Integrated XBRL Capabilities Empower Wdesk Customers to say "No More Pencils Down!"

November 8, 2011

In the July 2011 edition of Financial Executive Magazine, published by Financial Executives International (FEI), Lorraine Malonza published a story entitled "‘XBRL-Speak’ No Easy Task for Filers, Revenue Recognition Standard To Be Re-exposed."

In the article, Malonza mentions some key pain points that companies that file with the SEC experienced implementing XBRL in relation to detailed tagging. The first issue noted is that most companies utilize third-party service providers to develop the required XBRL files. In preparing XBRL instance documents, service providers are requesting a 48-hour window in order to finalize a change to a filing and generate the XBRL files.

Malonza then writes, “Due to the delay caused by this window and the additional steps necessary to produce an accurate and compliant detailed-tagged XBRL filing, almost half of the members indicate that this hinders an earlier filing.”

Later in the article, Malonza notes that reporting teams are also concerned over service providers adding a “pencils down” period of time to the front end of the filing process. She writes, “While the time required varies by company and service provider, it nevertheless decreases the time allowed for preparers to review and finalize documents before the filing process begins.”

The Wdesk External Reporting Solution with integrated XBRL capabilities are empowering our customers to say “No More Pencils Down.” Using a familiar word processor/spreadsheet environment, our cloud-based platform enables users to draft financial documents while simultaneously creating their XBRL report. You read that correctly. With Wdesk, you create, edit, and review your text report and your XBRL report in parallel, in the same solution environment.

Utilizing the External Reporting Solution editor, the XBRL workflow, from tagging through filing, is accomplished within the one active document view. The one active documen is based on a single document datamodel architecture that ensures that the XBRL instance documents and EDGAR reports will always be synced and reflect the same data.

Our customers are raving about our SEC reporting solution, including our integrated XBRL capabilities.

“As someone who likes to be in control, I enjoyed making a change and having it reflected in my working document, EDGAR document and XBRL file and not having to wait for the changes to be returned from the printer,” said Tereasa Boland, Assistant Controller at Crawford & Company. “The filing process was very easy, with many validations along the way to increase my comfort level that everything would be filed correctly with the SEC. I had planned to use our printer as a back-up process, but I found that I did not need that back-up.”

Learn how your company can say "No More Pencils Down!" by watching a demonstration of Wdesk XBRL capabilities in this archived webinar: XBRL Fundamentals: Mapping, Modeling, Tagging & Verifying.

Want to see more? Watch the entire External Reporting Solution demonstration to learn more about our collaboration features, sophisticated linking capabilities, integrated EDGAR HTML conversion, integrated XBRL feature, and more.

If you’re already heard enough and are ready to schedule a personalized software demonstration for your company, please complete this form and a sales expert will contact you shortly.

Mike Sellberg

About the author

Mike Sellberg is Executive Vice President and Chief Product Officer at Workiva. He is the former EVP and CTO at iMed Studios and the former Divisional General Manager at Engineering Animation, Inc.