Workiva Helps Foreign Private Issuers Modernize SEC Compliance
Workiva (NYSE:WK), a leading provider of solutions for enterprise productivity, today announces that ArcelorMittal Belgium, Crescent Point Energy Corporation, Sequans Communications are among the many Foreign Private Issuers (FPI) using the Wdesk platform to tag their financial data with XBRL and file with the U.S. Securities and Exchange Commission (SEC).
XBRL (eXtensible Business Reporting Language) standardizes how regulators, investors and companies analyze and consume financial data. FPIs that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) must begin including XBRL tagging in their filings with the SEC for fiscal periods ending on or after December 15, 2017. In comparison, U.S. companies have been required to file with XBRL tags under the GAAP taxonomy since 2009.
“As a leading provider of XBRL technology and services, Workiva has been on the forefront of helping FPIs use XBRL tags in their SEC filings,” said Marty Vanderploeg, President and Chief Operating Officer of Workiva. “Our Wdesk platform streamlines the whole tagging and filing process from beginning to end.”
With Wdesk, FPIs can:
- Link their data with control collaboration in an integrated platform, which improves data quality and assures accuracy.
- Work with the Workiva team of XBRL experts.
- Integrate XBRL reviews directly into the process to save time and reduce errors.
- Choose to file with Inline XBRL.
“Once a customer’s data is in Wdesk, each subsequent filing becomes much easier because they can simply roll forward data, automate updates and certifications and see an embedded history of all changes,” said Vanderploeg.
“Wdesk also offers our customers the option to file seamlessly with Inline XBRL, which eliminates duplicative SEC filing requirements because it allows the standardized, machine-readable format to be integrated within companies’ human-readable HTML filings,” said Vanderploeg. Inline XBRL combines the advantages of both filing types into a single, browser-friendly document. The SEC began allowing Inline XBRL as a voluntary format in the U.S. in June 2016, and many public companies are having early success with the new format.
“Our Wdesk platform will continue to be a driving force in transforming financial reporting throughout the world,” said Vanderploeg.
Last week, the nonprofit group XBRL International awarded its XBRL Certified Software™ Status to the Wdesk platform.
“XBRL software certification makes it easier for everyone involved in 21st century corporate, regulatory and enterprise reporting to ensure that information that is prepared in one place using a certified software package can be accurately and seamlessly consumed in another,” said John Turner, CEO of XBRL International. “Our certification builds confidence among those relying on the software – such as issuers, accountants, service providers and regulators – to make XBRL-tagged data easily usable across multiple platforms.”
Certified XBRL Software has been tested by XBRL International against thousands of conformance suite tests that objectively prove the interoperability of software that produces or consumes XBRL-tagged information. Details of the tests Workiva passed are available on the XBRL Certified Software Programme website (https://software.xbrl.org).
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 is built upon a data management engine, offering controlled collaboration, data connections, granular permissions and a full audit trail. 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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Kevin McCarthy, 515-663-4471
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
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