Industry group XBRL US has launched a Facebook competition, offering $20,000 to the person or group that comes up with the best open source analytical application for investors that uses the format.
XBRL (eXtensible Business Reporting Language) is a technology standard established in 1998 for business information reporting using XML data tabs.
Over 1770 companies have already filed XBRL-formatted financial statements to the SEC and with it now mandated, by the end of the year all public companies will be doing so.
XBRL US says that while there are several XBRL-enabled tools already out there - such as Edgar Online's iMetrix and Rivet Software's Crossfire - it wants to encourage new players.
The group has set up an XBRL Challenge Facebook page where participants can register and get access to tools, technical information and a network of developers and experts.
The page suggests tools that extract data for multi-company comparison via desktop applications or that creates real-time valuation measures and delivery to mobile devices as possible options.
The winner will be picked in February by a panel of judges from Google Finance, GIV Venture Partners, Pipeline Trading LLP, Viano Capital and Wharton Research Data Services.