using global standards like XBRL.
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. XBRL is a machine-readable data format that can be used in spreadsheets for faster, cheaper and better data analysis
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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
1 Comment - It will be interesting to see what opportunities arise for accountants and consultants out of this initiative for XBRL as the data standard for more government reporting
On March 7, 2015 – We posted that in early May the US Treasury and the Office of Management and Budget (OMB) would announce a government-wide common data standard for all federal spending information as mandated in the DATA Act unanimously approved by Congress and signed into law by the President of the United States in April 2014. The law requires that federal spending information be tagged using a common data standard (linked to government accounting definitions) and this information would be placed on an Open Data Cloud platform for public consumption and analysis since the information would be in a computer-readable format
Dear TSP Committee Members: Great speech last week from Richard Berner of the US Treasury Office of Financial Reporting at the Financial Regulation Summit: Data Transparency Transformation in Washington, DC on Tuesday, March 24, 2015. In his speech Richard Berner spoke about the need to create global data standards that link analysis, data and policy tools to manage systematic risk in the financial services sector to better protect investors and taxpayers
2 Comments - David, I really like the "global data standards" promotion
What are some of the tech skills accountants of the future will need? Data creation, data governance, data analytics and Big Data according to the Accounting Today article.
Can it happen now as new technologies and Big Data become more mainstream? As the mashing of various data sources in public and private domains accelerate for enhanced data analytics -- the need for structured, trusted, third-part verified tagged data from credible sources like the US SEC will become more significant. Financial statement data from the world’s largest corporations underscores the bedrock foundation of the capital markets. Without transparency/accountability of these entities and the ability to link and sync this data and mash with other data sources for enhanced data analytics there will continue to be perceived risk in the capital markets and “lack of confidence” by mainstream investors whose capital is critical to the creation of new jobs and opportunities
The proposed rule requires companies to tag the disclosure in an interactive data format using eXtensible Business Reporting Language, or XBRL
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?