The Office of Management and Budget and the Treasury Department have released data standards that will help facilitate the conversion of the U.S. government’s spending data into searchable information as part of the implementation of the Digital Accountability and Transparency Act of 2014, the Data Transparency Coalition reported May 10.
The agencies announced 57 data elements that are classified into several categories, including awardee and recipient entity data, award amount information and funding entity data.
Thirty of the 50 federal spending data elements are still subject to public comment, including the use of a unique identifier code that recognizes contractors and grantees that are recipients of federal funding, according to the report.
Hollister noted that OMB also released guidance for federal agencies to adopt the data standards and fully comply with the DATA Act by May 8, 2017.
The guidance calls for government institutions to submit financial reports to the Treasury using the law’s data elements and schema and assign unique identification numbers to monitor contracts and grants, among others, according to the publication.