Congress Passes DATA Act 

Published April 28, 2014

The U.S. House of Representatives has unanimously passed the Digital Accountability and Transparency Act, also known as the DATA Act, following Senate passage earlier this month and sending the legislation to President Obama’s desk for his signature. Accounting Today reported that the DATA Act improves upon the Federal Funding Accountability and Transparency Act, which then-Senator Obama sponsored in 2006, by mandating the adoption of consistent government-wide data standards. The legislation would use technology such as Extensible Business Reporting Language, or XBRL, in financial reporting on government spending, making it more open and accessible. The story quoted AICPA President and CEO Barry Melancon, CPA, CGMA, as saying, “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.”


Copyright © 2006-2016 American Institute of CPAs.