Data Act passes in the US House of Representatives

The landmark Data Act has passed in the House of Representatives and will now go to the President. That act calls for uniform data standards across the country in order to improve on the transparency of government spending. Uniform data standards will make it easier to transmit and analyze data.

There is a widely held belief that XBRL will form an important part of the data standards. This follows upon a recent suggestion by the Department of Commerce that Standard Business Reporting (SBR) using XBRL be adopted in the US.

CPA Canada has recommended to the Canadian Minister of Finance in pre-budget consultations that SBR be explored in Canada. The House of Commons Committee on Finance has reiterated that recommendation.

For a writeup on the Data Act, check this link.