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Surety providers review the contractor’s financial statements to identify risks and determine eligibility for surety bonds. Financial statements include a Work in Process (WIP) report that describes the financial performance and status of a contractor’s construction projects.
The XBRL data standard renders paper-based information computer-readable, reducing costs and delays. Bringing XBRL into the surety underwriting process will make the WIP report and supporting financials computer-readable with data that can be extracted automatically into the sureties financial system without rekeying. The XBRL data standard will not change the underwriting process or what data is used, it will simply change how the data needed for underwriting is conveyed.
These slides discuss how sureties can using a data mapping tool like MapForce to import XBRL instance documents based on the WIP taxonomy into their in-house database systems.
See also: https://xbrl.us/govt-industry/surety/public-review/