XBRL U.S. has created a competition to encourage the development of better tools that work with the Extensible Business Reporting Language (XBRL) standard for financial reporting.
The government requires U.S. companies to submit financial data in the XBRL format to make it easier for investors to search through and analyze the information, but investors have not shown much interest in viewing the data. There is a lack of viable tools for reviewing files, Financial Executives International said in a letter to the U.S. Securities and Exchange Commission earlier in this year.
XBRL U.S. is offering a $20,000 cash prize, and participants will be able to use any open source licensing model. Participants have until Jan. 31, 2012, to submit their open source software tools, and XBRL U.S. will link to them rather than host the entries. XBRL U.S. says the focus on open source tools is not an endorsement of that model over vendors' proprietary products. "We just wanted to open the door as much as possible," says XBRL U.S.'s Michelle Savage.
From IDG News Service
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