Description

The Financial Data Transparency Act (FDTA) marks a pivotal step towards greater accountability and efficiency in government finances. For state and local governments, this means a significant shift towards clearer reporting practices and enhanced accessibility of financial information. Joel Black, Chairman of the GASB, and Phil Marciano, Partner at Citrin Cooperman, discuss the FTDA and its implications for state and local governments. They address concerns from stakeholders, including the impact on financial reporting, the role of auditors, and the potential benefits of machine-readable financial information.

Target Audience

CPAs and other financial professionals seeking education on the topic.

Course Objectives

• Identify the objectives of the FDTA, its impact on the work of auditors and accountants

• Recognize the GASB•s interest in the FDTA and its role in development and implementation

• Distinguish the difference between a data standard and standard data as it applies to compliance with FDTA

Subjects

• Development of the governmental financial reporting taxonomy

• Similarities and differences from the FASB taxonomy

• Technological changes