What is Workiva Financial Reporting?

Q: What is Workiva Financial Reporting?

Workiva financial reporting is the preparation, review, and management of financial statements, disclosures, compliance reports, and reporting evidence using Workiva.

Definition

Workiva financial reporting is the preparation, collaboration, review, and filing support of financial statements, disclosures, management reports, and compliance documents using Workiva. It helps finance teams connect reporting data, narrative disclosures, approvals, and audit evidence in one controlled reporting environment. Strong Workiva reporting supports Internal Financial Reporting, External Financial Reporting, cash flow visibility, and business performance communication.

How Workiva Financial Reporting Works

Workiva financial reporting starts by connecting financial data from ERP systems, spreadsheets, consolidation tools, and disclosure schedules into reports, statements, and filing documents. Finance teams use linked data, controlled narratives, review comments, certifications, and version history to prepare outputs aligned with the company’s Financial Reporting Framework and reporting calendar.

Core Reporting Components

Financial statements: balance sheet, income statement, cash flow statement, and equity statement.
Disclosure drafts: notes, accounting policies, risks, estimates, and management commentary.
Linked data: connected values used across tables, narratives, and reporting workbooks.
Review evidence: comments, approvals, certifications, and version history.
Filing support: structured documents, tie-outs, and regulatory-ready reporting packages.

Financial Reporting Standards

Workiva can support reporting under Financial Reporting Standards such as US GAAP, local statutory rules, and International Financial Reporting Standards (IFRS). It can also help organize disclosure support for complex areas such as the Financial Instruments Standard (ASC 825 / IFRS 9), including fair value, credit risk, classification, and sensitivity information.

Controls and Data Quality

Reliable Workiva reporting depends on controlled source data, documented ownership, review workflows, and clear audit trails. Financial Reporting Data Controls help ensure that report values are complete, consistent, traceable, and approved. Strong Internal Controls over Financial Reporting (ICFR) also support disclosure review, management certification, version control, and evidence retention.

Management and Compliance Uses

Workiva financial reporting supports Financial Reporting (Management View) by helping leaders review results, commentary, KPIs, variance explanations, and board-ready reporting packs. It also supports Financial Reporting Compliance by organizing disclosures, approvals, tie-outs, and filing documentation in a structured manner.

Companies may also use Workiva for Non-Financial Reporting, including sustainability, governance, risk, workforce, or climate-related information. Climate disclosures may reference the Task Force on Climate-Related Financial Disclosures (TCFD) when relevant to investor or regulatory reporting.

Best Practices

Link report values to approved source data instead of re-entering numbers manually.
Maintain clear ownership for statements, disclosures, tables, and review sections.
Use version history and comments to preserve review evidence.
Align Workiva reports with ERP, consolidation, audit, and filing calendars.
Review financial and narrative disclosures together before final approval.

Summary

Workiva financial reporting helps finance teams prepare connected financial statements, disclosures, compliance reports, and management outputs with controlled data and documented review. It connects reporting standards, data controls, ICFR, internal reporting, external reporting, and non-financial disclosures. Strong Workiva reporting improves reporting quality, supports cash flow transparency, and helps stakeholders trust business performance.