; (2) be nonproprietary; (3) incorporate standards developed and maintained by voluntary consensus standards bodies; (4) be consistent with and implement applicable accounting and reporting principles; and (5) incorporate the data standards established under the Federal Funding Accountability and Transparency Act of 2006 ( 31 U.S.C. 6101 note). (d) Consultation In establishing the data standards under subsection (a), the Secretary and the Director shall consult with, as appropriate— (1) the Secretary of the Treasury to ensure that the data standards established under subsection (a) incorporate the data standards established under the Federal Funding Accountability and Transparency Act of 2006 ( 31 U.S.C. 6101 note); (2) the head of each agency that issues Federal awards; (3) recipients of Federal awards and organizations representing recipients of Federal awards; (4) private sector experts; (5) members of the public, including privacy experts, privacy advocates, and industry stakeholders; and (6) State and local governments. 6403. Guidance applying data standards for grant reporting (a) In general Not later than 2 years after the date of enactment of this chapter— (1) the Secretary and the Director shall issue guidance to all agencies directing the agencies to apply the data standards established under section 6402(a) to all applicable reporting by recipients of Federal grants and cooperative agreement awards; and (2) the Director shall prescribe guidance applying the data standards established under section 6402(a) to audit-related information reported under chapter 75 of this title. (b) Guidance The guidance issued under this section shall— (1) to the extent reasonable and practicable— (A) minimize the disruption to existing reporting practices for agencies and for recipients of Federal grant and cooperative agreement awards; and (B) explore opportunities to implement modern technologies in Federal award reporting