Key elements of the Act:

  • Implementation is to be managed jointly by the U.S. Treasury and the Office of Management and Budget (OMB) and must take place within three years of enactment (2017)
  • Establishes government-wide data standards for the reporting of funds that are made available to and expended by Federal agencies
  • Guidance on the data standards must be issued within one year of enactment (2015)
  • Federal agencies must begin reporting financial and payment information in accordance with these standards within two years of issuance of guidance (2017).
  • The data standards established shall:

“(1) incorporate widely accepted common data elements, such as those developed and maintained by—

(A) an international voluntary consensus standards body;

(B) Federal agencies with authority over contracting and financial assistance; and

(C) accounting standards organizations;

(2) incorporate a widely accepted, nonproprietary, searchable, platform-independent computer-readable format;

(3) include unique identifiers for Federal awards and entities receiving Federal awards that can be consistently applied Government-wide;

(4) be consistent with and implement applicable accounting principles;

(5) be capable of being continually upgraded as necessary;

(6) produce consistent and comparable data, including across program activities; and

(7) establish a standard method of conveying the reporting period, reporting entity, unit of measure, and other associated attributes.”

 For further information:

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