Dive Deep Into the Practicalities of Implementing Data Standards Under the FDTA
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June 2, 2023 Following the passage of the US’s Financial Data Transparency Act (FDTA) late last year, there has been some debate on the best way to implement the requirements of the act. XBRL US recently published a white paper offering an analysis of the existing state of data management amongst agencies affected by the FDTA and a roadmap to meet the Act’s goals. Unlocking the potential of robust data standards is a key priority of the FDTA. Data standards offer a transformative solution, enabling economies of scale, reducing reporting costs, and ensuring high-quality, actionable data for regulators, policymakers, investors, and researchers. The significance of data standards lies in their ability to eliminate ambiguity and enhance data reliability. By making information simpler to communicate and move, these standards streamline processes, and drive efficiencies. Currently, FDTA agencies are challenged by diverse data collections from reporting entities using different formats such as PDF, text, HTML, custom XML, and XBRL. The lack of standardised disclosure requirements limits access to machine-readable, interoperable data, hindering effective analysis of data. To find out more details please visit : https://www.xbrl.org/ |