- Why Wdesk
Workiva Customer Submits First Inline XBRL Filing with the SEC
Market Leader Wdesk is the First to Offer Customers the New Functionality that Eliminates Duplicative Filing Requirements
Ames, IA – July 5, 2016 – Workiva, (NYSE:WK) creator of the Wdesk cloud-based productivity platform for enterprises, announced today that one of its customers used Wdesk to submit the first Inline XBRL filing to the U.S. Securities and Exchange Commission (SEC) on Friday, July 1, 2016.
This first Inline XBRL (eXtensible Business Reporting Language) filing was less than three weeks after the SEC allowed the voluntarily file-structured, financial statement format in the United States. Inline XBRL eliminates duplicative SEC filing requirements because it allows the standardized, machine-readable format to be integrated within companies’ HTML filings.
"We wanted to be the first provider to offer Inline XBRL to streamline SEC compliance,” said Marty Vanderploeg, President and COO of Workiva. “It’s important to our customers, which accounted for more than 50 percent of the XBRL facts filed with the SEC in the first half of 2016.”
SEC's milestone to allow Inline XBRL is significant because it shows the Commission's long-term commitment to 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.
“The move to Inline XBRL will not change our customers’ process for creating and filing SEC reports,” said Vanderploeg. “They have always had complete assurance that their HTML filing and their XBRL filing are synchronized because Wdesk updates all linked data references.”
Data quality issues are also resolved with Wdesk. “Because of Workiva’s leadership in data quality, our customers can already detect the quality issues the SEC identified in its recent announcement,” added Vanderploeg.
Workiva (NYSE:WK) created Wdesk, a cloud-based productivity platform used by thousands of enterprises to collect, link, report and analyze business data with control and accountability. Thousands of organizations, including over 65 percent of the Fortune 500®, use Wdesk. The platform’s proprietary word processing, spreadsheet and presentation applications are integrated and built upon a data management engine, offering synchronized data, controlled collaboration, granular permissions and a full audit trail. Wdesk helps mitigate enterprise risk, improve productivity and give users confidence to make decisions with real-time data. Workiva employs more than 1,200 people with offices in 16 cities. The company is headquartered in Ames, Iowa.
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