Rivet Software Testifies in Support of Chairman Issa’s Spending Transparency Bill

June 15, 2011

Tools

CEO of Rivet Software, Patrick Quinlan, gives testimony on how XBRL will help create transparency in federal spending

DENVER--(BUSINESS WIRE)-- Yesterday Patrick Quinlan, CEO of Rivet Software, testified before the Committee on Oversight and Government Reform. The hearing, “Achieving Transparency and Accountability in Federal Spending,” was held at the Rayburn House Office Building in Washington D.C. and is a follow up to the hearing held in March titled, “Transparency through Technology: Evaluating Federal Open-Government Initiatives.”

Rep. Darrell Issa, R-Calif., Chairman of the House Committee on Oversight and Government Reform, introduced the Digital Accountability and Transparency Act, or DATA Act. When passed, the DATA Act will create an independent body to track federal spending, including grants, contracts, loans and agencies’ internal expenses. Not only will the information be available for public viewing, but also the DATA Act will solve the issues of duplication and redundancy across federal reporting platforms.

“Americans have the right to know what their government is doing with their money,” said Issa. “Incompatible technologies, inaccurate data, and a lack of common standards impede transparency. The Digital Accountability and Transparency Act will revolutionize the accessibility of government information.”

Quinlan testified that XBRL, eXtensible Business Reporting Language, is the best data standard to help create true transparency for federal spending. XBRL is a nonproprietary, open data standard used by at least 44 countries. It is similar to a barcode and makes data contained within online documents machine readable and instantly available for research. Its accuracy and ability to tag financial information for analysis has made it the new global standard in financial reporting.

“XBRL is to numbers what HTML does for searching words on the Internet. XBRL is a standard which will enable federal contractors and federal agencies to make better, faster decisions,” said Quinlan in his testimony. “With access to accurate data, entrepreneurs will create tools with uses we cannot even imagine today. By adopting XBRL as the new data standard, we will create a new, self-funded industry and thousands of high-tech jobs.”

To arrange for an interview, contact Heather Carmichael, 512-585-9508 or heather.carmichael@rivetsoftware.com.

About Rivet Software

Founded in 2002 and headquartered in Denver, Rivet Software is at the forefront of standards-based business reporting and analytics. Rivet empowers companies with control over the collection, analysis, and dissemination of their internal and external financial information to help advance the transformation of business communication worldwide. This privately-owned technology company works with more Fortune 500 companies than any other XBRL vendor and emerged from Q4 of 2010 as the XBRL vendor of choice for companies in search of a cost-effective, reliable solution for SEC reporting compliance. Rivet is a member of the Colorado’s Technology Association, CSIA, and a current finalist for the prestigious Red Herring 100 Award. RivetSoftware.com