XBRL US has announced the XBRL Challenge, a ntest that seeks to foster development of open source analytic tools. A $20,000 grand prize will be awarded to the mpany, team, or individual developer who submits the most inventive and useful application leveraging XBRL-formatted data from the SEC EDGAR database.

XBRL US will aept submissions through January 31, 2012, with final judging and awarding of prizes in February, 2012. To help with development, participants will be given tools and support from XBRL US, including aess to a database of XBRL financial fundamentals from all public mpanies and technical documentation on how to work with XBRL data. Entrants will also have aess to XBRL expertise through a series of in-person and webinar meetings to help in working with the XBRL data. llaboration between developers and end user mmunities will be enuraged.

“We want to foster the development of a wide variety of innovative applications that will show the power of XBRL tags to deliver insights that are currently locked away in financial filings in basic text or PDF format,” said John. D. Rogers, President and CEO, CFA Institute, a sponsor of the XBRL Challenge. “rporate data in XBRL format will clearly benefit investors, analysts, and a host of others by making more aurate, actionable data available in ways not even imagined today.”

Individuals or anizations can learn more and enter the XBRL Challenge on Facebook or by visiting XBRL US. Updates will be shared on Facebook and on Twitter using the hashtag #XBRLCHALLENGE.

Developers and other prospective ntestants may participate in a special briefing on August 3, 2011. Go to the XBRL Challenge page and click the link below Get Involved. All final submissions must be received by January 31, 2012.