Altova®, the creator of XMLSpy®, MapForce®, and other leading XML, SQL, and UML tools, is the choice of over 4.8 million clients worldwide. The company is committed to providing its customers with easy-to-use tools for data management, software and application development, mobile development, and data integration. Altova has extended the reach of its XML development tools […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.
The guide is intended to be used by preparers of financial statements familiar with the WIP Report format. The guide covers the basics required to allow a preparer to create a WIP report in an XBRL format. It is not intended as a guide to the XBRL specification. Software providers looking to incorporate modules into […more]
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 2016 XBRL WIP Taxonomy (Taxonomy) contains concepts for Contractors to prepare Work in Process reports to submit to Surety insurance companies. We encourage all interested parties to review and provide feedback.
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.
The Altova Work in Process (WIP) XBRL add-in for Excel makes it easy for contractors to submit WIP reports to sureties in a valid XBRL format – simply by entering the information into a spreadsheet in Excel. Learn more.
Data standards in surety underwriting will improve efficiencies, accuracy and timeliness The Surety Working Group formed under XBRL US announced today the completion of the Proposed Recommendation of the Work-in-Process Taxonomy, a digital dictionary of terms to describe reported values for costs, revenues and gross profit used to identify risks and determine eligibility for surety […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.