GALLINA LLP is an award winning full-service regional certified public accounting firm with locations throughout the Western United States. Founded in 1972, GALLINA has over 300 professionals and support staff who provide clients with quality service in a timely, responsive manner. Best known for expertise in construction and commercial real estate, GALLINA also specializes in […more]
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.
XBRL US announced the start of a 60-day public review of the Work in Process (WIP) Taxonomy, developed to evaluate how structured data can streamline surety underwriting data processing to reduce costs and increase timeliness and consistency. AIG, Travelers and Zurich Insurance join to sponsor the program, along with early entries GALLINA LLP, Liberty Mutual and the NASBP.
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]