XBRL US has attracted four entrants in the first week of its competition that carries a $20,000 prize for the most useful and inventive application utilising XBRL data.
The industry body would not reveal details about the submissions but did say two entries come from within the US and two from outside.
By setting up the competition, XBRL US and its partners hope to boost interest in the development of applications that make the most of tagged data.
‘We think that there’s so much more opportunity and the fact that we’re making this open source is really to spark innovation and ideas about how XBRL can be used,’ says says Michelle Savage, vice president of communication at XBRL US.
XBRL allows you to do analysis you couldn’t really do before because XBRL data is real-time and much more accessible, she adds.
Following a June deadline this year, all public companies in the US must now file data in XBRL form.
To demonstrate how tagged data can be used, XBRL US has developed an application allowing users to extract revenue and assets for companies filing in XBRL.