Last week, members of the Data Transparency Coalition had the honor of meeting (in the White House!) with the US Chief Technology Officer, Todd Park, to share their knowledge about XBRL and its upcoming role in the DATA Act.
The DATA Act is the nation’s first legislative regulation for data transparency, mandating the uniform “tagging” of federal spending thus requiring the Department of the Treasury and the White House Office of Management and Budget to transform spending from disconnected documents into open, standardized data and to publish that data online.
Sound familiar? ( The answer is yes, it’s XBRL)
The group of XBRL industry leaders were invited to roundtable their expertise and insights on the implementation of accounting standards. Those of us working the corporate side of XBRL are keenly aware that success depends on focusing on what matters: the push for XBRL quality. Certainly, the DATA Act cements the overall (and continuing) economic drive for accounting standards and transparency.
At the meeting, key milestones were discussed to develop a blueprint that will establish common definitions of data elements that support reporting by governmental agencies plus provide foundation for the data’s taxonomy:
- Establish Data Standards (data exchange) Team
- Kick‐off planning meeting w/ contractor (detailed project plan, scope, and methodology)
- Identify up to three pilot agencies (intelligent data)
- Conduct pilot w/ Fiscal Service bureau‐level data to demonstrate data linkages & visualizations
- Classify data elements and identify master data elements
- Develop and map United States Standard General Ledger(USSGL) taxonomy and financial reporting taxonomy using XBRL
- Consult with Industry
- Develop reporting templates including business rules and validation templates
- Complete agency pilots
- Document and present the prototype pilot
- Issue data exchange standards
- Issue on standards (definitions) on Federal Funding Accountability and Transparency Act (FFATA) data elements
- Establish concept of operations for data standards governance framework
- Develop detailed agency roll‐out plan
Many thanks to The Data Transparency Coalition for Vintage’s presence in this important bipartisan path.
Have a great day.