; (B) interoperable standards developed and maintained by intergovernmental partnerships, such as the National Information Exchange Model; and (C) interoperable standards developed and maintained by Federal entities with authority over contracting and financial assistance. (b) Data exchange standards for Federal reporting (1) Designation The head of the department or agency responsible for administering a program referred to in subsection (a)(1) shall, in consultation with an interagency work group established by the Office of Management and Budget, and considering State government perspectives, designate data exchange standards to govern Federal reporting and exchange requirements under applicable Federal law. (2) Requirements The data exchange reporting standards required by paragraph (1) shall, to the extent practicable— (A) incorporate a widely accepted, non-proprietary, searchable, computer-readable format; (B) be consistent with and implement applicable accounting principles; (C) be implemented in a manner that is cost-effective and improves program efficiency and effectiveness