XBRL US submitted a comment letter in response to U.S. Treasury’s Interim Final Rule to implement the Coronavirus State Fiscal Recovery Fund and the Coronavirus Local Fiscal Recovery Fund which were established under the American Rescue Plan Act (ARPA). ARPA provides $350 billion in emergency funding for eligible state, local, territorial, and Tribal governments to respond to the COVID-19 emergency and bring back jobs.
The Interim Final Rule calls for quarterly and annual Project and Expenditure reports through the end of the award period on December 31, 2026. Reports will need to be submitted by states, territories, metropolitan cities, counties, and Tribal governments; and will need to include financial data, information on contracts and subawards, as well as information on types of projects funded and how the funds were used. The number of reports that must be consumed multiplied by the number of reporting entities will be significant; and U.S. Treasury will be called upon to analyze, understand, and explain the outcome of the program in a timely fashion. This is a challenging and costly task in the absence of data standards. Only data standards can render all information received in the same consistent, computer-readable format.
The letter from XBRL US explained how a government data standards approach will result in machine-readable data, reduce the reporting burden on governments receiving funds, bring down the cost of data collection and analysis, and result in more reliable, timely, useful data for policymakers, academic researchers and others who will need to monitor grantee compliance and understand the outcome of the plan.
Read the letter: XBRL US Comment – Interim Final Rule Coronavirus State and Local Fiscal Recover Funds
XBRL US submitted a comment letter in response to U.S. Treasury’s Interim Final Rule to implement the Coronavirus State Fiscal Recovery Fund and the Coronavirus Local Fiscal Recovery Fund which were established under the American Rescue Plan Act (ARPA). ARPA provides $350 billion in emergency funding for eligible state, local, territorial, and Tribal governments to respond to the COVID-19 emergency and bring back jobs.
The Interim Final Rule calls for quarterly and annual Project and Expenditure reports through the end of the award period on December 31, 2026. Reports will need to be submitted by states, territories, metropolitan cities, counties, and Tribal governments; and will need to include financial data, information on contracts and subawards, as well as information on types of projects funded and how the funds were used. The number of reports that must be consumed multiplied by the number of reporting entities will be significant; and U.S. Treasury will be called upon to analyze, understand, and explain the outcome of the program in a timely fashion. This is a challenging and costly task in the absence of data standards. Only data standards can render all information received in the same consistent, computer-readable format.
The letter from XBRL US explained how a government data standards approach will result in machine-readable data, reduce the reporting burden on governments receiving funds, bring down the cost of data collection and analysis, and result in more reliable, timely, useful data for policymakers, academic researchers and others who will need to monitor grantee compliance and understand the outcome of the plan.
Read the letter: XBRL US Comment – Interim Final Rule Coronavirus State and Local Fiscal Recover Funds
