More than 5 million organizations send their tax data to UK HMRC using the iXBRL data format...XBRL “tags” utilize standard taxonomies
Securities Commissions, Ministries of Finance, Tax Authorities and other government agencies in many countries now require the use of the XBRL standard when organizations report their information to them
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According to today’s article -- late last week - US Treasury issued a final version of the "schema," outlining definitions, time frames and standards for data sharing across government agencies. The DATA ACT requires the use of the XBRL data standard supported by the IMA to improve transparency and accountability of financial and business information using a machine-readable format that can be imported into Excel Spreadsheets for comparison and better analysis
According to a recent article in Accounting Today -- The XBRL data standard continues to expand globally around the world as a important tool to reduce regulatory reporting by public companies using a standard data format that can be shared across regulators in one common report
This process will likely take years to arrive at new auditing standards that are supported by all parties, including the SEC and PCAOB , but all were encouraged that the process in underway under the leadership of the AICPA with support of the major audit firms
We're pleased to announce that Treasury & OMB have selected XBRL late last week as the common data standard that will be used to exchange government financial information as described in this news article . On March 7, 2015 – We posted that in early May the US Treasury and the Office of Management and Budget (OMB) would announce a government-wide common data standard for all federal spending information as mandated in the DATA Act unanimously approved by Congress and signed into law by the President of the United States in April 2014. The law requires that federal spending information be tagged using a common data standard (linked to government accounting definitions) and this information would be placed on an Open Data Cloud platform for public consumption and analysis since the information would be in a computer-readable format. This action by Treasury and OMB is similar to XBRL actions related to Standard Business Reporting now used in several countries including China, Netherlands and Australia for interoperability of critical government information across silo agencies for reduced regulatory reporting by companies to multiple agencies and for enhanced government financial performance transparency
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?
The same XBRL data standard has been mandated by the US SEC for financial statement data disclosed by public companies including detailed information tagged in the footnotes. The Sustainability Accounting Standards Board (SASB), is an independent 501(c)(3) nonprofit organization that issues sustainability accounting standards for the disclosure of material sustainability information in SEC filings
Several of these government agencies - like the Federal Reserve - use different accounting standards for financial reporting from other federal agencies
This announcement today, follows the announcement last week from the White House that US Treasury and OMB has selected the XBRL data standard as the data standard to be used across financial government reporting for better transparency and accountability of federal, state and local governments
It will be interesting to see what opportunities arise for accountants and consultants out of this initiative for XBRL as the data standard for more government reporting
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