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Philip Morris Uses Workiva to Achieve Reporting Goals and Drive Efficiency

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Key Takeaways

Philip Morris is a leading international tobacco company engaged in the manufacture and sale of cigarettes and smoke-free products.

Challenges they faced while preparing for the ESEF:

  • Concerned about maintaining the accuracy and quality of their financial statements while filing in the new format
  • Feared the complexity of the XBRL® tagging process across the financials and narrative in two languages
  • Needed their iXBRL® file to be designed to the same standard their investors expect
  • Required support from accounting experts on best practices to meet their ESEF compliance and filing requirements

Why W for ESEF:

  • Allows Philip Morris to create high-quality and accurate reports in multiple languages that meet the demands of regulators and investors
  • Improves the efficiency of their end-to-end reporting process
  • Provides rigorous safeguards and the highest level of data security
  • Multiple team members can work on the report at the same time with an audit trail to track changes
  • Option to leverage XBRL and iXBRL expertise of Workiva

iXBRL® and XBRL® are trademarks of XBRL International, Inc. All rights reserved. The XBRL® standards are open and freely licensed by way of the XBRL International License Agreement.

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