Wednesday, December 28. 2022
President Biden Approves the Financial Data Transparency Act
Requiring standardized data and identifiers over all government agencies would reduce costs, increase transparency, improve the usability and timeliness of information, and make it easier and less expensive for regulators to modify reporting requirements when needed. The standardized data mandate associated with municipal securities will be established under the final rules and enforced by the SEC. The standards will:
- be open and nonproprietary
- include common identifiers
- render data searchable and machine-readable
XBRL (the eXtensible Business Reporting Language) represents a robust method of meeting the structured data requirements of the act and is already in use by numerous regulatory agencies, including the SEC, the FERC, and the FDIC. The Financial Data Transparency Act is supported by XBRL US, as well as other members of the financial reporting community.
Source:
XBRL US Welcomes Enactment of the Financial Data Transparency Act (FDTA) (xbrl.us)