We are excited to announce the release of Workiva's latest Local Taxonomy capabilities - Germany XML and Netherlands XBRL support for Micro and Small entities.  

These capabilities are designed to assist you in creating and filing local statutory reports in the valid regulatory format directly within the Workiva platform, ensuring an end-to-end platform reporting process. 

Both capabilities will be generally available in all Global Statutory Reporting (GSR) workspaces on April 3, 2024.  

Key capabilities included

Germany XML: Convert your stylized financial reports into a required XML-format for filing to the German Company Register.  This is a requirement for both public organizations and private organizations based in Germany. 

• DIY-Friendly Experience: Independently complete your end-to-end reporting process in the Workiva platform - no implementation or support services required!  With guidance built in along the way and no need for manual document tagging, the process is DIY-friendly. 
• Styles Mapping: Map company-specific styles to the standard XML-supported styles to reuse the same stylized document for all of reporting needs.
• Taxonomy & Regulator-Defined Validations: Improved visibility into potential filing problems by surfacing validation errors within the Workiva platform.
• Generate XML & Download Filing Documents: Reduce dependency on disparate solutions by generating XML and downloading filing documents for efficient filing with the German Company Register.

Netherlands XBRL: Supplement your Dutch financial reports with the required XBRL-enabled form for Micro and Small filings. This is the requirement for privately owned organisations; publicly listed organisations already generate ESEF XBRL.

• XBRL-enabled Spreadsheet: No XBRL expertise is necessary — fill in the XBRL-enabled sheets with the correct financial and narrative data and the XBRL is automatically applied to the correct cells.  
• Narrative Text Blocks: Reduce repetitive data entry tasks by connecting narrative disclosures from the Annual Report to the XBRL-enabled spreadsheet.
• XBRL Data Model: Increase efficiencies and reduce risk by automatically populating financial data from the trial balance and chart of accounts by applying Workiva’s XBRL Data Model to the GSR spreadsheet.
• Taxonomy & Regulator-Defined Validations: Improved visibility into potential filing problems by surfacing validation errors within the Workiva platform.
• Generate XBRL & Submit Direct Filings: Reduce dependency on disparate solutions by generating XBRL and submitting test and live filings from the Workiva platform. 

How to get started

The Global Statutory Reporting (GSR) module will feature conversion capabilities, allowing you to seamlessly generate compliant XML or XBRL filings to meet regulatory reporting requirements in Germany and the Netherlands. There's no need for any additional changes to your current subscription!

For Germany XML, no additional support or implementation is required.  For Netherlands XBRL, please reach out to your Customer Success Manager to get started.  Our solutions architecture team will be providing support and guidance on implementing the new format within the platform to ensure a smooth transition process for you.

Learn more

For more information on these capabilities, see Getting started with German XML and Netherlands XBRL Overview. 

Send us your feedback 

We strive to create exceptional customer satisfaction through easy-to-use experiences that can be tailored to your needs. We look forward to hearing your stories 📣  and reading your comments 💬  below on what these new capabilities mean to you and your team!

And as always, your Customer Success Manager and our Support team are available to answer any questions!