Data Act passes in the US

The Data Act has passed the Senate in the US and is expected to become law in the near future. The act requires government departments to disclose spending data in the form of structured data, which will enable better access and better comparability. While the act does not prescribe a particular standard to be used, it nevertheless sets out criteria such as the standard being internationally accepted, open and platform independent. XBRL meets all the prescribed criteria and has been adopted in several other countries, so it will be a strong contender for the standard to be used. For an article on this topic, click here.