On April 10, 2014, the Senate passed S. 994, the Digital Accountability and Transparency Act of 2014 (or DATA Act), by unanimous consent. The American Institute of CPAs (AICPA) has worked closely with the bill’s sponsors to encourage appropriate language calling for platform-independent data standards that will ultimately result in the U.S. Treasury Department and Office of Management and Budget selecting eXtensible Business Reporting Language, or XBRL, for the federal agencies to implement the bill.
In a statement, Barry C. Melancon, CPA, CGMA, president and CEO, commended the Senate action, noting that the bill will likely result in the use of XBRL to implement the reporting requirements. “Passage of S. 994 is a critical step in the effort to be responsive to calls for government transparency, by making consistent, reliable and searchable spending data available to taxpayers and policymakers alike.”
“It will simplify reporting requirements for entities receiving Federal funds, improve accessibility of data, and enable more effective tracking of federal spending throughout the government – all of which can result in better, more-informed financial decisions,” he stated.
It is expected that the bill will soon go back to the House, which passed a different version last November, for consideration.
For more information, read the November 23 article in The CPA Advocate.