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US Data Act just passed Senate

The US Senate today passed S. 994, the Digital Accountability and Transparency Act of 2014 (read full)

It is a reform Act that is intended to increase the use of structured data formats by US government agencies. It will force “federal agencies to collect, report, and maintain financial and payment information data in accordance with” modern data standards. That will include XBRL too. The particular focus is on the following priorities:

(1) incorporate widely accepted common data elements and a widely accepted, nonproprietary, searchable, platform-independent, computer-readable format; (2) include government-wide universal identifiers for federal awards and entities; (3) be consistent with and implement applicable accounting principles; (4) be capable of being continually updated; (5) produce consistent and comparable data; and (6) establish a standard method of conveying the reporting period, reporting entity, unit of measure, and other associated attributes.

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