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Changes in financial data, e.g., debt coverage ratios or loan to value ratios, trigger the execution of loan covenants in the contract. If data standards are used, smart contracts can automatically update the blockchain with payable and receivable information. No human intervention is required.
Standard Business Reporting (SBR) is an essential strategy for governments looking to reduce spending and improve access to information.
Need the 411 on what makes for a rock-solid financial data standard? We’ve developed an easy to follow piece to help you evaluate what’s involved, so you can be sure your efforts will yield data that is comprehensive, comparable, interoperable and effective.
Separate agency-by-agency data requirements have consequences for everyone. Cut government spending. Reduce business burden. Adopt XBRL.
The clock is ticking toward modernization as sureties embrace the Work in Process Taxonomy to save thousands of hours of data entry, while improving their own analysis and giving contractors faster access to credit.
How much time is spent manually entering data into your surety system? What if that same data could be automatically extracted and analyzed within seconds of receiving it? There is a better way!.
Auditors evaluate the reasonableness of client projections such as future revenue growth, profitability and capital expenditure requirements. To evaluate the reasonableness of these projections, BDO USA, LLP often looks at data from similar companies within the same industry. XBRL allowed them to perform a more robust analysis with more companies over a significantly shorter time period.
Research analysts at Accounting Observer saved 72 hours off data collection time when analyzing unremitted foreign earnings for Fortune 500 companies, compared to their process using traditional datasets.
Student-run investment fund at California State University – Northridge gained access to affordable, more timely data through XBRL. Professor Mike Phillips noted “By using XBRL data, students added 100 basis points per year to the returns on their portfolio.”
Global investment research and investment management firm Morningstar has been able to reduce processing time by 90% versus processing HTML and PDF processing, which can take 20 – 30 minutes per filing.
Research Analysts || Third-party Data Providers || Auditors || Students to name a few … it’s probably time you got involved, too.