Workiva Leads XBRL US Data Quality Committee That Reduced Errors by 64 Percent
Market Leader Wdesk Automates Compliance with Validation Rules
AMES, Iowa, May 31, 2016 /PRNewswire/ -- Workiva (NYSE:WK), creator of the Wdesk cloud-based productivity platform for enterprises, leads the XBRL US Data Quality Committee (DQC), which today announced that filers using its validation rules significantly reduced errors in their data covered by the rules and submitted to the U.S. Securities and Exchange Commission (SEC) in the first quarter of 2016 as compared to the first quarter of 2015.
Overall, public companies that used the DQC rules reduced errors by 64 percent. Large accelerated filers saw a 70 percent drop in the number of errors, while smaller companies saw a 60 percent decrease in errors. The DQC develops guidance and rules that are designed to improve the usability of XBRL data submitted to the SEC.
"We are pleased with the early success of the DQC, and we expect a further decrease in the number of errors in the data covered by the Committee's rules as more public companies comply," said Mike Starr, Vice President for Governmental and Regulatory Affairs for Workiva, who chairs the DQC.
"Our Wdesk platform is certified for incorporating the DQC's initial set of validation rules, which automates compliance for our customers," said Marty Vanderploeg, President and COO of Workiva. "Our customers accounted for more than 50 percent of the XBRL facts filed with the SEC in the first quarter of 2016. We want to help them be confident that their filings are complete and accurate before submitting them to the SEC."
The DQC, which approved its first set of validation rules last November, expects to release its second set of rules in June for public exposure and comment. Wdesk plans to incorporate each new set of rules as the DQC approves them for final release.
About Workiva
Workiva (NYSE:WK) created Wdesk, a cloud-based productivity platform for 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. For more information, visit workiva.com.