Workiva Customer Submits the First Multi-Document Inline XBRL Filing
05 September 2019 - 10:15PM
Business Wire
Public Companies Also Used Workiva Platform to
Submit More Than 78 Percent of Inline XBRL Facts in 2019
Workiva (NYSE:WK), provider of the world’s leading connected
reporting and compliance platform, today announced that its
customer – Summit Materials – used the Workiva platform to submit
the first multi-document Inline eXtensible Business Reporting
Language (iXBRL™) filing to the U.S. Securities and Exchange
Commission (SEC).
This is the second time Workiva has pioneered an Inline XBRL™
filing. The company’s platform was used to create the first
single-document Inline XBRL filing less than three weeks after the
SEC began allowing the voluntary format in the U.S. in June
2016.
Workiva is not only the first, but the largest third-party
provider of Inline XBRL filings. More than 78 percent of all Inline
XBRL facts filed in the first eight months of 2019 were with the
Workiva platform.
“Helping our customer create the first SEC filing with multiple
Inline XBRL documents is an important milestone in unlocking the
vast potential of Inline XBRL to increase transparency and
accessibility of global financial data,” said Marty Vanderploeg,
CEO of Workiva.
Inline XBRL is an integrated filing method for XBRL, which is a
standardized format for tagging financial reports that gives
investors, executives and regulators more access to digital data to
identify, compare and analyze public companies. Inline XBRL
eliminates duplicative SEC filing requirements by embedding tags
within the filing document, so that computers and humans can read
the same information.
The demand for multi-document Inline XBRL filings increased this
spring when the SEC adopted rules to implement the FAST Act, which
requires Inline XBRL on the cover page of several SEC forms. Since
the information on the cover and the financials in the filing
itself may exist in different documents, creating multiple Inline
XBRL documents within a single submission is necessary to comply
with new SEC requirements.
Workiva builds and delivers the world’s leading platform for
connected reporting and compliance. Customers are able to
orchestrate data from all of their source systems and applications,
have it update automatically, tag it under XBRL® taxonomy rules and
directly submit Inline XBRL filings.
“Advancing Inline XBRL is one more way that Workiva is
transforming reporting and compliance and improving data
transparency and trust in global businesses,” added
Vanderploeg.
Workiva's dominance in Inline XBRL in the U.S. is spurring
adoption among European companies that must use the tagging format
to comply with European Securities and Markets Authority (ESMA)
rules for its European Single Electronic Format (ESEF) taxonomy.
More than 5,000 EU issuers will be required to use this taxonomy
for their annual financial reports, beginning January 1, 2020.
XBRL®, iXBRL™, Inline XBRL™, and Extensible Business Reporting
Language™, are trademarks of XBRL International, Inc. All rights
reserved. The XBRL® standards are open and freely licensed by way
of the XBRL International License Agreement.
About Workiva
Workiva, provider of the world’s leading connected reporting and
compliance platform, is used by thousands of enterprises across 180
countries, including more than 75 percent of Fortune 500®
companies, and by government agencies. Our customers have linked
over five billion data elements to trust their data, reduce risk
and save time. For more information about Workiva (NYSE:WK), please
visit workiva.com.
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Kevin McCarthy Workiva Inc. (515) 663-4471 press@workiva.com
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