Workiva has patented a system for XBRL tag outlier detection using machine learning. The method involves receiving XBRL data records, training a model, and identifying outlier tags in XBRL documents. This innovation aims to improve data accuracy and compliance in financial reporting. GlobalData’s report on Workiva gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Workiva, Intelligent voice assistant was a key innovation area identified from patents. Workiva's grant share as of February 2024 was 69%. Grant share is based on the ratio of number of grants to total number of patents.
Xbrl tag outlier detection using machine learning
A recently granted patent (Publication Number: US11868400B1) discloses a method implemented by a computer system involving the use of XBRL data records and machine learning models. The method includes receiving a first set of XBRL data records, generating a second set based on a subset of the first set, training a machine learning model using both sets, receiving an XBRL document with assigned tags, and analyzing the document to identify outlier XBRL tags uncommon for corresponding filing information. The method involves modifying XBRL tags and filing information to generate the second set, with outlier tags identified based on a taxonomy.
Furthermore, the patent details the process of analyzing filing packages containing XBRL documents, determining classification identifiers, selecting trained machine learning models based on these identifiers, and identifying outlier XBRL tags in the assigned tags. The method also includes receiving and generating XBRL data records, modifying tags and filing information, and generating outputs with identified outlier tags. The selected machine learning model is trained using the received data records, and outlier tags are identified based on taxonomy and filing information. This innovative method aims to enhance the analysis of XBRL data and improve outlier detection in financial filings, potentially benefiting various industries utilizing XBRL technology.
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