XBRL US backs NSBP’s call for digital WIP reporting
XBRL US has shared its support for a recent article by the National Association of Surety Bond Producers (NASBP) that explores how Work-in-Progress (WIP) reporting is being modernised across the surety industry. The feature outlines how the XBRL US Surety Working Group is developing a shared WIP taxonomy to help contractors, insurers and underwriters exchange project data in a consistent, digital format.
For many in the industry, the process of compiling and transferring WIP data still involves endless spreadsheets and PDF attachments. The new approach uses structured, machine-readable data, allowing information to flow directly between systems. The change promises fewer manual steps, cleaner data and faster reviews. One pilot programme already lets contractors submit WIP data straight to the Small Business Administration with a single upload.
Michelle Savage of XBRL US explained that the goal is to make financial and project data easier to share, not harder. When information is structured and standardised, it can be checked, compared and trusted at every stage. “Computers don’t do synonyms,” one participant remarked, summing up the need for consistency.
This work shows how open data standards can remove friction across an entire sector. By making reporting digital, transparent and reusable, the surety community is taking a practical step toward higher-quality information and better decisions.
Read the XBRL comment here.
