GLEIF harnesses Workiva to set the standard for ESEF compliant reporting
- 24.06.2020 06:31 pm
Workiva Inc. (NYSE:WK) today announced that the Global Legal Entity Identifier Foundation (GLEIF) utilized Workiva’s cloud platform and global Inline XBRL expertise to create efficiencies and transparency when tagging data in its annual report process. The GLEIF 2019 annual report was recently showcased by ESMA as a paragon for European Single Electronic Format (ESEF)-compliance reporting.
Under ESMA’s requirements, more than 5,000 public European companies must tag data with Inline XBRL in the ESEF taxonomy for their annual reports. Inline XBRL enables a standardized, machine-readable format to support digital analysis and improve data transparency.
With the Workiva cloud platform, customers are able to connect data from source systems and applications, have it update automatically, tag and validate it under ESEF taxonomy rules and securely create Inline XBRL filing packages at any time and from any place with an internet connection.
“Workiva has a long history of helping customers quickly and successfully achieve compliance when new regulations are introduced,” said Dermot Murray, general manager of EMEA at Workiva. “We remain steadfast in delivering the world’s only connected reporting platform and best-in-class customer experience every day. ESMA’s showcasing of GLEIF’s report is further evidence that the continuous availability of the Workiva platform and support team is paramount for European companies as they work towards their timely ESEF compliance deadline.”
GLEIF provides trusted services and open, reliable data for unique legal entity identification worldwide through the Global Legal Entity Identifier (LEI) System. “As an organization focused on trust and transparency, it is critical that our annual report complies with ESEF reporting and serves as an example of industry best practice,” said Stephan Wolf, CEO of GLEIF. “The Workiva platform was an obvious choice that delivered many efficiencies and has set us up for success in future reporting. We truly valued Workiva’s support and guidance.”