Last week, the House of Representatives passed The Digital Accountability and Transparency Act – aka the DATA Act. This act is the most important federal financial transparency bill since 1967’s Freedom of Information Act.
Basically, it’s XBRL for DC… government-wide standardization and publishing of federal spending data.
How this may help us here in the corporate XBRL world:
It further socializes the entire concept of XBRL – standardized financial data reporting. The more people who understand this value will only help “end-user” consumption of the big data already produced by public companies.
Adoption is the missing link for XBRL.
We can also speculate that may of the tags that corporations use now to report could be used for the DATA Act cross-over, particularly if you are a government contractor. Could this be a selling point FOR your company? All your financials will move to XBRL – not just the current “earnings” silo.
Until then, our task remains the same. Accurate XBRL reporting. Reasonable XBRL fees that match your workflow. What is your workflow?