We're pleased to announce that Treasury & OMB have selected XBRL late last week as the common data standard that will be used to exchange government financial information as described in this news article . 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. This action by Treasury and OMB is similar to XBRL actions related to Standard Business Reporting now used in several countries including China, Netherlands and Australia for interoperability of critical government information across silo agencies for reduced regulatory reporting by companies to multiple agencies and for enhanced government financial performance transparency
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
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The DATA Act directs the Secretary of the Treasury (not later than three years after the enactment of this Act) to ensure that information on funds made available to or expended by a federal agency is posted online, in a searchable, downloadable format under this open data initiative that can be used by the public and other important stakeholders. US Treasury and OMB will be making an announcement in May 2015 regarding the new data standard(s) that will be used by federal government agencies to fulfill the DATA Act requirements. Following this announcement, government agencies have two years within which to start reporting their financial, payment, budget, grant and contract information using the approved data standard(s) from Treasury and OMB. There is strong optimism within the XBRL community that the first step to transparency and accountable in federal government financial reporting will be the utilization of the XBRL data (or similar XML format) standard by US Treasury and OMA
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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
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
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
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Great article in Accounting Today by Daniel Hood (Editor) today about the accounting profession and its relationship to technology… From Accounting Today: T homson Reuters’ Jon Baron … roughly a third of them (accountants) are dooming themselves to extinction by not embracing change and...
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Great article in Accounting Today about the status of XBRL adoption worldwide and its use to reduce business and regulatory reporting burdens (using Standard Business Reporting) and enhance analytics because tagged data is in a machine-readable structured format as discussed by John Turner,...