In news leaked yesterday, the Office of Management and Budget is not so keen to work with XBRL – and establish standardized reporting for federal spending. Titled The DATA Act (Digital Accountability and Transparency Act) the legislation was created to – in vocabulary akin to our niche – bring XBRL reporting practices to The Hill.
You can read the original legislation here.
According to a leaked draft of proposed revisions to the Digital Accountability and Transparency Act, the Office of Management and Budget is seeking to remove the open-government legislation’s dedicated funding stream and edit language calling for standardized governmentwide data elements for reporting federal spending.
The proposed revisions are unacceptable to many of the bill’s key supporters.The original legislation appealed to open-government activists because it would establish integrated data standards using machine-readable languages to allow developers to build applications that would monitor federal spending.
We meet with hundreds of public company that sure as heck wish wish they could remove their “dedicated funding stream” for XBRL. As a silver-lining, our fleXBRL program (please click here) is helping hundreds of issuers meet their transparency obligations to their constituents without overburdening their funding stream.”
XBRL compliance is a cost center. Here is our view on how to make it less invasive.
Have a great day