The DATA Act: It’s not just another unfunded mandate Joe Kull PwC AGA Shenandoah Chapter...
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Transcript of The DATA Act: It’s not just another unfunded mandate Joe Kull PwC AGA Shenandoah Chapter...
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The DATA Act:It’s not just another unfunded mandate
www.pwc.com
Joe Kull
PwC
AGA Shenandoah Chapter
September, 2014
![Page 2: The DATA Act: It’s not just another unfunded mandate Joe Kull PwC AGA Shenandoah Chapter September, 2014.](https://reader033.fdocuments.in/reader033/viewer/2022051618/56649c955503460f94952050/html5/thumbnails/2.jpg)
DATA ActDigital Accountability and Transparency Act
Requires the Department of the Treasury/OMB to:
– Create data standards – Direct agencies to use the data standards– All federal spending on the USAspending.govOutcomes:
– Spending data is standardized,machine readable– USAspending.gov will have detailed information– Available for export and analysis– Accessible and consumable to the public– Complete, accurate, searchable
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PwC
DATA Act timelineMay, ’15 - Issue data standards guidance
- Pilot program [standards, reporting, recipient compliance]
- Option to establish a data center
May ’16 - Pilot continues
May ‘17 - Pilot ends
- Financial information meets data standard
- OMB reports to Congress on data consolidation
- IGs report on agency’s compliance
May ’18 - GAO reports yo Congress
- USAspending conforms to data standards
- Standards apply to all contractor/grantee reporting
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PwC
Reporting EnvironmentArchitecting for unpredictability
4
THEN NOW
Focus Shareholder Stakeholder
Medium Paper Web
Format Standard Custom
Frequency Periodic [push] Real-time [pull]
Indicators Statements [processing] Metrics [analytics]
Data Emphasis
Historical Projected
Costing Historical Cost Value-based info
Validation Audit Accounts Assure Processes
Environment Consistent Dynamic
Compliance Standards Developed Standards Imposed
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Global Capital Markets and the Global Economy• In a world of mass customization, standard financial statements have
less meaning and relevance• need to verify process by which info is collected, sorted and reported • Harmonize standards: data, GAAP, audit• Change [reporting] toward the public release of more non financial
info, customized to user, accessed far more frequently
Digital Government: Building a 21st Century Platform to Better Serve • Objectives
– Access to high quality digital info anywhere, anytime, any device– Manage and procure ‘stuff’ in smart, secure, affordable way– Unlock power of gov’t data
• Principles– Information centric-open data and content which can be tagged, secured, and
shared in useful way – Shared platform-shift infrastructure mindset – Customer centric-customers shape, share and consume data– Security and privacy
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PwC
Data Centric Shifts the focus/culture
Application & System Centric
• Dependent on system Integrators, developers, architects
• Expensive interfaces and patches
• Change is risky and expensive
Standards & Data Centric
• Business rules are tied to data source
• Semantic ‘consensus’
• Open standards enable interoperability
• Changes made to taxonomy
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PwC
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PwC
So let’s ‘containerize’ data and transport it anywhere…..
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PwC
XBRL: standardizing data
• Structured data for quantitative or qualitative content
• ‘Structured’ data becomes interactive
- Electronic tags allow computer to retrieve data
• An XML dialect
• It’s a freely available, open data standard
• Define the information needed
Built on collaboration and consensus
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PwC
XBRL Regulatory Adoption – Publicly AnnouncedGovernment Agencies• Australian Tax Office• Committee of European Banking
Supervisors (CEBS)/COREP+ Chinese Securities Regulation
Commission (CSRC) {sponsoring Shenzen and Shanghai exchanges}
• Dutch Tax Authority• Dutch Water Authority• Spanish Stock Exchange Commission –
3000 companies• Statistics Dept of Ireland• Other
- Bank of Japan- Bundesbank- Eurostat- Financial Service Agency of Japan- The Irish Revenue
Commercial Financial Services & Others
+ Canadian Securities Regulators
+ KOSDAQ – Korea
+ Bank of Spain
+ National Bank of Belgium
+ National Tax Agency of Japan
+ New Zealand Exchange
+ U.S. Securities & Exchange Commission
+ Shanghai Stock Exchange
+ Shenzhen Exchange
+ Tokyo Stock Exchange
+ UK Companies House
+ UK Inland Revenue/HMRC
+ US Federal Financial InstitutionsExamination Council (includes FDIC)
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Envision a Federal ‘Googlement’
Free and open access Federal financial and programmatic information.
Put that information out as fast as possible
Make it easy to search, use, and exchange
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PricewaterhouseCoopers LLP1800 Tysons Boulevard McLean, VA 22102-4261T: (703) [email protected]
Joseph KullDirector
July 2012