AMES, Iowa--(BUSINESS WIRE)--Workiva, (NYSE:WK), a leading provider of solutions for enterprise productivity, announced today that its Wdesk platform was used to create and submit 75 percent of all Inline XBRL filings to the U.S. Securities and Exchange Commission (SEC) in the first quarter of 2017. In the same quarter, Wdesk was used to file 53 percent of all XBRL facts with the SEC.
Inline XBRL, also known as iXBRL, eliminates duplicative SEC filing requirements because it allows the standardized, machine-readable format to be integrated within companies’ human-readable HTML filings. Inline XBRL combines the advantages of both filing types into a single, browser-friendly document.
Wdesk was used to file the first Inline XBRL filing less than three weeks after the SEC began allowing the voluntary format in the U.S. in June 2016.
Easy Transition with Market Leader
“Workiva is the market leader in XBRL and now Inline XBRL,” said Matt Rizai, Chairman and CEO of Workiva. “The move to Inline XBRL does not change our customers’ processes for creating and filing SEC reports. Wdesk users have always had complete assurance that their HTML filing and their XBRL filing are synchronized.”
“It was an easy, seamless transition to Inline XBRL with the help of Workiva,” said Steve Heit, Chief Financial Officer of CCA Industries (NYSE:CAW). “With Wdesk, we are on the cutting edge of this technology.”
“The ease of transition with Wdesk led us to be an early adopter of Inline XBRL,” said Kris Kaiser, Senior Manager of SEC Reporting with Intuit Inc. (NASDAQ:INTU). “There are new requirements popping up, and Workiva makes it easier to comply.”
Shareholder Benefits
SEC’s milestone to allow Inline XBRL shows the Commission’s long-term commitment to structured data by using XBRL to improve data quality, increase efficiency in internal processes and reduce regulatory burdens on registrants by eliminating the requirement to file duplicative documents.
“We volunteered to early adopt iXBRL in our financial reporting disclosure process as a way to improve our shareholder experience,” said Gerald Ratigan, Senior Vice President of Finance and Chief Accounting Officer at MoneyOnMobile, Inc. (OTCQX:MOMT). “Presenting financial data in a more visually appealing format, and also being more accessible, were the major drivers for our decision.”
“The benefit is that Inline XBRL is getting the viewer into the document,” said Heit. “Hopefully, with the document open, investors are spending more time reading it and taking in the company story as a whole.”
“Inline XBRL creates an efficient method for viewing our financial data on the SEC website,” said Rose Mattozzi, Lead Accountant in SEC Reporting for Intuit Inc. “This will benefit our shareholders. If it helps them to better analyze our financial information, then we are happy to help.”
Improves Data Quality
Pressure is building from Congress and investors to improve the quality of XBRL filings, and the SEC views Inline XBRL as one way to improve data quality. “Because of Workiva leadership in data quality, our customers have the ability to better detect the quality issues identified by the SEC,” added Rizai.
“Inline XBRL is how we advance towards the common goal of providing better data,” said Ratigan. “Over time, the average investor will learn more about XBRL and Inline XBRL and will become more knowledgeable. They will rely on the data from enhanced technology to make better investment decisions.”
Wdesk is a Game Changer
“Our auditors recommended Workiva,” said Heit of CCA Industries. “It has been a fantastic experience. Wdesk is day-and-night better than any other vendor we have tried before.”
“By leveraging Wdesk’s advanced linking capabilities and referencing functions, we have been able to create efficiencies within our reporting function for all our SEC filings,” said Ratigan with MoneyOnMobile. “Equally important has been its ease of use, allowing us to add team members to the software without significant onboarding costs.”
“It has been a game changer for our reporting process,” said Intuit’s Kaiser.
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 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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