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.
Both blockchain and AI have been suggested as technologies that should be considered instead of the XBRL data standard. But what are they, really? Can a technology replace a standard? Or is XBRL complementary to AI and blockchain?
Campbell Pryde, President and CEO, XBRL US
Conducting simple queries, like identifying the filings that contain the most reported facts, used to be extremely time-consuming and labor-intensive to perform. Today, the availability of structured, machine-readable (XBRL) data and the XBRL API makes getting answers – using simple or complex queries – EASY.
Preparing a perfect turkey is critical for a successful Thanksgiving. Preparing quarterly financial statements is another activity where “getting it right” is critical. The risk of mistakes has significant downsides, ranging from SEC sanction to negatively affecting your company stock price.
State CAFRs and Annual Financial Reports in standardized, computer-readable format will improve the ability to collect, aggregate, and analyze data, giving investors and policymakers the ability to make more timely, better decisions, while reducing the cost of data collection and analysis.