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
The DATA Act addresses the growing crisis of US government transparency and accountability by requiring actions that would help make spending data shareable and comparable across various government programs, allowing executive branch agencies and Congress to accurately measure the costs and performance of federal budgets and investments for better government
More on the Digital Accountability and Transparency Act (DATA ACT) Implementation… The DATA Act, is an open government law that tasks US government agencies with unifying financial reporting in public, standardized, machine-readable format on the USASpending.gov website
Also, good travels in your efforts to help the government do good by doing well, as they say, so that we optimize the application of standards such as XBRL
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
Federal Computer Week published a great story on Congressman Mick Mulvaney (R-S.C.) confirmation hearings as the next OMB Director of the US Government
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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Great article on Blockchain technology, cloud shared public ledgers and how it can be used for state, local and federal government to provide new services to the public
Financial data oversight could be significantly enhanced to assist government agencies in tracking terrorist money or other criminal elements utilized in forensic investigations using XBRL and mashing other data sources
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
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
Will this action translate to DATA Act reporting by federal government agencies ?
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