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.
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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