The Federal Financial Data Transparency Act (FDTA) Proposed Rules and Continuing Disclosure Agreements That Impact States and Local Governments

The National Defense Authorization Act of 2023 was passed into law at the close of 2022 containing the Financial Data Transparency Act (FDTA). FDTA requires regulatory bodies to propose, adopt and enhance consistent and open data standards of disseminated information. Issuers of municipal bonds fall within the provisions of FDTA due to the Securities and Exchange Act of 1934, as amended. What is in FDTA? How may it impact your government? What about compliance upon implementation in 2027? All of these will be discussed during this two CPE session.

Topics Covered

• FDTA and continuing disclosure for debt issuing governments
• Compliance and the role of auditors and consultants

Learning Objectives

• Understand what is in the Federal Financial Data Transparency Act (FDTA)
• Understand the applicability of FDTA to state and local governments
• Review the proposed FDTA rules
• Review what is typically in continuing disclosure agreements

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (Governmental) (2 hours)

Program Prerequisites
Basic governmental finance relating to bonds and disclosure.

Advance Preparation
None