AICPA Praises Senate for DATA Act Passage

The AICPA has commended the U.S. Senate for passage of The Digital Accountability and Transparency Act, which is aimed at improving access to federal financial information.

The legislation calls for the Department of the Treasury to establish common standards for financial data provided by all government agencies and to increase the amount of information that is included on to the government website, USASpending.

“Passage of S. 994 is a critical step in the effort to be responsive to calls for government transparency, by making consistent, reliable and searchable spending data available to taxpayers and policymakers alike,” said Barry Melancon, president and CEO of the AICPA, in a statement after the vote. He noted that the legislation has the potential to greatly improve how efficiently the federal government reports financial information.

“It will simplify reporting requirements for entities receiving federal funds, improve accessibility of data, and enable more effective tracking of federal spending throughout the government – all of which can result in better, more-informed financial decisions,” Melancon said.