Please review the below notice the Auditor of State's office wanted to share with CTAO regarding the new Financial Data Transparency Act (FDTA):
As you may know, Congress recently passed the Financial Data Transparency Act (FDTA) as a part of the 2023 National Defense Authorization Act. The FDTA is intended to improve data transparency through new standards that require financial information to be automated, searchable and machine-readable. Full implementation of the legislation may take up to four years.
The Auditor of State's office created this summary to provide an overview of what to expect as the law moves forward. Our office will also post additional guidance on our website (www.ohioauditor.gov) as it is released and a link to the bill's text is available in the summary that is linked here.
Please feel free to follow up with me if you have any questions.
Thank you for your time and have a great holiday!
Auditor Keith Faber