The Digital Accountability and Transparency (DATA) Act of 2013, which expands disclosures of federal agency expenditures, was signed by President Barack Obama and could pave the way for adoption of XBRL for the reporting of federal budget and spending information.
“This is an important day for the American taxpayer,” AICPA President and CEO Barry Melancon, CPA, CGMA, said in a news release. “By signing the DATA Act into law, President Obama has paved the way for implementation of a system that will allow each and every one of us to more easily track federal spending data.”
The DATA Act is designed to provide a more transparent look into the
expenditures of federal agencies and requires a nonproprietary,
platform-independent data standard such as XBRL. The AICPA has
promoted the expanded use of XBRL for government and business.