The Financial Data Transparency Act (FDTA) marks a pivotal step towards greater accountability and efficiency in government finances. For state and local governments, this means a significant shift towards clearer reporting practices and enhanced accessibility of financial information. Joel Black, Chairman of the GASB, and Phil Marciano, Partner at Citrin Cooperman, discuss the FTDA and its implications for state and local governments. They address concerns from stakeholders, including the impact on financial reporting, the role of auditors, and the potential benefits of machine-readable financial information.