In the following podcast interview, Thomas Hood, XBRL lead in SC&H Group’s Hyperion EPM and Oracle BI Consulting practice, discusses how XBRL is poised to become the ultimate standard for complying with the new DATA Act.
Last year, Congress passed the Digital Accountability and Transparency Act of 2014, or the DATA Act, which is broad legislation that aims to transform U.S. federal spending information from disconnected documents into open, standardized data.
This data will ultimately be published online to make federal spending information more valuable, and allow U.S. citizens to track and understand how the government is spending their tax dollars.
A core component for bringing the DATA Act to life is the development of standardizations for helping agencies and recipients of federal grants to comply with the legislation in a more streamlined and uniformed manner.
XBRL is the emerging standard for helping to achieve this goal.
It is an open source, machine-readable standard for the processing and transmission of both financial and non-financial information. Already being used by the FDIC for bank call reporting and by the SEC for public companies filing their financial statements, XBRL is about to take a bigger role in supporting the DATA Act.
These are the types of insights that Thomas will be providing in an upcoming webinar about the DATA Act implementation for government agencies.
The webinar will be held today from 1PM ET – 2PM ET. This is the first of 3 webinars. The second and third webinars will be held in September and October 2015. The webinars are free and offer 1 CPE credit per session.
Don’t miss out on this opportunity to gain more practical information on the effective use of standards for complying with the DATA Act. To sign up today, click here.