The Digital Accountability and Transparency (DATA) Act , signed into law by President Obama on May 9, 2014, mandates the use of structured data standards for government and lays out the following primary objectives:
- to establish government-wide financial data standards and increase the availability, accuracy, and usefulness of Federal spending information,
- to amend the Federal Funding Accountability and Transparency Act (FFATA), and
- to develop Government-wide data standards, takes steps to simplify financial reporting, and improve the quality of the spending data.
Finalized Government-wide data standards for Federal funds made available or expended by Federal agencies and entities receiving Federal funds have been published by U.S. Treasury and the Office of Management and Budget (OMB), which are managing the implementation.
- Get details on the DATA Act Information Management Standard v1.0
- Learn more about the final data standards.
Find out the impact on agencies in the XBRL US DATA Act webinar series:
- Practical Implementations & Effective Use of Standards, July 28, 2015. Features speakers from U.S. Treasury, the Small Business Administration, the FDIC, Information Unlimited, the Maryland Society of CPAs and PwC. Watch the replay of this webinar.
- Creating Intelligent Data, September 28, 2015. Features speakers from U.S. Treasury, the Consumer Financial Protection Bureau, the FDIC, Information Unlimited, KPMG and XBRL US. Watch the replay of this webinar.
- Analysis with Structured Data, January 5, 2016. Hear U.S. Treasury, the FDIC and XBRL US about how agencies can leverage structured data required through the DATA Act to map to internal systems and perform more timely, accurate analysis. Watch the replay of this webinar.
Explore how the Act will affect business by listening to the webinar The DATA Act and XBRL – Doing Business with Government Agencies featuring Hudson Hollister, Executive Director, Data Transparency Coalition and Campbell Pryde, CEO of XBRL US.
View slides as PDF
XBRL US has actively advocated on behalf of the DATA Act and has provided testimony to the U.S. Treasury on implementation. Read more about this on the Advocacy page.
For a summary of key features of the Act, go to Features of DATA Act on the right hand navigation of this page.