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.
Items tagged with "Surety"
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.
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]
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.
In order to provide comments that will be considered by XBRL US as part of the Public Review process for the Surety WIP Taxonomy, you must agree to terms and conditions for public comment. By completing the form below with valid name and email information and clicking “I agree to the terms for public review […more]
Notice Authorized Uses of this Document Copyright © 2016 XBRL US, Inc. All Rights Reserved The “Work in Process 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 Work in Process Taxonomy. […more]
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]