Standardisation needed! XBRL US comments on Treasury Do Not Pay Initiative

Posted on February 26, 2021 by Editor

XBRL US has written to the US Office of Management and Budget (OMB) on its proposal to add a further 12 databases to the Treasury’s Do Not Pay (DNP) web portal. DNP is used by federal agencies to evaluate, track, and monitor individuals and organisations receiving payment, as well as the payments being made; it can be used to check recipients’ eligibility and aims to cut down on improper payments.

XBRL US recognises the value of adding extra resources to DNP, and – with one of the proposed extra databases being the Securities and Exchange Commission (SEC) Electronic Data Gathering and Retrieval (EDGAR) system, which now receives submissions almost entirely in XBRL – suggests that now is the time to adopt structured, machine-readable data standards for all data used in the DNP initiative.

“As a data standards consortium, we recognize that the DNP web portal can only be effective if the data it provides to agencies is clean, accurate, consistent, and current,” they write. “The Treasury plan to add 12 more databases into DNP highlights the need, and poses an opportunity, to vastly increase the efficiency of the system through data standards.“

Read more here.

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