XBRL US submitted comments to the nine Agencies that collaborated on the draft Joint Data Standards for the Financial Data Transparency Act (FDTA). We support the goals of the FDTA to help Agencies provide actionable, good quality data to citizens, businesses, investors, policy setters, governments, and researchers.
While we applaud certain elements of the rule proposal, including the adoption of the Legal Entity Identifier (LEI), we disagree with the properties-based approach to data standards described in the Agencies rule proposal. This approach will result in data that are not interoperable and will not reap the economies of scale that data standards can bring, incurring unnecessary costs across the data ecosystem. Our letter makes a number of recommendations, including adopting a single semantic data model structure (XBRL) which will help the Agencies meet the expectations of this important legislation.
Read the letter XBRL US Response to FDTA Joint Agencies 10_21_2024
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