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

XBRL CURRENT USE IN THE FEDERAL GOVERNMENT: The XBRL data format is being deployed across the federal government for contract and grant making under the DATA ACT approved unanimously by the US Congress in 2016

Blog Entry
TechTalk Blog: Congressman Issa to Introduce XBRL Across Capital Markets Regulatory Reporting

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