Workiva Inc. (NYSE:WK) today announced that the Global Legal Entity Identifier Foundation (GLEIF) utilized Workiva’s cloud platform and global Inline XBRL expertise to create efficiencies and transparency when tagging data in its annual report process. The GLEIF 2019 annual report was recently showcased by ESMA as a paragon for European Single Electronic Format (ESEF)-compliance reporting.
Under ESMA’s requirements, more than 5,000 public European companies must tag data with Inline XBRL in the ESEF taxonomy for their annual reports. Inline XBRL enables a standardized, machine-readable format to support digital analysis and improve data transparency.
With the Workiva cloud platform, customers are able to connect data from source systems and applications, have it update automatically, tag and validate it under ESEF taxonomy rules and securely create Inline XBRL filing packages at any time and from any place with an internet connection.
“Workiva has a long history of helping customers quickly and successfully achieve compliance when new regulations are introduced,” said Dermot Murray, general manager of EMEA at Workiva. “We remain steadfast in delivering the world’s only connected reporting platform and best-in-class customer experience every day. ESMA’s showcasing of GLEIF’s report is further evidence that the continuous availability of the Workiva platform and support team is paramount for European companies as they work towards their timely ESEF compliance deadline.”
GLEIF provides trusted services and open, reliable data for unique legal entity identification worldwide through the Global Legal Entity Identifier (LEI) System. “As an organization focused on trust and transparency, it is critical that our annual report complies with ESEF reporting and serves as an example of industry best practice,” said Stephan Wolf, CEO of GLEIF. “The Workiva platform was an obvious choice that delivered many efficiencies and has set us up for success in future reporting. We truly valued Workiva’s support and guidance.”
Workiva, provider of the world’s leading connected reporting and compliance platform, is used by thousands of enterprises across 180 countries, including 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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About the Global Legal Entity Identifier Foundation (GLEIF)
The Global Legal Entity Identifier Foundation (GLEIF) is a not-for-profit organization established by the Financial Stability Board in June 2014 to support the implementation and use of the Legal Entity Identifier (LEI) globally. GLEIF services ensure the operational integrity of the Global LEI System. GLEIF also makes available the technical infrastructure to provide, via an open data license, access to the full global LEI repository free of charge to users.
GLEIF is overseen by the LEI Regulatory Oversight Committee, which is made up of representatives of public authorities from across the globe. GLEIF has obtained the ISO/IEC 20000-1:2011 certification for its Partnership Program Services to the LEI issuing organizations (LOUs). GLEIF is headquartered in Basel, Switzerland. For more information, visit the GLEIF website at https://www.gleif.org/en and https://www.gleif.org/annual-report.