|By Business Wire||
|May 8, 2014 11:46 AM EDT||
XBRL International, the global standards organization dedicated to improving business reporting, today announced that its upcoming conference: Better Data for Better Decisions, will feature the implications and opportunities presented by the Digital Accountability and Transparency (DATA) Act.
The DATA Act is a key part of US Government financial transparency measures and represents a significant change in the way that public sector expenditures will be monitored in an age of open data. Together with a range of other transparency initiatives, it opens up a huge new set of opportunities and challenges for government agencies and all of those in the private sector that deal with government.
“Federal agencies, businesses that serve federal agencies and recipients of federal funds will need to adapt to the new reporting requirements in the DATA Act. This conference will help them formulate their strategy and take advantage of the opportunities this new legislation presents. The US is at the cutting edge of this kind of ‘transparency through big data’ and the conference is a unique opportunity for professionals from other countries to understand this new initiative,” said John Turner, CEO, XBRL International, “We will also focus on the long term efforts underway in Europe and Australasia to get government agencies to reduce red tape via standard business reporting, or “SBR”. These efforts work via active interagency cooperation in data collection. They result both in reducing the burden imposed on business and on the modernization of reporting, giving rise to new efficiencies in business-to-government as well as business-to-business interactions. It’s a story that needs to be told so that these outcomes can be replicated in other parts of the world.”
Government-focused sessions and topics include:
- Keynote speakers: Linda Powell, Chief Data Architect, US Treasury; Joel Gurin, author Open Data Now, NYU E-Gov Lab; and Cees de Boer, Dutch SBR Council
- Implications of the DATA Act: policy implications, which agencies are affected, what data is reported, which systems need to be transformed to adapt to structured data
- Data transparency initiatives already underway at US Treasury
- Case studies on how Australia and the Netherlands have reduced red tape and cost through SBR
- Interactive workshop on successfully implementing an XBRL program in a regulatory environment
- Technical demonstrations on inline XBRL, dimensional modeling, normalization, the XBRL specification, and more
Speakers will represent US Treasury, the US Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Financial Accounting Standards Board (FASB), plus the Dutch Center for Standards, Netherlands Tax & Customs, Her Majesty’s Revenue & Customs (HMRC) and more.
Regulators and other policy makers, IT professionals and technologists, government contractors and businesses that provide grants and contract management services should attend.
The conference will also feature a Financial track, with sessions and speakers on corporate financial fundamentals, corporate actions and banking.
About XBRL International
XBRL International (XII) is a global, not-for-profit consortium of over 600 organisations working together to enhance and improve business reporting through the XBRL standard. XII currently has affiliated Jurisdictions in 23 countries in Europe, Asia, Africa and North America. This collaborative effort began in 1998 and continues to produce a variety of specifications and taxonomies to support the collection and use of structured data for a wide variety of applications, including reporting for securities, taxation, banking, insurance and environmental sustainability. Learn more at http://www.xbrl.org. Contact: David Nitchman, Director, Communications, +1 207 370 0185, [email protected]
About XBRL US
XBRL US is the non-profit consortium for XBRL business reporting standards in the U.S. and it represents the business information supply chain. Its mission is to support the implementation of XBRL business reporting standards through the development of taxonomies for use by U.S. public and private sectors, with a goal of interoperability between sectors, and by promoting XBRL adoption through marketplace collaboration. XBRL US has developed taxonomies for U.S. GAAP, credit rating and mutual fund reporting under contract with the U.S. Securities and Exchange Commission, and has developed a taxonomy for corporate actions. Learn more at http://xbrl.us. Contact: Michelle Savage, Vice President, Communications, 917 747 1714, [email protected]
About the DATA Act
The DATA Act legislation mandates the use of a widely-used, nonproprietary data standard for reporting by federal agencies. It requires the U.S. Treasury Department and the White House Office of Management and Budget (OMB) to adopt data standards for all spending reporting and was passed by both the U.S. House of Representatives and the U.S. Senate in April. The legislation gradually phases in standards for reporting by agencies to openly available databases at Treasury, OMB, Commerce and GSA.
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