The Grants Reporting Efficiency and Transparency (GREAT) Act, signed into law December 30, 2019, mandates data standards for federal awards by 2022; and for Single Audit data by 2023. The Act states that data standards shall:
“…render information reported by recipients of Federal awards fully searchable and machine-readable; be nonproprietary; incorporate standards developed and maintained by voluntary consensus standards bodies; be consistent with and implement applicable accounting and reporting principles; and incorporate the data standards established under the Federal Funding Accountability and Transparency Act of 2006 (31 U.S.C. 6101 note). “
In support of the GREAT Act implementation, XBRL US has developed the following:
- Single Audit Taxonomy which is included as an entry point in the CAFR (Comprehensive Annual Financial Report) demonstration taxonomy. The Single Audit Taxonomy includes the Schedule of Expenditures of Federal Awards, and the Schedule of Findings and Questioned Costs.
- Blog post Single Audit, data standards and the GREAT Act
- Infographic Better with Standards
- Video (7 minutes) Standards for government data collection
The Digital Accountability and Transparency (DATA) Act , signed into law on May 9, 2014, mandates structured data standards for government with objectives to 1) establish government-wide financial data standards and increase the availability, accuracy, and usefulness of Federal spending information, 2) amend the Federal Funding Accountability and Transparency Act (FFATA), and 3) develop Government-wide data standards to simplify financial reporting, and improve the quality of spending data. Get details on the DATA Act Information Management Standard v1.0. Learn more about the final data standards.
In 2015 and 2016, XBRL US conducted a DATA Act webinar series featuring speakers from the Consumer Financial Protection Bureau, Information Unlimited, the FDIC, KPMG, the Maryland Society of CPAs, PwC, the Small Business Administration, and U.S. Treasury. Watch replays:
- Practical Implementations & Effective Use of Standards, July 28, 2015.
- Creating Intelligent Data, September 28, 2015.
- Analysis with Structured Data, January 5, 2016.
In March 2018, the state of Florida passed House Bill 1073 which creates the Florida Open Financial Statement System, and mandates the use of XBRL for state, county, municipal, and special district financial filings. On February 20, 2020, the state of Illinois passed House Resolution 0703 which encourages the use of XBRL for financial reporting by local governments within the state.