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The Fastest Way to Update Financial Reports

In our previous blogs, we have provided you excel templates that can help you in your investment analysis, and one in particular is about “Investment in Emerging Markets” We suggested there to look for investments on steel industries by using our template which can track stocks of your desired industry.  Also, we briefly introduced there  a feature called “Update Comps Table” for easy and quick updating of reports. And now here, we will discuss further its optimal usage to greatly benefit XBRLAnalyst users.

First, let us direct you to a summary of what we are talking about. Our Knowledge Base is a good source of information about XBRLAnalyst’s functions, and you can check there about Update Comps Table.  

Now that you have a clear picture, we will use previous blog’s template  and update its data, since companies have started filing their 10-K reports.

Updating Automatic Reports

  • We will start by saving the comparable table in separate sheet and apply changes by removing some tickers and financial metrics/TIDs. Out of 13 companies, we removed seven companies and also removed ROE, ROA and ROC. Also, deleted Company Name column. It does not necessarily require you to update the entire source report, as long as there are tickers, TIDs and values to update.

  • Highlight the comparable table you wish to update and click Update Comps Table. First, we will update it to a newer period, 2016-FY.

  • The updated table added back the “Company Name” column (we previously deleted), because the 3 reporting styles available in the system are defined to present this information. Meaning, you will be saving time to input this information, even if its not in your previous reports.

  • Two companies do not have values returned, this is because they have not yet filed their 2016-FY report. You can check it in Financial Explorer by searching company name and checking their report list. As shown below, Timkensteel (TMST) has not filed for its 2016-FY yet.

  • Updating or modification of report not only applies to newer period, but can also bring back data from previous reports. Just set for previous year and it will return related values. In our example, we chose to retrieve 2013-Q3 data.

  • Again, Timkensteel (TMST) doesn’t have data on Ticker, SIC Code, Report Period, P/E Ratio and ROI. But, why does it have data on other financial metrics? Let’s investigate.
  • You can search in Financial Explorer, but the easier way is to right click on any the value and choose “Trace to XBRL Report”. Financial Explorer and Document Viewer will automatically present you the source document highlighting the related values.  So here, [Profit Margin] value came from 2014-Q3 Consolidated Statement of Income.  Remember, we are retrieving 2013-Q3, and this value came from 2014-Q3 report. Ok, let’s check further.

  • By checking XBRL Reports in Financial Explorer, it shows that it has not filed for 2013-Q3, because its first report was for 2014-Q2. That’s why it has missing values on Ticker, SIC Code, Report Period, P/E Ratio and ROI. But since details were included on its filed 2014-Q3 report, and by default, XBRLAnalyst returns data from latest filings, 2013-Q3 values for TIDs included in 2014-Q3 Statement of Income will be reported.

Yes, that’s how smart XBRLAnalyst in finding your required information. Its robust system is designed to logically analyze data and provide all possible solutions to the users. Still not convinced? Let us give you more.

Updating Values Returned by XBRLAnalyst Functions

  • Here, we have comparable table of the same companies. But this time, we added two more TIDs [Shareprice] and [End of Period]. Also,the values are returned using different XBRLAnalyst functions. – XBRLFact, Finvalue, Shareprice and FDFact.

  • For reports created using XBRLAnalyst functions, updating can be easily performed by just changing the “Report Period” to your desired period. So in this case, instead of a defined period, we will update it to most “Recent Period”.  This option will return the most recent report filed by the company. Here it is:

See the difference?Its clear now that the two companies have not filed for their 2016-FY reports yet, as it shows that their most recent report is for 2016-Q3. This is where Update Comps Table will be very useful in updating reports created by functions.  Its easy, isn’t?

Well, Update Comps Table can be applied to all comparable reports, irrespective if created by Automated Reports  or from reports using excel functions. As long as its generated by XBRLAnalyst, you can easily update your reports in minutes!  Here we go, here’s another template for you!

Additional info? Sure, please check our contact details below.

If you are interested to try XBRLAnalyst for Excel or iXBRLAnalyst, just register for a test drive. If you need assistance building Excel models that leverage XBRLAnalyst tools, contact us at  [email protected]. For video tutorials, visit our website or Youtube Channel.  To follow our posts and updates, please add our Twitter and Facebook accounts.

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

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The Fastest Way to Update Financial Reports


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