|By PR Newswire||
|April 11, 2014 04:16 PM EDT||
NEW YORK, April 11, 2014 /PRNewswire/ -- XBRL US, the nonprofit consortium dedicated to XBRL reporting in the US, today congratulated the U.S. Senate for its passage of the Digital Accountability and Transparency (DATA) Act, S. 994, a bill mandating the use of structured data standards for the reporting of all government expenditures. The bill was approved by unanimous consent and is slated to move to a vote in the U.S. House of Representatives. An earlier version of the bill was approved in the House in November 2013 by a vote of 388 to 1, and the current version is expected to pass as well.
"Effective use of data standards makes information more functional, less prone to error and more timely," said Campbell Pryde, President and CEO, XBRL US, "Data standards have been effectively used for government reporting in Australia and the Netherlands, resulting in significant reductions in red tape and in spending by government and industry on reporting."
About XBRL US
XBRL US is the non-profit consortium for XBRL business reporting standards in the U.S. and it represents the business information supply chain. Its mission is to support the implementation of XBRL business reporting standards through the development of taxonomies for use by U.S. public and private sectors, with a goal of interoperability between sectors, and by promoting XBRL adoption through marketplace collaboration. XBRL US has developed taxonomies for U.S. GAAP, credit rating and mutual fund reporting under contract with the U.S. Securities and Exchange Commission and is developing a taxonomy for corporate actions. For more information, go to xbrl.us.
SOURCE XBRL US