Transcript 9/18/14 The Data Act PowerPoint presented by speaker Joe Kull

www.pwc.com
The DATA Act:
It’s not just another
unfunded mandate
Joe Kull
PwC
AGA Shenandoah
Chapter
September, 2014
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 USAspending.gov
Outcomes:
– 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
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
PwC
Reporting Environment
Architecting for unpredictability
THEN
NOW
Shareholder
Stakeholder
Medium
Paper
Web
Format
Standard
Custom
Frequency
Periodic [push]
Real-time [pull]
Indicators
Statements [processing]
Metrics [analytics]
Historical
Projected
Costing
Historical Cost
Value-based info
Validation
Audit Accounts
Assure Processes
Consistent
Dynamic
Standards Developed
Standards Imposed
Focus
Data Emphasis
Environment
Compliance
PwC
4
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
Data Centric Shifts the focus/culture
Application & System Centric
Standards & Data Centric
• Dependent on system
Integrators, developers,
architects
• Business rules are tied to data
source
• Expensive interfaces and
patches
• Open standards enable
interoperability
• Change is risky and expensive
• Changes made to taxonomy
PwC
• Semantic ‘consensus’
PwC
So let’s ‘containerize’ data and transport it
anywhere…..
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
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
PwC
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)
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
PricewaterhouseCoopers LLP
1800 Tysons Boulevard
McLean, VA 22102-4261
T: (703) 918-1320
[email protected]
Joseph Kull
Director
PwC
July 2012
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