xbrl office hours - how to maintain and update an 8-k

XBRL Office Hours presents:

How to Maintain and Update an 8-K

Kim GreshamSenior Solutions Expert

Agenda

• Create a copy of an 8-K within Workiva

• Discuss best practices for editing an 8-K to maintain XBRL

• Review XBRL updates required for each 8-K

• Evaluate an 8-K for filing

Create a Copy of an 8-K

Copy (Beta)

•Creates a copy of a File or a Project

•If a Document is copied outside of a Project, it will not include any source links from other Files (ex: Spreadsheets or Workbooks)

•Maintains permissions set on Project and Files

•Best practice for including XBRL in 8-Ks is to copy a Project

Who Can Use Copy (Beta)?

A Full Account Admin can control People, Groups, Content, etc.

A Content Admin can import, export, copy, and delete files within a

Workspace or Account (V1/V2 licensing)

Content Admin

No visual changes shown in Home

Full Account Admin

Everyone can use Copy (Beta)(if Transition Tools is enabled)

Workspaces Classic Accounts

Getting Content into Workiva

•Draft content directly in Workiva

•Copy and paste content into copy of 8-K

•Word documents cannot be imported within an existing document

What Could This Process Look Like?

AdminFinancial Reporting

Legal

Best Practicesfor Editing the Cover Page

Editing Links with XBRL

• XBRL is applied to links

◦ Destination links should be updated at the source (Spreadsheet or Workbook)

◦ Source links should be edited in the document

• Deleting rows or columns in tables will delete XBRL

• Deleting links in narrative will disconnect XBRL

• Pasting information over unlocked links can delete links

◦ A warning should appear to tell you the links have XBRL

Warnings for Disconnecting XBRL

If XBRL is turned off . . .

Warnings for Disconnecting XBRL

If XBRL is turned on . . .

What Happens When a Link is Deleted?

Deleting links in narrative disconnects XBRL

Disconnected facts will not be included in filing

Editing Source Links

Text Source Links

Automatic, Number, and Accounting Source Links

TOAD CO MPANY, LLC.

Date of Report (Date of earliest event reported): August 5, 2019

8/5/2019

Edit by clicking inside the dotted lines1. Click inside the formula bar at the top

of the document

2. Click the green check mark to accept the new value

Demo of Editing a Cover Page

Required XBRL Updates

Updating XBRL Dates

The dates applied on the Cover Page should match the period of report

Concepts on the Cover Page will require a start date and an end date, which is often referred to as a duration

Using a One-Day Duration

A one-day duration concept will have a...start date of August 5, 2019 at 00:00 hours and an end date of August 5, 2019 at 24:00 hours

Financial Statements Are Included

• There are two concepts that are required to be applied if Financial Statements are being included in the 8-K:

1. Document Fiscal Period Focus

2. Document Fiscal Year Focus

◦ A Data Quality Committee (DQC) Error will fire when these concepts are included; this is a false positive based on our interpretation of the EDGAR Filer Manual (EFM)

• If financial statements are not included, these concepts should not be included.

(DQC) The number of days, 1 in the date range reported for (concept name), 2019-08-05 to 2019-08-05 is not consistent with the Document Fiscal Period Focus with a value of Q2.

Example of Data Quality Committee Error

How to Review and/or Resolve the Error

Financial Statements ARE included with the 8-K

Financial Statements ARE NOT included with the 8-K

Update the date applied to the concepts to use a 1-day duration that matches the report date

Remove the following concepts:1.Document Fiscal Period Focus2.Document Fiscal Year Focus

This will still result in a DQC error

Interpreting the EDGAR Filer Manual (EFM)

6.5.19 Required contexts

An instance covering a reporting period must contain a Required Context that is an xbrli:context having xbrli:startDate equal to 00:00:00 on the first day of the reporting period and xbrli:endDate equal to 24:00:00 on its last day.This rule defines “Required Context”. . . .

Summary: • Dates applied on the Cover Page should correspond to the reporting

period for the Form Type

6.5.20 The required contexts must contain all required document information facts

For each required Document Information element, an instance must contain a fact with that element and a contextRef attribute referring to its Required Context.

Interpreting the EDGAR Filer Manual (EFM)

XBRL Element Name Base Type Example Values

Document Type xsd:string 8-K

Document Period End Date (1) YYYY-MM-DD 2019-09-30

Amendment Flag xsd:boolean true

Amendment Description (2) xsd:normalizedString Correct the company HQ address

Document Fiscal Year Focus (3) YYYY 2021

Document Fiscal Period Focus (3) Q1, Q2, Q3, or FY FY

(1) Use the date of the report(2) A non-null fact should exist only if Amendment Flag is true(3) A non-null fact may exist for each of the fiscal year and period focus, or neither

Summary: The date applied to these concepts should use the date of the report on the 8-K

Demo of XBRL Updates

Evaluate an 8-K for Filing

Things to Consider

•Inline XBRL (iXBRL) is a Project setting

•Filing process and permissions

Make Sure iXBRL is Enabled

Using Copy (Beta) on a Project, rather than a Document, will maintain this setting from 8-K to 8-K

Filing Wizard

• The Filing Wizard is associated with a Project

• Test Filing with Workiva's credentials does not require reaching out to your Customer Success Manager

• Check your permissions in advance of Filing

Who Can File?

Workspaces with Solution Based Licensing (unlimited users)A user should have both an Editor and Filing role applied

Workspaces with LicensesA user will need a Professional License assigned at the Organization level and an Editor and Filing Role applied at the Workspace level

Thank You!