In a continued effort to educate on the development of XBRL technology in industries such as financial services (and beyond), Merrill Corporation will share articles and columns published on the topic.
This week, the Institute of Management Accountants (IMA(R)) has distributed a press release showing their support for the use of XBRL in creating government transparency and efficiency through the Digital Accountability And Transparency Act (DATA Act). IMA(R) believes that XBRL will lend efficiency and accuracy to the government’s financial reporting. Part of this support is based in the Child and Family Services Improvement and Innovation Act, which requires states to report spending for child welfare to the federal level.
This Market Watch article includes part of IMA(R)’s statement, which they attribute to the Hon. Kim Wallin:
By requiring the Secretary of the Department of Health and Human Services to consider XBRL, the federal government is getting the tools it needs to deliver better data -- which will help the Department better administer its child welfare programs and ultimately help states better serve children…We need to know who is and isn't receiving federal aid to more effectively help our children in greatest need. I think it's fitting that the first U.S. law mandating XBRL is helping our government better meet the needs of our most vulnerable children.
We are always excited to see XBRL branch off into larger use, and an application as noble as improving children’s well being is even more cause for celebration. XBRL has proven to be an effective tool in nearly every industry it has been applied to, and we see no reason for it to fall short here.
Merrill Corporation is proud to offer XBRL Complete, a suite of services that meets - and has options to exceed – the mandated requirements for XBRL for mutual funds. For more information, please click here or call 866-367-9110.
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