XBRL.US also
has useful tools and resources. It states that: “XBRL, eXtensible Business
Reporting Language, is a royalty-free, international information format
designed specifically for business information, also referred to as
‘interactive data’ by the SEC. The idea behind XBRL is simple: instead of
treating business information as a block of text – as in a printed paper
document or a standard Internet page – it provides a unique, electronically
readable tag for each individual disclosure item within business reports.”
A recent article at AICPA Insights online notes that the “US Congress
is Keen on XBRL” and has introduced H.R. 3339, the Standard
Data and Technology Advancement Act, or the “Standard DATA Act.” The bill
aims to establish consistent requirements for the electronic content and format
of data used in the administration of key human services programs.
Specifically, it calls for the incorporation of existing nonproprietary
standards, such as XBRL. If enacted, this bill would improve the collection and
dissemination process for the federal government by standardizing data and
eliminating time-consuming and error-prone manual processes.
Another bill entitled the Digital
Accountability and Transparency Act, or “DATA Act,” H.R. 2146/S.1222 is
also under consideration in Congress. The DATA Act calls for the use of
consistent government-wide data standards for all federal spending. This bill
also calls for the use of a nonproprietary data reporting standard, such as
XBRL. The DATA Act is currently awaiting debate and a vote on the House floor.
