Workiva Customer Sets iXBRL Milestone After FAST Act
In a new milestone, the first multi-document Inline XBRLTM filing to the U.S. Securities and Exchange Commission (SEC) has been submitted using the Workiva connected reporting and compliance platform.
The multi-document filing came from Summit Materials, a vertically integrated construction materials company that uses Workiva for SEC reporting.
Back in 2016, the Workiva platform also was used to create the very first iXBRLTM filing, less than three weeks after the SEC began allowing the voluntary format in June of that year. The SEC has since started phasing in requirements for filers to submit financial information in iXBRL format, which makes machine-readable XBRL® data in companies' financial statements much more accessible to people researching SEC filings online.
To date, the Workiva cloud platform has accounted for more iXBRL facts filed with the SEC than any other software provider.
A new milestone
This spring's introduction of the SEC's modernization rules to implement the FAST Act has increased the likelihood that filers will need to file multiple iXBRL documents in a single submission. The rules require companies to tag not just their financial statements but also data on the cover pages for Forms 10-K, 10-Q, 8-K, 20-F, and 40-F in iXBRL format.
"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," Workiva CEO Marty Vanderploeg said.
The SEC adopted iXBRL requirements originally to improve the quality and accessibility of XBRL data, but the benefits go beyond the data itself. "Inline XBRL has the potential to benefit investors and other market participants while decreasing, over time, the cost of preparing information for submission to the Commission," the SEC said.
Workiva is committed to supporting that mission through its connected reporting and compliance platform, XBRL and iXBRL services, and initiatives such as our open-source Inline XBRL viewer.
Ultimately, transparent data and connected reporting build trust in the global economy.
"XBRL has always been a part of connected reporting at Workiva. This is another example of how we are ensuring our customers are able to meet all XBRL requirements accurately and as easily as possible," said Tom Wacha, Director of Product Management at Workiva.
XBRL®, iXBRLTM, and Inline XBRLTM 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.