Further Updated and Expanded XBRL-based Financial Report Extraction Tools
Thursday, January 11, 2018 at 12:20PM
Charlie in Becoming an XBRL Master Craftsman

I have further updated, expanded, and tuned the XBRL-based financial report extraction tools that I posted last week. Here are the improvements:

  1. 3,865 financial reports of public companies (about 65% of the total) all of which pass 100% of the fundamental accounting concept validation cross checks. (The prior version had 3,015 companies or about 50%)
  2. Synchronized all the validation rules to the commercially available versions provided (99.9% consistent)
  3. Changed the "IF...THEN" rules which were hard to edit/maintain to immediate IF functions per the suggestion of some.  This was REALLY helpful.  This change makes maintenance significantly easier.
  4. Nine reporting styles are provided for. (Prior version only had four)

I really cannot overstate the usefulness of these Excel spreadsheets.  What I have stumpbled across is the fact that the same business rules that I use to validate an XBRL-based financial report can be used to extract information from reports.  Today, each data aggregator that extracts information from reports had to create their own set of algorithms and rules for doing so.

Here are the revised versions: (This video will help you understand how to use the tool)

Comparisons by period for: (one ZIP file containing 9 Excel files, about 1 MEG)

 Download all: (each reporting style above and all comparisons, about 3.1 MEG)

Here are a few tips for using the examples:

  1. All the spreadsheets come pre-populated.  But, you can re-run the extraction routine and populate the spreadsheet by pressing the button on the "Compare" sheet.
  2. The "List" sheet is where the list of XBRL-based financial reports from which information will be extracted and validated.
  3. If you put an empty row in the "List" spreadsheet, the extraction/validation will stop when it hits that row.
  4. If you want to validate a local file, simply put the local path to the file or files in the "List" spreadsheet.
Article originally appeared on Intelligent XBRL-based structured digital financial reporting using US GAAP and IFRS (http://xbrl.squarespace.com/).
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