The American Institute of CPAs (AICPA) is continuing its advocacy efforts to call for data transparency in the new Congress, beginning with sending a letter to House Oversight and Government Reform Chairman Darrell Issa (R-CA) and Ranking Member Elijah Cummings (D-MD) lauding their efforts to promote new technologies that will improve transparency and openness in the federal government.
In the letter, AICPA President and CEO Barry C. Melancon, CPA, CGMA, states, “The AICPA strongly believes that the implementation of data reporting standards will benefit policymakers in Congress and at federal agencies, those who do business or receive benefits from the federal government and all American taxpayers.”
The AICPA understands that the Digital Accountability and Transparency Act (DATA Act), which overwhelmingly passed the U.S. House of Representatives last year, may be introduced soon in both the House and the Senate. The AICPA continues to work with the sponsors of this and other bills to encourage adoption of eXtensible Business Reporting Language (XBRL) in order to enhance transparency in reporting financial and performance information produced by the federal government and others.
Importantly, the Senate sponsor of last year’s DATA Act, Senator Mark Warner, a Virginia Democrat and a member of the Budget Committee, successfully sponsored an amendment to the Senate Budget resolution that supports legislation to encourage “the improvement and expansion of websites and data standards to provide more complete transparency for the public and Congress.”