• Register
Return to: Home > News > Standards > US Congress adopts full disclosure of federal government spending

US Congress adopts full disclosure of federal government spending

The US House of Representatives has passed the Digital Accountability and Transparency Act (DATA Act) which will open and standardise the federal government's spending data.

The Data Act was approved by the US Senate earlier this month and now needs USA President Barack Obama's signature before it becomes law.

Under the new legislation federal officials, lawmakers and watchdogs will be able to to track particular types of spending from one agency to another.

The American Institute of Certified Public Accountants (AICPA) president and chief executive officer Barry Melancon said: "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."

The DATA Act comes as an improvement of the Federal Funding Accountability and Transparency Act passed in 2006 and sponsored by the then-senator Barack Obama.

The 2006 Act required full disclosure to the public of all entities or organisations receiving federal funds beginning in fiscal year 2007.

Under the DATA Act this disclosure will be done under consistent adopted standards across all level of the federal government.

The data Transparency Coalition (DTC), a trade association which supported the adoption of the new legislation, said in a statement that the Data Act will replace inaccessible documents with standardized, searchable data, freely accessible to all.

"The DATA Act will create better transparency for taxpayers and citizens; improve federal management by illuminating waste and fraud; and reduce compliance costs by automating the creation of reports by grantees and contractors," the DTC statement read.

Related links:

The Data Transparency Coalition

AICPA

The DATA Act

 

 

 

Top Content

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.