XBRL News about Workiva, ESEF and India

Here is our pick of the 3 most important XBRL news stories from the last week. 

1 Workiva: growth inevitable as XBRL usage increases

Given the chaos that has occurred with GameStop, Robinhood, and the recent hedge funds, the SEC will begin to crackdown in the near future. XBRL, essentially machine-readable data that can be extracted from financial documents, will be extremely useful going forward and its use is only going to increase. Global adoption will continue as well, driving revenue higher for XBRL service providers. Workiva is in a prime position to benefit from this growth if they can ensure accurate XBRL.

While we do not provide investment advice on these pages, this Seeking Alpha article has caught our attention thanks to its critical product review, market overview and its rather heroic attempt at relating the company’s outlook to meme stocks. Earnings release is scheduled for 4 May. Note that this author has a commercial interest in Workiva.

2 ESEF enthusiasts: save the date for XBRL Europe digital week

Interested in the European Single Electronic Format (ESEF)? If so, you’ll want to keep 27-29 April free. XBRL Europe, in collaboration with some of the European XBRL jurisdictions, is organising a series of short online events dubbed the ‘27th XBRL Europe digital week on ESEF.’

In addition to Data Amplified coming up next week, you can get some more XBRL related Zoom fodder there. Beats me, though, why the only current repository for ESEF filings resides not on XBRL Europe’s, but XBRL US’ site!

3 Mandatory sustainability reporting for India

Following a 2020 consultation, the Securities and Exchange Board of India (SEBI) has decided to introduce new environmental, social, and governance (ESG) reporting requirements. The country’s top 1,000 listed entities (by market capitalisation) will need to submit a Business Responsibility and Sustainability Report (BRSR), replacing the existing Business Responsibility Report (BRR); this will be voluntary for the 2021-22 financial year and mandatory for 2022-23. The change is intended to bring greater transparency and facilitate identification of ESG-related risks and opportunities.

I’m not sure about the capitalisation rankings in the Indian market, but the mandate makes me wonder how the CFO of the 1001st company feels about this. In any case, raising the ESG awareness at the corporate level in the world’s soon to be most populous country cannot be a bad thing.


Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.

 We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.

 For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives. 

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