Maryland Association of CPAs Launches Center for Transparency, Performance Management, and Accountability using XBRL & Structured Financial Data
The Maryland Association of Certified Public Accountants (MACPA) – The MACPA, representing its 9,000 members today launched its Center for Transparency, Performance Management, and Accountability using XBRL (TPMAx). The Center is designed as a collaborative community that will explore uses of structured financial data to help governments, businesses, not-for-profits, and standard setters decrease internal reporting costs and compliance burden, increase efficiency and transparency, and ultimately lead to better accountability and performance management.
Towson, MD (PRWEB) June 25, 2012
The Center will provide a central place to gather best practices, share learning and help support these innovative applications of standardized financial data. Structured financial data is already being used successfully to increase transparency and reduce costs at the SEC, FDIC, Oregon, Nevada and by governments around the world. The Maryland Association of CPAs has pioneered its own application of XBRL internally and is now working with the Financial Accounting Standards Board (FASB) on an XBRL taxonomy for Not-for-Profits. The MACPA also provided its case study to Chairman Issa and Congress in support of the DATA Act.
The Center for Transparency, Performance Management and Accountability recently held its first collaboration session and identified the top five ways XBRL and structured financial data could have the biggest impact:
1) Meeting the needs of Financial Information users (SEC, FDIC)
2) Open Government reporting like the federal DATA Act, Healthcare, and government spending data for citizens
3) Standardized Business Reporting to Federal & State Governments to reduce compliance and reporting burdens
4) Performance Management, KPIs and transparent internal business reporting
5) Increase transparency and accountability in the Capital markets and the SEC Mandate
These priorities will be explored in a special two-hour XBRL Thought Leader Symposium on Tuesday, June 26, 2012 from 3:00 – 5:00pm (EST) where a group of global experts will present updates on all of the key areas where XBRL and structured data are making a difference in areas like government reporting, healthcare, financial accounting standards, and innovative performance management applications. We are pleased to announce our inaugural sponsor, Altova (http://www.altova.com)
Then on June 27th, Innovative uses of XBRL will be presented as part of MACPA’s Innovation Summit at Martin’s West featuring the following sessions:
- Open Government: Transparency & Accountability in Federal & State Government – W. David Stephenson moderating panel with Hudson Hollister of the Data Transparency Coalition & MD Senator Bill Ferguson
- Healthcare Data – What You Need to Know – Jim St. Clair of HIMSS (Healthcare & Information Systems Society)
- Transparency & Financial Reporting: The View from FASB – Louis Matherne of FASB
- Performance Management for Government, NFPs & Small Business – Skip Falatko, Thomas Hood, Bill Bunch
- Worldwide Developments in XBRL, XBRL GL & SBR – Eric E. Cohen – PWC & Gianluca Garbellotto – IPHIX
MACPA’s Director of Finance, Skip Falatko, CPA, CGMA, who led MACPA’s application of XBRL, said, “standardizing our data with XBRL allowed us to re-think our data stores and re-deploy technology to liberate data in a way that makes it more accessible, transparent, and much, much more powerful to analyze in an almost real-time way. This allows our team to be able to make informed, data-driven decisions in a real-time way. Structuring the data and giving it context via machine-readable “tags”, it can be accessed in a whole new way that allows us to tap the “wisdom of the crowd.
W. David Stephenson (author of Data Dynamite: How liberating information will transform our world) said, “MACPA is a global pioneer in an innovative reporting system that is ideally matched to today’s challenges facing business, governments and not-for-profits.”
The MACPA is a member of XBRL US and the Data Transparency Coalition and has had its case studies featured in the Journal of Accountancy, June, 2012 edition and the upcoming edition of International Business Reporting Magazine. The most recent case study can be found on Altova’s website (http://cpa.tc/xbrl)
About the Maryland Association of CPAs:
The MACPA exists to help CPAs connect with each other in strategic ways, to be the organization to protect our members’ interests, and to help them achieve greater success. We provide the resources and services that CPAs need to excel in their profession. Since 1901, the MACPA has been a national leader as a premier professional organization in the CPA Profession. Tom Hood, our CEO, was recently named as one of the Top 25 Thought Leaders in Public Accounting by CPA Practice Advisor and a one of the Top 100 Most Influential People in the CPA Profession by Accounting Today Magazine (seventh time in 2011). We’re honored that the Baltimore Business Journal and Washington Business Journal have named the MACPA as one of the top 5 largest networking organizations in Baltimore and D.C. for each of the past five years.
About the federal DATA Act: Introduced last year by Rep. Darrell Issa (R-CA) and Sen. Mark Warner (D-VA), the DATA Act will open federal spending information to the public by establishing a single public platform for reports by grantees, contractors, and agencies. The bill also mandates the consistent use of government-wide identifier codes and markup languages, such as XBRL, to make the data easily searchable.
About XBRL US : XBRL US is the non-profit consortium for XBRL business reporting standards in the U.S. and it represents the business information supply chain. Its mission is to support the implementation of XBRL business reporting standards through the development of taxonomies for use by U.S. public and private sectors, with a goal of interoperability between sectors, and by promoting XBRL adoption through marketplace collaboration. XBRL US has developed taxonomies for U.S. GAAP, credit rating and mutual fund reporting under contract with the U.S. Securities and Exchange Commission and is developing a taxonomy for corporate actions. For more information, go to xbrl.us.
For the original version on PRWeb visit: http://www.prweb.com/releases/prwebMACPA/XBRL/prweb9635918.htm