IMA (Institute of Management Accountants) announced today its support of H.R. 2146, "The Digital Accountability and Transparency Act" (DATA Act), and urged the full U.S. Senate to proceed on passage of its companion bill (S. 1222). The DATA Act passed the U.S. House unanimously on April 25, 2012 and has been referred to the U.S. Senate Homeland Security and Government Affairs Committee, where it awaits approval before going to the full Senate for a vote. The DATA Act recommends that eXtensible Business Reporting Language (XBRL) be considered as the non-proprietary data standard for the U.S. government, and IMA supports the use of the technology, which will provide accountability and transparency to federal government spending. XBRL -- or interactive data -- is a global, freely available, standardized data format for exchanging financial and business information in a computer-readable format.
"XBRL enables more transparent, streamlined exchange and analysis of data critical for government oversight," said Brad J. Monterio, IMA board member, chair of IMA's XBRL Committee, and managing director at Colcomgroup, Inc. "U.S. lawmakers have an opportunity to save taxpayer money, improve information transparency, eliminate process inefficiencies, and better manage risk through the use of XBRL and passage of the DATA Act."
For more information about HR2146: http://www.govtrack.us/congress/bills/112/hr2146