NEW YORK, Oct. 3, 2011 /PRNewswire/ -- XBRL US, the nonprofit consortium for XBRL standards, today announced its strong support for the requirement that data standards be used in reporting by states on how they spend child welfare funds received from the Federal government. The requirement was included in H.R. 2883, the Children and Family Services Innovation and Improvement Act, which was signed by President Obama on Friday, September 30, 2011.
The data standardization provision in the Act amends the Social Security Act to require the Secretary of the Department of Health and Human Services to use common data elements and common data reporting standards to report on funds received from the Federal government for child welfare spending. The provision expressly requires the Secretary of the Department of Health and Human Services to "incorporate existing nonproprietary standards, such as the eXtensible Business Reporting Language."
"Data and technology standards are critical to ensuring accurate, timely and consistent reporting of information," said Campbell Pryde, President and CEO, XBRL US, "The application of XBRL as outlined in H.R. 2883 would significantly improve communication between the States and social services programs. We commend the President and the leaders in Congress responsible for this Act which help the Department of Health and Human Services administer its child welfare programs and better serve children who need help."
eXtensible Business Reporting Language (XBRL), referenced in the Act, is a technology standard used for business information reporting which is currently in use by all public companies listed in the U.S. for financial statement reporting to the U.S. Securities and Exchange Commission (SEC). To date, over 7,000 public companies have filed to the SEC in XBRL format with all other companies coming online by year-end 2011.
The legislation was introduced in the U.S. House of Representatives by Geoff Davis, a Republican from Kentucky, and Lloyd Doggett, a Democrat from Texas, who are the Chairman and Ranking member of the House Ways and Mean's Human Resources Subcommittee, on September 12, 2011. Companion legislation was introduced in the U.S. Senate by Finance Committee Chairman Max Baucus, a Democrat from Montana, Ranking member Orrin Hatch, a Republican from Utah, and Nelson Rockefeller, a Democrat from West Virginia. The legislation passed the House on September 21, 2011 and Senate on September 22, 2011.
The text of H.R. 2883 can be found here: http://thomas.loc.gov/home/gpoxmlc112/h2883_rds.xml
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 has developed a taxonomy for corporate actions. For more information, go to xbrl.us.
SOURCE XBRL US