Posted on Monday, July 8, 2019

XBRL US submitted a response to the White House Office of Management and Budget, in response to the Federal Data Strategy Year-1 Action Plan. The letter noted that to attain the long-term vision of the Federal Data Strategy to better govern and leverage the Federal Government’s data, requires developing and implementing a single cross-agency data standard that can accommodate financial data – that standard should be XBRL.

To reach these goals, we recommend that the Year-1 Plan include the development of a roadmap, describing 1) the sources and uses of data by each government agency, including detailed information surrounding data type, frequency, data labels and definitions, authoritative sources, reporting entities, submission mechanism, receiving agency, end users of the data, and how the data is put to use; 2) an evaluation of what data standards are already being used by public agencies, how widely the standards are used, why they are used, and what they are designed to do; and 3) what identifiers may be needed across agencies, for example, identifiers for products, industries, reporting entities, securities. 

The roadmap will serve as the basis for the creation of a comprehensive core taxonomy (digital dictionary of terms) that can be used by all agencies. Agencies will be able to layer on top of the core taxonomy, additional elements needed for reporting situations that are unique to the organizations reporting to an individual agency. The development of the core taxonomy should take place in the Year-2 Action Plan.

Read the letter: XBRL US Comment RE Federal Data Strategy Year 1 Action Plan 7-8-2019

Read the Federal Data Strategy Year 1 Action Plan: https://strategy.data.gov/action-plan/

Review M-19-18, the Federal Data Strategy Plan – A Network for Consistency.

Review more details about the Federal Data Strategy Plan.