DFIN and USAFacts to Present First-Ever Federal Spending 10-K Published in iXBRL at Data Coalition Virtual RegTech Summit

Donnelley Financial Solutions, 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.

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“The decision to publish a 10-K for government starts with the belief that the more accessible we can make this information, the better.”

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.

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“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.”

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