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Technology and Health & Life Sciences

AICPA-Supported Act Passes the House

With support from the American Institute of CPAs (“AICPA”), the U.S. House of Representatives unanimously passed the Digital Accountability and Transparency Act (“DATA Act”) on Monday. With its passing, the DATA Act creates the groundwork to publish federal spending information and places into law key elements of President Barack Obama’s Open Data Policy. The DATA Act also makes technology like Extensible Business Reporting Language and XBRL more available for financial reporting. “This is a good-government bill that will provide taxpayers and policy makers alike with more transparent access to information about how federal agencies spend taxpayer dollars. We are especially grateful to the House legislation’s sponsors,” remarked AICPA president and CEO Barry Melancon.

For the full story on the DATA Act, click here.