PDFAbstract: Since Extensible Business Reporting Language (XBRL) has become a language of mandatory statements submission in the U.S., it opened new opportunities for electronic parsing and auditing of these statements. We show the example of automatic extraction of the statement data and propose the improvements to the taxonomy based on Generally Acceptable Accounting Principles (GAAP) of the USA, which may be able to improve the extraction process.
Keywords: XBRL Parsing, financial statements, data extraction, data verification, XBRL data REFERENCES [1] R. S. Debreceny, A. D'Eri, C. Felden, S. M. Farewell, and M. Piechocki, "Feeding the Information Value Chain: Deriving Analytical Ratios from XBRL filings to the SEC," presented at the 22nd XBRL International Conference, Kansas University, KS, 2010. [2] R. Pinsker, "XBRL awareness in auditing: a sleeping giant?," Managerial Audit Journal, vol. 18, pp. 732-736, 2003. [3] J. G. San Miguel, "The Reliability of R&D Data in COMPUSTAT and 10-K Reports," The Accounting Review, vol. 52, pp. 638-641, 1977. [4] E. Boritz and W. G. No. (2013, The Quality of Interactive Data: XBRL Versus Compustat, Yahoo Finance, and Google Finance. Available: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2253638 [Retrieved: July, 2013]
Cite this paper
Igor Pustylnick, Oksana Temchenko, Sergey Gubarkov. (2017) Analysis of Uses and Limitations of Mechanism of Extraction of XBRL Data in Financial Research. International Journal of Economics and Management Systems, 2 , 292-301
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