How will the Financial Data Transparency Act (FDTA) reshape municipal financial reporting in the US? The FDTA will require electronic reporting and machine-readable tagging (likely in XBRL) of state and local government financial data, boosting the ability of users — especially lenders — to undertake analysis and comparison.
A recent article on Cities Today examines how local governments in the US can maximise federal funding by using (machine-readable) data. With the US government investing significantly in municipal infrastructure, local governments are leveraging data to understand their needs, and to make smarter decisions about how to spend funding.
We are pleased to report that this week the US Senate passed the provisions of the Financial Data Transparency Act (FDTA), as part of the Fiscal Year 2023 National Defense Authorization Act (NDAA), marking a significant milestone in transparency and data utility for the US.
On 24 May 2022, the Financial Data Transparency Act (FDTA) was introduced in the US Senate. It has undergone a slight name change, having been previously known as the Financial Transparency Act, since passing the House of Representatives in November last year.
Join our Newsletter mailing list to
stay plugged in to the latest
information about XBRL around the world.
By clicking submit you agree to the XBRL International privacy policy which can be found at xbrl.org/privacy
XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
