TechTalk Blog - Momentum Builds for the International Public Sector Accounting Standards Board (IPSASB) to Use XBRL for Machine-Readable Federal Government Finance Reporting for Better Data Analytics

By David Colgren posted 08-06-2018 10:04 AM

  
Great comment letter from Rutgers University on the need for the IPSASB to move forward with XBRL to match private sector efforts. In the United States 

the Government Accountability Office (GAO) reported that federal agencies exceeded $144 billion in improper payments in fiscal 2016, up from $137 billion in 2015. Using machine-readable data reporting can help end improper payments (using taxpayer dollars) and lead to better government spending and accountability. Right now the US Government like the governments below DON'T HAVE A DIGITAL REPORTING STANDARD like XBRL for reporting -- we don't know where taxpayer dollars are being spent or can measure the performance of those public expenditures. Can the IPSASB move forward in this direction to create an XBRL global standard for government reporting for countries using the IPSAS that using taxpayer dollars more efficiently and effectively?  

Rutgers University is suggesting that IPSASB adopt XBRL to support better government financial reporting (using a machine-readable data format for superior data analytics). The National governments, bodies and organizations that have adopted or have plans to adopt IPSASs are also using XBRL mandated by the same governments for securities and tax oversight of companies in said countries. Why can't federal governments use the same format for their own financial reporting using the IPSAS? Why isn't the IPSASB pursuing a digital format for its standard just like the IASB has done for IFRS and US SEC has done for US GAAP?

It is clear transparency and accountability results using a standard machine-readable data format for better data analytics... 

National governments, bodies and organizations that have adopted or have plans to adopt IPSASs but have no machine-readable digital format for reporting:

• Austria
• Brazil
• Cambodia
• Chile
• China
• Colombia
• Costa Rica
• Indonesia
• Japan
• Kenya
• New Zealand
• Nigeria
• Panama
• Peru
• Portugal
• Spain
• Switzerland
• Vietnam
• The European Commission
• The North Atlantic Treaty Organization (NATO)
• The Organisation for Economic Co-operation
and Development (OECD)
• The United Nations system

Stay tuned as we learn more about XBRL for the IPSASB and digital government financial reporting for better government.

#News
#businessculture
#businessethics
#stockmarket
#Accountability
#Accounting
#accountingsoftware
#AccountingTechnology
#AccountingToday
#advancedanalytics
#Assurance
#Audit
#Auditors
#Automation
#BalancedScoreCard
#banking
#BANKS
#benchmarking
#BI
#BigData
#BigFour
#Bitcoin
#Blackrock
#Blockchain
#Blockrock
#Bloomberg
#BOA
#board
#bookkeeping
#BradMonterio
#BusinessConfidence
#businessintelligence
#Csuite
#Calpers
#Calsters
#capital
#CapitalMarkets
#CDP
#CFA
#CFAInstitute
#cfo
#CFOMagazine
#CFTC
#CFTO
#ChamberofCommerce
#ChiefDataOfficer
#ChiefInformationOfficer
#ChildLabor
#CIO
#ClimateChange
#ClimateFinance
#ClimateInvesting
#cloud
#cloudcomputing
#Cloudfunding
#CMA
#CNN
#Coal
#COKE
#communitycloud
#complaince
#compliancereporting
#ComplianceWeek
#Comptroller
#ConsumerFederation
#CONSUMERUNION
#ContinuousReporting
#controls
#COP21
#Corpgov
#corporatedirector
#corporatedisclosure
#Corporategovernance
#corporatereporting
#corporateresilience
#corproatedisclosure
#COSO
#Crowdfunding
#CSR
#CSRESG
#CTO
#cyberrisk
#cybersecurity
#data
#DATAAct
#DataAmplified
#dataanalytics
#datadriven
#datagovernance
#dataquality
#datascience
#datascientist
#datastandardtax
#datasteward
#datavisualization
#dcolgren
#Deloitte
#DepartmentofCommerce
#DepartmentofLabor
#digitaldarwinism
#digital
#DigitalMedia
#director
#disclosure
#DistributedLedger
#Diversity
#DowJones
#DTTC
#EarnedValue
#EBA
#ECB
#EDGARSystem
#efficiency
#EIOPA
#ElizabethWarren
#EnhancedReporting
#ENRON
#EPA
#EquityResearch
#ERM
#ErnstYoung
#ESG
#ESMA
#EU
#evolution
#ExecutiveCompensation
#ExecutivePay
#EY
#FASB
#FCW
#FDIC
#FederalReserve
#FEI
#Fidelity
#Fiduciary
#finance
#financialinformation
#financialmodeling
#financialreporting
#FinancialServices
#FinancialServicesCommittee
#FinancialStatements
#financialtechnology
#FinancialTimes
#FINRA
#Fintech
#Forecast
#Forensic
#forensicaccountant
#ForensicAccounting
#Fortune500
#Fraud
#FRS
#Fujitsu
#GAAP
#GAO
#gartner
#GASB
#GeneralLedger
#GHG
#GlassLewis
#GLEIF
#GLOBALWARMING
#Google
#governance
#GovernmentReporting
#GrantThornton
#GRC
#GREENHOUSEGASES
#GRI
#Guardian
#Harvard
#HedgeFund
#HMRC
#HouseFinanceServicesCommittee
#HumanCapital
#HumanTrafficking
#IASB
#IBM
#ICE
#IdentityTheft
#IFAC
#IFRS
#IFSASB
#IIA
#IIRC
#IMA
#IMF
#impactinvesting
#InclusiveCapitalism
#InclusiveReporting
#informationtechnology
#Insurance
#integratedreporting
#integratedthinking
#InternalAccounting
#Internalauditor
#InternalControl
#InternalReporting
#InternetofThings
#Investing
#InvestorDisclosure
#InvestorRelations
#IOSCO
#ITaudit
#iXBRL
#KPMG
#LEI
#LSE
#machinereadable
#managementaccountant
#MaterialDisclosure
#materialrisk
#Merrill
#MiFIDII
#NACD
#NASDAQ
#NationsCapitalChapter
#NaturalExtraction
#nonfinancialdata
#NonFinancialReporting
#nonfinancialinformation
#NYSE
#PopeFrancis
#PersonalFinance
#PrivateEquity
#PWC
#Regtech
#RegulatoryReporting
#ResponsibleInvesting
#riskmanagement
#SASB
#SayonPay
#Schwab
#SEC
#SecuritiesExchangeCommission
#SSE
#StrategicFinance
#StrandedAssets
#structureddata
#supplychain
#sustainability
#SUSTAINABILITYACCOUNTING
#SustainabilityReporting
#SustainabilityStockExchangeInitiative
#SustainableDevelopmentGoals
#SwissRe
#SystematicRisk
#Tax
#tech
#techpractices
#TechnologySolutions
#Tiaa
#ThomsonReuters
#Transparency
#TreasuryRiskManagement
#UNGlobalCompact
#UNGlobalImpact
#UNITEDAUTOWORKERS
#UnitedNations
#UnitedStatesSenateBankingCommittee
#UNPRI
#USChamber
#USGAO
#USSecuritiesExchangeCommission
#USSenateBankingCommittee
#USTreasury
#WallStreet
#WallStreetJournal
#XBRL
#WSJ
#MSNBC
#NewYorkTimes
#HotTopic

#HotTopic
#News
#IFAC
#IIRC
#GovernmentReporting
#Fintech
#Regtech
#dataanalytics
#FASB
#IASB
0 comments
24 views

Permalink