Curious about the Financial Data Transparency Act (FDTA) and its impact on financial disclosures? This session cut through the complexity, offering a practical look at how the FDTA is reshaping reporting standards for public sector organizations. Key takeaways included:
- The FDTA requires entities filing with MSRB’s EMMA to use structured, machine-readable and open data standards for financial disclosures.
- No new reporting requirements—just a new format to improve transparency, comparability and accessibility.
- Mandated use of open identifiers like LEI and ISO codes; proprietary codes such as CUSIP are excluded.
- Implementation timelines and compliance rules are still pending—monitor developments but hold off on major investments.
- Industry reactions include concerns about costs and operational burdens, the need for sector-specific taxonomy, and recognition of the benefits of standardized, digital reporting.
Watch the recording to discover how these changes could affect your organization and how to prepare for what’s next.
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