AMES, Iowa – June 28, 2018 — 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.”
Workiva is the leading provider of XBRL software and services, accounting for more than 84% of Inline XBRL facts filed with the SEC in the fourth quarter of 2017. Learn more here.
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.
Read full press release here.