The Open Contracting Partnership is working on a set of data standards for information on public procurement. OCP explains the need for standards as:
Governments around the world spend an estimated US $9.5 trillion every year through contracts. Yet in most countries, information about these contracts is unavailable for public scrutiny, rendering the contracting process vulnerable to corruption and mismanagement. This project aims to enhance and promote disclosure and participation in public contracting by creating a simple, machine-readable and easy-to-understand open data standard.
The draft document on the data standards for procurement is available for public comments and comments will be reviewed after Sept 30, 2014. Further information on the topic can be found in their data standards website: standards.opencontracting.org