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XBRL US forms Working Group on Standards to Help Small Business

Press Release

XBRL US, the non-profit consortium dedicated to improving business reporting, announced the formation of the XBRL CET (Construction, Energy, Transportation) Working group.

The mission of the working group is to implement the XBRL data standard to reduce costs and streamline processing in financial data transaction within multiple industries.

The initial focus of the working group will be on surety bond processing for contractors, which today requires significant manual rekeying, favoring large contractors over small because of the lower return on small contractors projects. Transforming the process through the XBRL standard would make data immediately computer-readable, more timely and cheaper to manage, effectively creating a level playing field for large and small businesses.

The Digital Accountability and Transparency (DATA) Act, a bill signed into law on May 9, 2014, now mandates the use of structured data by government agencies for all program expenditures. The Act also calls for a study to determine if the contractors that work with federal agencies should also report in structured data format.

“With the DATA Act, every public agency, and the contractors that work with them, will need to develop a strategy for how they will comply by 2017, which creates a fork in the road,” said K. Dixon Wright, a surety executive who has been working with California State University Chico (CSU Chico) and the Associated General Contractors (AGC) to foster market collaboration and development of open standards for improving access to opportunities to small business.

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