The House passed two bills earlier this month with provisions related to the use of Extensible Business Reporting Language, or XBRL, the interactive data-tagging technology that the SEC has begun requiring large public mpanies to use when filing their financial statements.

H.R. 2392, the ernment Information Transparency Act, ntains provisions to simplify mandatory financial reports for mpanies receiving federal funds by having federal agencies llect the data in a uniform, searchable format using XBRL. H.R. 2392 calls on the White House to issue rules within 18 months that direct every agency to use the same financial data format, XBRL. The measure, which the House passed on Dec. 14, would require mpanies to file activity reports to agencies in XBRL and order agencies to ensure the public can view the standardized financial information.

H.R. 4173, the Wall Street Reform and nsumer Protection Act, the sweeping legislation reforming the financial regulatory system that the House passed Dec. 11, also enurages the use of XBRL. The bill makes it easier to scrutinize the mplex financial results of public mpanies provided to ernment regulators such as the SEC and banking regulators. The legislation states that financial market regulators must report to ngress for the next five years on how they are “enuraging the use and aeptance of interactive data” to increase transparency in financial reporting.