Workiva supports Inline XBRL
Workiva applauds the SEC's move to allow companies to voluntarily file structured financial statement data in Inline XBRL format. We have already integrated Inline XBRL into the Wdesk platform, and some customers are currently filing Inline XBRL reports with regulatory agencies other than the SEC (such as HM Revenue and Customs in the UK).
The SEC's milestone to allow Inline XBRL is significant because it shows the importance of XBRL data to the SEC and the Commission's long-term commitment to:
- Improving XBRL data quality
- Using XBRL data to improve the efficiency of its internal processes
- Reducing regulatory burdens on registrants by eliminating the requirement to file duplicative documents
For Wdesk customers, the move to Inline XBRL will not change their processes for creating and filing SEC reports. Workiva customers have always had complete assurance that their HTML filings and their XBRL filings are synchronized, thanks to Wdesk data linking. They change their data once, and it automatically updates all linked references. Moreover, because of Workiva's leadership in data quality, Wdesk customers can already detect the quality issues that the SEC identified in its recent announcement.
In the next few months, Workiva will have completed the necessary testing to validate that Wdesk complies with the SEC's specification for the use of Inline XBRL. At that time, Wdesk customers will be able to create and file Inline XBRL documents with the SEC.
About the Author
Mike Starr is Vice President of Governmental and Regulatory Affairs. He previously served as the SEC Chief Accountant’s advisor with a focus on investors’ financial information needs and the role of structured data in meeting those needs. Prior to his work with the SEC, Mike served as Chief Operating Officer for Grant Thornton International Ltd., where he oversaw global strategy and public policy. He earned a Bachelor of Science in accounting from Oklahoma State University (OSU), and in 2010 was recognized as an OSU distinguished accounting alumnus and inducted into the School of Accounting Hall of Fame.