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The DATA Act: It’s not just another unfunded mandate Joe Kull PwC AGA Shenandoah Chapter September, 2014.

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Presentation on theme: "The DATA Act: It’s not just another unfunded mandate Joe Kull PwC AGA Shenandoah Chapter September, 2014."— Presentation transcript:

1 The DATA Act: It’s not just another unfunded mandate Joe Kull PwC AGA Shenandoah Chapter September, 2014

2 DATA Act Digital 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 Outcomes: –Spending data is standardized,machine readable – will have detailed information –Available for export and analysis –Accessible and consumable to the public –Complete, accurate, searchable

3 PwC DATA Act timeline May, ’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

4 PwC Reporting Environment Architecting 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 DevelopedStandards Imposed

5 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 21 st 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

6 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

7 PwC

8 So let’s ‘containerize’ data and transport it anywhere…..

9 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

10 PwC XBRL Regulatory Adoption – Publicly Announced Government 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 Institutions Examination Council (includes FDIC)

11 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

12 PwC 12 PricewaterhouseCoopers LLP 1800 Tysons Boulevard McLean, VA 22102-4261 T: (703) 918-1320 Joseph Kull Director July 2012

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