Washington, D.C. (April 10, 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. Senate’s approval of the DATA Act (S. 994):
“The U.S. Senate has cast a vote in favor of enhanced government data transparency in passing the Digital Accountability and Transparency (DATA) Act.
The measure calls for the use of a nonproprietary, platform-independent data standard such as Extensible Business Reporting Language, or XBRL, and has the potential to significantly improve the efficiency of the federal government’s reporting of financial information.
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.”