Washington, D.C. (April 28, 2014) –
The following is a statement by Barry C. Melancon
, CPA, CGMA, president and CEO of the American Institute of CPAs
(AICPA), in response to the U.S. House of Representatives’ approval of the Digital Accountability and Transparency (DATA) Act (S. 994):
“The AICPA commends the U. S. House of Representatives for approving the DATA Act.
Significantly, the measure requires the Department of the Treasury and the Office of Management and Budget to adopt a non-proprietary, platform-independent data standard, such as eXtensible Business Reporting Language (XBRL), for the reporting of federal financial and performance information. This is a good-government bill that will provide taxpayers and policy makers alike with more transparent access to information about how federal agencies spend taxpayer dollars.
We are especially grateful to the House legislation’s sponsors, Representatives Darrell Issa (R-Calif.) and Elijah Cummings (D-Md.), the chairman and ranking member of the Oversight and Government Reform Committee, for guiding the measure from start to finish in that chamber. The DATA Act gained Senate approval earlier this month, and it is our hope that the President will sign it into law without delay.”