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TechTalk Blog - US Treasury Issues Final Version of the Schema Across Government Agencies Using XBRL Data Standard

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



Blog Entry
TechTalk Blog - AICPA Seeks to Develop Standards for Use of Data Analytics in Auditing

This process will likely take years to arrive at new auditing standards that are supported by all parties, including the SEC and PCAOB , but all were encouraged that the process in underway under the leadership of the AICPA with support of the major audit firms


Blog Entry
TechTalk Blog: US Treasury & OMB Select XBRL Data Standard for Sharing Financial Information Across Government

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


Blog Entry
TechTalk Blog - Momentum Builds for the International Public Sector Accounting Standards Board (IPSASB) to Use XBRL for Machine-Readable Federal Government Finance Reporting for Better Data Analytics

Right now the US Government like the governments below DON'T HAVE A DIGITAL REPORTING STANDARD like XBRL for reporting -- we don't know where taxpayer dollars are being spent or can measure the performance of those public expenditures. 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?



Blog Entry
TechTalk Blog - US Government Mandates Machine-Readable Government Financial Reporting Using Data Standard Like XBRL For Better Data Analytics

Several of these government agencies - like the Federal Reserve - use different accounting standards for financial reporting from other federal agencies