XBRL US staff is holding a webinar to help government agencies comply with the Financial Data Transparency Act (FDTA) requirement that financials be prepared in machine-readable format. The session is designed to clarify for government issuers the purpose for the legislation and its effect on government entities. The one-hour webinar will take place on Tuesday, January 24, 2023, and will begin at 3:00 p.m. ET. The event is free and open to the public, but registration is required. {expires: 2023-01-25}
In December 2022, Congress passed legislation requiring the SEC to adopt data standards related to municipal securities. The FDTA aims to enhance transparency in government financial reporting while mitigating disruptive changes and requiring no new disclosures. XBRL US, in conjunction with the University of Michigan’s Center for Local State and Urban Policy (CLOSUP), has developed open, nonproprietary financial data standards that represent government financial reporting which could be used to support the FDTA.
The session will feature discussions on the following topics:
- ways governments benefit from access to timely, consistent, easily accessible data as well as efficacy through automation
- how governments may prepare their own machine-readable financial statements
- options available for entities to comply with the new requirements
For further details, including instructions on registration and how to join the conference, visit the event’s webpage on xbrl.us.
Sources:
Government Financial Reporting – Data Standards and the Financial Data Transparency Act (xbrl.us)
