; (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 core standard data elements 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 incorporate the data standards created 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) software providers seeking to build tools that automatically compile and submit grant-related reports and organizations representing such software providers; and (5) members of the public, including privacy experts and privacy advocates. 6403. Guidance applying standard data elements for grant reporting (a) In general Not later than 2 years after the date of the 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 to all applicable reporting by recipients of Federal grant and cooperative agreement awards; and (2) the Director shall prescribe guidance applying the data standards to audit-related information reported under chapter 75. (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 within Federal award reporting