Workiva Leads Global Adoption of Inline XBRL
Workiva (NYSE:WK), a leading provider of solutions for enterprise productivity, today announced Wdesk users filed more than 84 percent of all Inline XBRL facts with the U.S. Securities and Exchange Commission (SEC) in the fourth quarter of 2017. Wdesk has also been used to file more than 69 percent of all Inline XBRL filings.
Inline XBRL (eXtensible Business Reporting Language), also known as iXBRL, creates a single, standardized, machine-readable report that is integrated within companies’ human-readable HTML filings. Inline XBRL combines the advantages of both filing types into a single, browser-friendly document.
“XBRL was arguably the biggest thing to come along to enable machine readable financial data, and Inline XBRL is how we advance toward the common goal of providing better data,” said Marty Vanderploeg, President and Chief Operating Officer of Workiva. “Workiva is committed to improving data quality, increasing efficiencies and easing regulatory burdens for our customers.”
Wdesk was used to create the first Inline XBRL filing less than three weeks after the SEC began allowing the voluntary format in the U.S. in June 2016. Nine months later, in March 2017, the SEC voted to propose amendments to require Inline XBRL in filings submitted by public companies and mutual funds that currently file with XBRL. If approved, the amendment could require corporate financial statements and mutual fund risk/return summaries to be filed in Inline XBRL sometime in 2018.
“The SEC’s proposal shows the Commission’s long-term commitment to structured data by using Inline XBRL to improve data quality and accessibility,” said Vanderploeg. “With Wdesk, our customers have built-in transparency and the tools they need to meet the impending regulatory changes.”
European Securities and Markets Authority Selects Workiva to Incorporate ESEF Taxonomy
Workiva’s strong leadership in Inline XBRL in the U.S. was one reason why the European Securities and Markets Authority (ESMA) selected the Wdesk platform to be among the first solutions to successfully incorporate and test ESMA’s European Single Electronic Format (ESEF) taxonomy. Inline XBRL will be required under ESEF for more than 5,000 EU issuers for their annual financial report, ending on or after January 1, 2020.
“It made sense for Workiva to be among the first to demonstrate Inline XBRL to streamline ESEF requirements,” said Vanderploeg. “Workiva has been on the forefront of helping Foreign Private Issuers use XBRL tags in their SEC filings, and we are among the first companies to be certified by XBRL International.”
“Regardless of pending regulations, filers need future-proof technology to manage risk, establish disclosure procedures and focus on data quality,” added Vanderploeg. “Our Wdesk customers are able to collaborate in a secure, integrated environment with full transparency, which helps drive better business and investment decisions.”
About Workiva
Workiva (NYSE:WK) delivers Wdesk, an intuitive cloud platform that modernizes how people work within thousands of organizations, including over 70 percent of the FORTUNE 500®. Wdesk is built upon a data management engine, offering controlled collaboration, data connections, granular permissions and a full audit trail. Wdesk helps mitigate risk, improves productivity and gives users confidence in their data-driven decisions. Workiva employs more than 1,200 people with offices in 16 cities. The company is headquartered in Ames, Iowa. For more information, visit workiva.com.
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