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XBRLAnalyst corrects XBRL errors in Excel

XBRLAnalyst Corrects XBRL Errors In Excel

If you analyze Financial reports of SEC filers, you know well how much time and effort it takes to track changes in financial statements of companies that modify their reporting style from 10-K to 10-Q reports or have “frequent” non-recurring items. If you build financial models in Excel and cannot settle on simplistic normalizations, you have to spend hours adjusting the Excel models during the high season of 10-K filings, which is taking place today.

XBRLAnalyst can solve this problem for you in just one click now. The new Extended Income Statement, Balance Sheet and Cash Flow generated by Xbrlanalyst for each filer combine line items from current and previous financial reports of the filer. So, you get the full visibility into how the company changed its reporting style over a period of multiple 10-K and 10-Q filings. For instance, Extended Income Statement for Microsoft immediately shows when the company started and stopped reporting ‘Integration and restructuring’ line item. You just need to select the company in Financial Explorer of XBRLAnalyst and click ‘Export in Excel’ under XBRL reports tab (view details).

These extended statements provide ultimate level of detail and visibility into transformations that different companies committed to their financial statements since they began using XBRL reports. For example, a quick look at the Extended Balance Sheet of IBM shows that the company stopped reporting  ‘Finished goods’ and ‘Work in process and raw materials’ as of the recent 10-K report filed last week (view details).

However, our main focus is not only providing new analytical tools leveraging XBRL information in financial analysis but also automating that process in Excel via new built-in functions. The new XBRLAnalyst introduces a function called FinStatement that generates extended statements automatically. Using this function in your Excel models ensures that you won’t miss newly added items, because it will automatically load them from the most recent report as well as will keep track of deprecated line items.

If you would like to try it yourself, just download and install XBRLAnalyst for Excel. Our existing users don’t need to take any action as the new version 4.4.5 of XBRLAnalyst will be automatically installed upon a simple restart of Excel.

If you need assistance building Excel models that leverage XBRLAnalyst tools, contact us at  [email protected]. For video tutorials, visit

This post first appeared on Financial Models In Excel, please read the originial post: here

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XBRLAnalyst corrects XBRL errors in Excel


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