Will Open Government Data be Useful? Depends on who you ask

A recent major study conducted by Pew Research sampled the opinions of a wide spectrum of Americans on the use to which they put open data. It also asked their opinions on whether such data was useful or could be.

One of the major findings, not surprisingly, was that the usefulness of open data in the minds of the public depends on whether people trust the government or not. Those who trust the government place a higher value on open data and those who do not, don't. Generally speaking.

It is expected that open data will grow exponentially over coming years and that it will be used for everything from weather forecasting to renewal of fishing licences.

An excerpt: "Few Americans think governments are very effective in sharing data they collect with the public:

• Just 5% say the federal government does this very effectively, with another 39% saying the federal government does this somewhat effectively.
• 5% say state governments share data very effectively, with another 44% saying somewhat effectively.
• 7% say local governments share data very effectively, with another 45% responding somewhat effectively.
• Somewhat larger numbers could think of examples in which their local government either did or did not do a good job providing information to the public:

• 19% of all Americans could think of an example where the local government did a good job providing information to the public about data it collects.
• 19% could think of an example where local government did not provide enough useful information about data and information to the public.
• Relatively few Americans reported using government data sources for monitoring what is going on:

• 20% have used government sources to find information about student or teacher performance.
• 17% have used government sources to look for information on the performance of hospitals or health care providers.
• 7% have used government sources to find out about contracts between government agencies and outside firms.

The low percentages likely reflect the fact that open data is relatively new and not yet comprehensive. AS time goes on and applications develop, there seems little doubt that these percentages will grow. For a more detailed look at the findings of the study, click this link.

XBRL Canada Seminar Standardizing Corporate Action Data Using XBRL Offices of CPA Canada Second Floor, 277 Wellington St W, Toronto May 15, 2015, 9:00AM – 12Noon XBRL Canada is holding a seminar on May 15, 2015 presented by Campbell Pryde, the President and CEO of XBRL US. Mr Pryde will show how certain regulators and stock exchanges around the world are considering the use of XBRL to streamline the reporting of Corporate Actions. Before taking on the President and CEO position, Mr. Pryde led the development and maintenance of taxonomies as Chief Standards Officer, playing an integral role on the executive team. Mr. Pryde joined XBRL US from Morgan Stanley, where as Executive Director in the Institutional Securities Group, he managed the equity research XBRL-based valuation framework. He has been involved with XBRL since 2001, and served as Chairman of the XBRL US Domain Steering Committee during the critical initial build of the US GAAP Taxonomy under contract with the Securities and Exchange Commission. Prior to joining Morgan Stanley, Mr. Pryde was a Partner in the Risk and Advisory Practice of KPMG LLP. He is a member of the New Zealand Institute of Chartered Accountants. The agenda for the morning will include: Overview of XBRL What is a corporate action? Why are we standardizing corporate action information in an XBRL format What are the advantages of disadvantages of using XBRL What is the scope of the initiative How does the corporate actions taxonomy work with XBRL related systems Walk through of the corporate actions taxonomy Walk through of a corporate action message Overview of the XBRL implementation in the United States Validation of Corporate Action Messages Show use of corporate action processing using standard software  tools Registration is available at the XBRL Canada (XBRL.ca) website. Cost is $50.

SEC Commissioner Announces new Office of Data Strategy

In an important speech on Apr 14, SEC Commissioner Kara Stein acknowledge the dominance of data in the current financial regulatory and reporting environment. She said that the new office would need to address the use of the different data standards, and determine their most effective usage.

There has been a persistent movement towards data as opposed to traditional paper reports for several years now and as the movement matures, its implications are becoming clearer. The new office as well as the propose new audit trail, CAT, are clear signs of the new implications as the importance and dominance of data evolves. XBRL and other standards are central to the effective utilization and management of the data that is growing in leaps and bounds. Click this link for the speech.

Data Rules

Last month, the US Secretary of Commerce announced the appointment of a Chief Data Officer to the Department of Commerce.

This move exemplifies the importance of data in our world. One of the major effects of the proliferation of digital technology and its interconnectedness has been the creation and availability of vast amounts of data. There is widespread recognition, in business and in government, that this data is a valuable resource.

This recognition shows itself in business with the growing use of analytics for everything from business intelligence to customer relationships to analyzing travel expense reports.

In government, policy formulation is increasingly dependent on meaningful data from a variety of sources.

A problem emerges, however. Not all of the data is usable in its present form. It exists in a variety of information systems and formats. Thus the rise of the concept of open data, i.e. data that is set in a format that is open and understandable to a variety of platforms, such as XML and XBRL. Governments have placed much emphasis on the creation of open data portals to make data available to the public for analysis.

Accountants need to take note. In an increasingly data centric world, their role is rapidly changing from one where they create pre-formatted reports to one in which they must analyze a vast array of data and make sense of it to a waiting world. This is an epic change, to use a currently popular metaphor.

Thus in the world of accounting, the primary focus of effort has shifted from debits and credits to data analytics. From pre-formatted reports for general purposes to analytical reports that support informed decision making on urgent issues of the day.

How we make the data more useful by adopting more open standards in presentation and how we then analyze the data is what will shape the accounting profession as we move more deeply into the world of data.

For an analysis of the Department of Commerce Appointment, check this link.