The American Institute of CPAs supports provisions included in H.R. 2146, the Digital Accountability and Transparency Act, or DATA Act, on April 25, which would require information to be reported using nonproprietary data standards such as eXtensible Business Reporting Language, commonly referred to as XBRL.
In a letter to Congress urging passage of the legislation, AICPA President and CEO Barry Melancon, CPA, CGMA said, “Last September this Congress enacted H.R. 2883, the Child and Family Services Improvement and Innovation Act. That bill included similar XBRL provisions because Members understood that the efficiencies of using XBRL could also improve reporting under child and family services programs. The DATA Act would do the same for all government spending, so that the remainder of our federal government is not left behind.”
The House passed H.R. 2146 on April 25 on a voice vote. Senator John Warner, a Virginia Democrat, also introduced a version of the DATA Act, S.1222, in June 2011. The AICPA looks forward to working with the Senate as it considers Senator Warner’s legislation encouraging the use of XBRL for reporting of federal spending information because of its ability to facilitate clearer, more accurate data reporting among federal agencies, recipients of federal grants, contracts and loans.