The XBRL US Surety Working Group has developed a draft release of the Contractor Financials Taxonomy, which contains data standards to capture income statement and balance sheet information about contractors. The taxonomy was created by starting with an initial set of data standards contributed by Crowe LLP, a public accounting, consulting, and technology firm. The […more]
DataTracks is a leading provider of XBRL tagging services. DataTracks offers Disclourse Management Solution, a cloud-based XBRL tagging solution, that helps companies prepare their regulatory filings for the SEC. DataTracks follows ‘Minds on, Hands off’ approach by providing Assisted Service. The solution also features multiple authors to collaborate from multiple locations on a single source […more]
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com.
SuretyWave digitally connects the world of surety by enabling seamless communication among and between obligees, principals and sureties. All forms of surety bonding are facilitated through SuretyWave’s SurePath Network SuretyWave is a revolutionary surety bond processing system that significantly reduces the cost of executing and managing surety bonds efficiently through automation of Administration, Processing and […more]
Marcum LLP successfully created a computer-readable WIP report to help contractor clients provide financial performance data to surety carriers that can be automatically extracted with no rekeying of data. Marcum created the report by performing a one-time mapping using a spreadsheet add-in that converted the WIP data into XBRL format. XBRL is an open data […more]
The Hartford demonstrates how a one-time investment in data standards can be used by brokers to streamline their own data processing; and by surety carriers to eliminate the need for manual data entry, improve the credit evaluation process and offer better service to contractor customers.
The gruesome (and grueling) days of painful re-keying of data may be coming to an end. Could data standards be the magic bullet? The National Association of Surety Bond Producers (NASBP) has been touting the value of financial data standards for several years now. Why data standards? Because they are a proven tool to eliminate […more]
Standards have been used to successfully automate the collection of data for surety underwriting which historically has been a highly manual process. XBRL was used to enable the consistent and accurate consumption of financial data from contractors into a surety’s financial database, helping to streamline contractor access to credit and increase underwriting efficiency.
Notice Authorized Uses of this Document Copyright © 2019 XBRL US, Inc. All Rights Reserved The Contractor Taxonomy may be used by the public, royalty-free and may be incorporated without change in other works that comment on, explain, or assist in the use or implementation of the XBRL US Contractor Taxonomy. To that end, this […more]
The Work-in-Process (WIP) report and other financials can be delivered in useable form directly from contractor to surety eliminating manual rekeying of data, improving timeliness and access to credit for contractors. Financial data standards can automate the process. Join this webinar to view demonstrations for creating and consuming XBRL-formatted WIP reports.