AMES, Iowa--(BUSINESS WIRE)--The Securities and Exchange Commission (SEC) voted earlier today to adopt amendments to eXtensible Business Reporting Language (XBRL) that will require operating companies and funds to use the Inline XBRL format for financial statements and risk/return summaries.
The amendments, which will go into effect in phases starting in 2019, are expected to improve XBRL data access and quality and eliminate requirements for operating companies and funds to post XBRL data on their websites.
“Workiva applauds the SEC’s decision to require Inline XBRL,” said Marty Vanderploeg, CEO of Workiva. “Inline XBRL is how we advance toward the common goal of providing better data.”
“Our Wdesk customers have the ability to file using Inline XBRL today,” added Vanderploeg. “We are encouraging early adoption of Inline XBRL to enhance the usability of XBRL data.”
Wdesk was used to create the first Inline XBRL filing less than three weeks after the SEC began allowing the voluntary format in the U.S. in June 2016. Nine months later, in March 2017, the SEC proposed amendments to require Inline XBRL in filings submitted by public companies and mutual funds that currently file with XBRL. Today’s amendments officially make Inline XBRL a SEC requirement.
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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