Donnelley Financial Solutions (NYSE: DFIN), a leading global risk and compliance company, and USAFacts, a nonpartisan comprehensive resource of government data, jointly released the first-ever iXBRL tagging of USAFacts’ full-length U.S. government 10-K. A case study on the project will frame discussions at the virtual, complimentary RegTech Data Week, April 2022, hosted by the Data Coalition and sponsored by DFIN.
DFIN and USAFacts say the iXBRL-tagged 10-K can serve as a blueprint for state and local governments to adopt structured data in reporting. Replicating this nonpartisan civic initiative would result in more accurate, accessible and useful government data for all stakeholders and citizens.
“The promise of governments widely adopting iXBRL ushers in greater transparency into state and federal funding, and an ability to more accurately assess the efficiency and efficacy of spending,” says Craig Clay, president of Global Capital Markets at DFIN, and Board Member of the Data Coalition and the Data Foundation. “One excellent way to promote new data standards is to develop pilots or case studies on early adopters as DFIN has done, leading the way for state and local governments reporting with USAFacts’ Government 10-K iXBRL.”
Clay adds that implementing high-quality structured data, specifically tagged in iXBRL, will allow data analytics, artificial intelligence and machine learning to enhance insights that drive innovation and ultimately yield benefits to society.
“Structured data will improve speed, reliability, and consistency, and make people’s lives easier when it comes to accessing data,” says Poppy MacDonald, president of USAFacts, and this year’s RegTech Data Week keynote speaker. “The decision to publish a 10-K for government starts with the belief that the more accessible we can make this information, the better.”
The USAFacts and DFIN case study includes processes, insights and helpful hints for state and local governments looking to adopt standardized data and technology. The case study is available here.
USAFacts’ US Governments 10-K, in its fourth year of publication, was created with the belief that U.S. citizens are the nation’s stakeholders and should benefit from the same level of rigor afforded shareholders of publicly traded companies. While publicly traded companies are legally required by the Securities and Exchange Commission to submit an annual Form 10-K, providing a comprehensive summary of performance, there is no similar mandate for in-depth analysis of our government. USAFacts creates the annual 10-K by pulling millions of data points from hundreds of government sources to provide an in-depth analysis of the nation. Adding iXBRL to this year’s edition furthers the mission of furthering transparency.
RegTech Data Week brings together leaders from the financial industry, regulatory agencies, and academia to discuss the benefits and uses of common entity identifiers, new pilot projects to advance the use of structured data in regulatory reporting, and other key considerations for adopting RegTech solutions in 2020 and beyond.
The virtual RegTech Data Week begins Monday, April 20, at noon, ET. Register to livestream the complimentary event here.
About Donnelley Financial Solutions (DFIN)
DFIN is a leading global risk and compliance solutions company. We provide domain expertise, enterprise software and data analytics for every stage of our clients’ business and investment lifecycles. Markets fluctuate, regulations evolve, technology advances, and through it all, DFIN delivers confidence with the right solutions in moments that matter. Learn about DFIN’s end-to-end risk and compliance solutions online at DFINsolutions.com or you can also follow us on Twitter @DFINSolutions or on LinkedIn.
USAFacts is a not-for-profit, nonpartisan civic initiative providing the most comprehensive and understandable single source of government data. USAFacts provides an online resource of well-visualized data and trends in US spending, revenue, demographics and policy outcomes – aimed at helping to ground our public debate in facts. It produces topical content throughout the year and has produced annual reports and 10-Ks on the nation. Follow us on Twitter, Facebook, and Instagram at @USAFacts, and sign up for the data-driven newsletter at www.usafacts.org.