First, a quick review of XBRL as presented by the SEC
- XBRL financial data is NOT standardized.
Incredibly, the SEC allows companies to create custom elements unanchored to
standard elements, undermining the central purpose of XBRL.
- XBRL filings are incomplete, incorrect and
inconsistent. There are missing and invalid relations, incorrect signs, tags from
the wrong taxonomy and the wrong block, numerous inconsistencies with the
standard taxonomy, just for starters.
- The SEC enforces only the most egregious errors,
so there is effectively no quality control over XBRL data.
Therefore, anything beyond the most basic use of XBRL data
requires serious modification. The major data aggregators take hours to fix the
data. XBRLogic has automated the process and now is able to create
fully-standardized financials in under 2 minutes. Grab some popcorn and go
see the movie – it’s short!