https://www.businesswire.com/news/home/20190411005879/en/

NEW YORK--(BUSINESS WIRE)--Apr 11, 2019--The XBRL US Surety Working Group, today announced the publication of a 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.

“We see a lot of variation in the financials prepared by contractors,” noted Kristen Sharpe, CPA, Credit Solutions Senior Product Manager at Crowe LLP, “XBRL standards for contractor financial statements will improve the consistency of data reported, and will also allow sureties, and bond agents to automate data collection and analysis.”