Re: Sounds Like XBRL For Federal Govt
Doug, I agree, XBRL would be a smart way to go. The challenge, as one Treasury commissioner told me this week, is that agencies have been machine/system centric, not data centric. The DATA Act forces them:
1. To follow the lead of OMB and Treasury in reporting financial data;
2. Begin working toward agreed-upon financial reporting data standards;
3. Be responsive to collaborative input, from users in and outside of govt.
The challenge remains: Agencies have received no funding to accomplish this mandate. That means much of the executiion awaits system upgrades. But enforcing a default mindset to make data transparent is an important start.