Are you aware that the new Digital Accountability and Transparency Act, signed into law earlier this year, will have a significant impact on CPAs who work in government and or interact with the federal government?
Known as the DATA Act, the new law calls for the adoption of a data standard that is “a widely accepted, nonproprietary, searchable, platform-independent computer-readable format” to report federal contract, loan and grant spending information by federal programs. CPAs need to be aware of the changes so they can better serve their clients and be prepared to help agencies meet the new requirements.
Continue reading "The DATA Act: What CPAs Need to Know" »
Data is the next great commodity resource. The equivalent of
all the data that existed up to 2003 is now generated in two days, and 90% of
the world’s total data was created in the last two years alone. Now comes a powerful
new form of data, one that speaks the language of business. By the nature of
its format, XRBL, or eXtensible Business Reporting Language, brings transparency
to business information so investors can analyze data more easily and make
informed investment decisions.
Continue reading "Beyond Compliance: The Benefits of XBRL" »
As the last group of companies is subject to the final phase of the Securities and Exchange Commission mandate this summer, we are reaching a major turning point for eXtensible Business Reporting Language implementation in the U.S. Investors now have a full data set accessible for their analyses as all information from a company’s financial statements, as well as the notes and schedules, are individually tagged at a detailed level. This means investors now have the ability to search and access specific pieces of information for all public companies.
Continue reading "New Tools to Help Companies and Auditors Evaluate XBRL" »
The current model for financial reporting has long been under discussion; investors and other stakeholders want more than a historical look back and one that only focuses on financial measures. They want to see the value companies create through intangible assets too. Part of the solution is integrated reporting, which provides a holistic presentation of data and brings together the many disparate reports that organizations provide (as opposed to being an add-on to existing reports).
Continue reading "Integrated Reporting Essential for Useful Business Reporting" »
AICPA staff members are very busy keeping up with activity related to eXtensible Business Reporting Language in the U.S. Congress. Earlier this month House Ways and Means Human Resources Subcommittee Chairman Geoff Davis (R-KY) and Ranking Member Lloyd Doggett (D-TX) introduced H.R. 3339, the Standard Data and Technology Advancement Act, or the “Standard DATA Act.” The bill aims to establish consistent requirements for the electronic content and format of data used in the administration of key human services programs. Specifically, it calls for the incorporation of existing nonproprietary standards, such as XBRL.
If enacted, this bill would improve the collection and dissemination process for the federal government by standardizing data and eliminating time-consuming and error-prone manual processes.
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Back in 1998, Charlie Hoffman, a CPA, embarked on a quest to revolutionize the way the world creates and shares business information. Based on eXtensible Markup Language, a new document markup language at the time, the eXtensible Business Reporting Language was created. Hoffman took his idea to the AICPA, which funded and championed the project. By 2000, XBRL 1.0 was published and interest had grown beyond the borders of the U.S. into the international community. Countries from Australia to Spain were signing up and applying XBRL to form better business information.
Continue reading "The Incredible eXtensible Business Reporting Language" »