Open Data Update – US Government
We reported earlier on a — rather politically motivated — legislative attempt to curb XBRL reporting by smaller US companies. This week there are four new or expanded open data initiatives underway in the US. Chief among the proposals is related to the DATA Act. The Administration will issue data element definition standards and standards for exchanging financial data. The Office of Management and Budget, will “leverage industry data exchange standards to the extent practicable to maximize the sharing and utilization of Federal financial data” and as we learned at XBRL 2014 in Orlando, the Treasury Department will use small-scale pilots to help explore options for visualizing and publishing Federal financial data from across the government as required by the DATA Act. Read the entire proposal.
