The WIP Working Group is responsible for standardizing data in Work-in-Process reports and promoting the use of these standards for data collection in the surety underwriting process.
Crowe LLP is one of the largest public accounting, consulting, and technology firms in the U.S. Connecting deep construction industry accounting and tax expertise and specialized knowledge with innovative technology, our dedicated professionals create value for our clients with integrity and objectivity. As part of our initiative to help automate the construction industry’s information flow […more]
The Small Business Administration’s Surety Guarantee Program is now able to ingest XBRL-formatted Work-in-Process Reports, eliminating manual data entry for bond agents and contractors.
The XBRL US Surety Working Group, today announced the publication of a draft release of the Contractor Financials Taxonomy, which contains data standards to capture income statement and balance sheet information about contractors.
Surety providers review the contractor’s financial statements to identify risks and determine eligibility for surety bonds. Financial statements include a Work in Process (WIP) report that describes the financial performance and status of a contractor’s construction projects. Today’s surety underwriting process is highly manual and therefore, labor-intensive, time-consuming and costly. Working Group Members Using Data […more]