Updates

Posted Wednesday, September 21, 2022

Faster, Easier Process for Contractors (& their Bond Agents) with SBA Surety Guarantees

The National Association of Surety Bond Producers (NASBP) posted a new blog, featuring XBRL US CEO Campbell Pryde on how the Small Business Administration (SBA) has modernized their process for collecting contractor data needed for the SBA Surety Guarantee Program by leveraging XBRL. Read the post.  Listen to a “Let’s Get Surety” podcast about the […more]

Posted Wednesday, August 24, 2022

SBA Adopts XBRL for Surety Bond Guarantee Programs for Small Businesses

Administrator Isabella Guzman who leads the Small Business Administration (SBA),  announced changes to streamline the process for small businesses to submit Work-in-Process information used in the SBA Surety Bond Guarantee program by leveraging machine-readable data standards (XBRL). The SBA Surety Bond Guarantee program backs surety bonds for small businesses wishing to submit qualified bids in […more]

Posted Tuesday, May 11, 2021

2021 Surety Work in Process Taxonomy

The 2021 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.

Posted Thursday, June 20, 2019

Standards to improve surety bond claims processing

David Hartman, Director, Analytics, IFIC Surety, and Michelle Savage, VP Communication, XBRL US

When a project is bonded, the surety must be prepared to answer the call in the event subcontractors or vendors are not paid or project performance is not up to snuff. Data standards can ease that process for the principal, the obligee, and the surety.

Posted Thursday, April 11, 2019

Contractor Financials Taxonomy, Demonstration Release

The XBRL US Surety Working Group has developed the initial 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]

Posted Thursday, April 11, 2019

Contractor Financials Taxonomy Legal Notice

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]

Posted Monday, February 25, 2019

Spreadsheet Converter

This tool will allow you to convert an Excel spreadsheet into an XBRL instance document, and is consistent with the WIP template format used by the Small Business Administration (SBA)  for the SBA Surety Guarantee Program (Read the SBA Notice to Prior Approval Surety Partners and the SBA Announcement). The NASBP WIP Spreadsheet is part of […more]

Posted Wednesday, October 31, 2018

NASBP Pipeline Article: Is Manual Data Entry Dead?

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]

Posted Tuesday, October 23, 2018

SEC Commissioner Kara Stein Speech on “Improving Information for Investors in the Digital Age”

SEC Commissioner Kara Stein gave an address to the Council of Institutional Investors named “Improving Information for Investors in the Digital Age”. Here are some notable quotes from the Commissioner: …Just a few weeks ago, a group of institutional investors, asset managers, state treasurers, and others petitioned the SEC. They asked the Commission to require […more]

Posted Thursday, October 18, 2018

SEC Launches FinHub for Innovation and Financial Technology

SEC Launches Strategic Hub for Innovation and Financial Technology (FinHub). The FinHub will serve as a resource for public engagement on the SEC’s FinTech-related issues and initiatives, such as distributed ledger technology (including digital assets), automated investment advice, digital marketplace financing, and artificial intelligence/machine learning. FinHub activities include: 1) Provide a portal for industry and the public […more]