NEW YORK, March 29, 2013 /PRNewswire/ -- XBRL US, the nonprofit consortium for XBRL reporting, announced this week that Sector 3, an application within the XBRL to XL product suite, is the $20,000 Grand Prize Winner of the 2012 XBRL Challenge. The Challenge is a developer contest to build the best open source analytical application that consumes XBRL-formatted data from the Securities and Exchange Commission's (SEC) EDGAR database. The announcement was made during the XBRL and Financial Analysis Conference which was webcast live. The archive for that webcast is now available and can be accessed at http://xbrl.us/FinAnalysisWebcast. The winning entry to the XBRL Challenge, Sector 3, was chosen based on the simple design and strong analytics that allow users to perform multidimensional analysis and to standardize business segments and concepts. The conference featured speakers from CFA Institute, Columbia Business School, Crain's New York, Edgar-Online, GMI Ratings, Google, Morgan Stanley, New York University, Stern School of Business, PwC, Rivet Software, the SEC, Thomson Reuters, WRDS (Wharton Research Data Services), XBRL US, and the winner of the 2011 XBRL Challenge, Calcbench. Topics covered during the ½ day event included a discussion about XBRL databases, a review of the XBRL Challenge applications and a conversation among investors and regulators about their use of XBRL data. "The goal of the XBRL Challenge contest was to expand the landscape for tools that consume XBRL-formatted corporate data," said Paul Ratnaraj, Director – Advanced Initiatives, at Wharton Research Data Services (WRDS). "We know the demand for XBRL data, with its greater accuracy, granularity and timeliness is there among investors and other users of public company data. Now we need to spur the development of more XBRL consumption tools." Data produced in XBRL format is computer-readable which gives it greater portability, reliability, and timeliness, and can provide individual and institutional investors with better information for investment decisions.