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Draft Contractor Financials XBRL Taxonomy

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@davidtauriello davidtauriello released this 15 Nov 22:44

Release details

Get details and comment on this taxonomy

The XBRL US Surety Working Group has developed this draft 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 Surety Working Group, which is comprised of surety carriers, bond agents, and software companies, then further refined the data fields and definitions, and expanded on the initial set of standards.

Financial statement information must be collected and analyzed by bond agents and sureties during the surety underwriting process. The data is typically provided in PDF or spreadsheet format, which forces data users to manually rekey information into their financial systems before analysis can begin. The Contractor Financials Taxonomy contains approximately 420 concepts, many of which were drawn from the US GAAP Financial Reporting Taxonomy which is used today by over 6,000 public companies reporting financial statement data to the Securities and Exchange Commission.

The Contractor Financials Taxonomy is designed to be used in conjunction with the Work in Process (WIP) Taxonomy to help contractors provide machine-readable data to carriers. The WIP Taxonomy was also developed by the Surety Working Group.

Contractors, sureties, bond agents, software providers and other stakeholders are encouraged to review the data standards in the taxonomy and provide input on definitions and on elements that should be added. The release includes several sample XBRL-formatted financial documents prepared using the taxonomy. These instances are in the release archive linked below, as well as separate files.

See XBRL US and Authorized Use / Legal Notice for details on this initiative and use of the Contractor Financials Taxonomy.