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AICPA Commends Senate for DATA Act Passage

The following is a statement by Barry C. Melancon, CPA, CGMA, president and CEO of the American Institute of CPAs (AICPA), in response to the U.S. Senate’s approval of the DATA Act (S. 994):

“The U.S. Senate has cast a vote in favor of enhanced government data transparency in passing the Digital Accountability and Transparency (DATA) Act.

The measure calls for the use of a nonproprietary, platform-independent data standard such as Extensible Business Reporting Language, or XBRL, and has the potential to significantly improve the efficiency of the federal government’s reporting of financial information.

Passage of S. 994 is a critical step in the effort to be responsive to calls for government transparency, by making consistent, reliable and searchable spending data available to taxpayers and policymakers alike.

It will simplify reporting requirements for entities receiving Federal funds, improve accessibility of data, and enable more effective tracking of federal spending throughout the government – all of which can result in better, more-informed financial decisions.”

About the AICPA

The American Institute of CPAs (AICPA) is the world’s largest member association representing the accounting profession, with more than 394,000 members in 128 countries and a 125-year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business valuation; and information technology. Through a joint venture with the Chartered Institute of Management Accountants (CIMA), it has established the Chartered Global Management Accountant (CGMA) designation to elevate management accounting globally.

The AICPA maintains offices in New York; Washington, DC; Durham, NC; and Ewing, NJ. Media representatives are invited to visit the AICPA Press Center at aicpa.org/press.

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