Affiliation:
1. University of Waterloo
2. Rutgers, The State University of New Jersey
Abstract
ABSTRACT
We compare the financial statement data (excluding footnotes) reported by 105 randomly selected firms in their 10-K filings with data contained in XBRL filings and data reported by three data aggregators/distributors: Compustat, Google Finance, and Yahoo! Finance. We find that 48 percent to 63.2 percent of the 10-K financial statement items available in XBRL filings are not available from the aggregators/distributors. However, aggregator/distributor-provided data contain many financial items that are not in the official 10-K or XBRL filings but could be useful to users. For items included both in XBRL and by aggregators/distributors, all but 0.01 percent of the XBRL data amounts agree with the 10-K filings, whereas 6.5 percent to 7.7 percent of the amounts provided by aggregators/distributors do not, depending on the aggregator/distributor. Most differences are material, and the differences in items used in bankruptcy prediction and earnings quality models result in significant differences in the model results.
Publisher
American Accounting Association
Subject
Management of Technology and Innovation,Information Systems and Management,Human-Computer Interaction,Accounting,Information Systems,Software,Management Information Systems
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