Data exchange standards for reporting
(A) Designation
(A)Designation#
The Secretary, in consultation with an interagency work group established by the Office of Management and Budget, and considering State and tribal perspectives, shall, by rule, designate data exchange standards to govern the data reporting required under this part.
(B)Requirements#
The data exchange standards required by subparagraph (A) shall, to the extent practicable—
(i) incorporate a widely-accepted, nonproprietary, searchable, computer-readable format;
(ii) be consistent with and implement applicable accounting principles; and
(iii) be capable of being continually upgraded as necessary.
(B)(i)#
incorporate a widely-accepted, nonproprietary, searchable, computer-readable format;
(B)(ii)#
be consistent with and implement applicable accounting principles; and
(B)(iii)#
be capable of being continually upgraded as necessary.
(C)Incorporation of nonproprietary standards#
In designating reporting standards under this paragraph, the Secretary shall, to the extent practicable, incorporate existing nonproprietary standards, such as the eXtensible Markup Language.