Igor Pustylnick, Oksana Temchenko



Analysis of Uses and Limitations of Mechanism of Extraction of XBRL Data in Financial Research

pdf PDF



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.



XBRL Parsing, financial statements, data extraction, data verification, XBRL data



[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]ISSN: 2367-8925 299 Volume 2, 2017

[5] R. Chychyla and A. Kogan. (2013, Using XBRL to Conduct a Large-Scale Study of Discrepancies between the Accounting Numbers in Compustat and SEC 10-K Filings. Available: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2304473 [Retrieved: July, 2013]

[6] R. S. Debreceny, S. M. Farewell, M. Piechocki, C. Felden, and A. Graening, "Does it add up? Early evidence on the data quality of XBRL filings to the SEC," Journal of Accounting and Public Policy, vol. 29, pp. 296–306, 2010.

[7] R. S. Debreceny, S. M. Farewell, M. Piechocki, C. Felden, A. Graening, and A. D'Eri, "Flex or Break? Extensions in XBRL Disclosures to the SEC," Accounting Horizons, vol. 25, pp. 631-657, 2011.

[8] R. S. Debreceny and G. Gray, "The production and use of semantically rich accounting reports on the Internet: XML and XBRL " International Journal of Accounting Information Systems, vol. 2, pp. 47-74, 2001.

[9] E. Boritz and W. G. No, "Computer-Assisted Functions for Auditing XBRL-Related Documents," Journal of Emerging Technologies in Accounting, vol. 13, pp. 53-83, 2016.

[10] R. S. Debreceny, A. Chandra, J. J. Cheh, D. Guithues-Amrhein, N. J. Hannon, P. D. Hutchison, et al., "Financial Reporting in XBRL on the SEC's EDGAR System: A Critique and Evaluation," Journal of Information Systems, vol. 19, pp. 191-210, 2005

[11] E. Boritz and W. G. No, "Business Reporting with XML: XBRL (Extensible Business Reporting Language)," in Encyclopedia of the Internet vol. 3, H. Bidgoli, Ed., ed: John Wiley and Sons, 2004, pp. 863-885.

[12] M. Bovee, A. Kogan, R. P. Srivastava, M. Vasarhelyi, and K. Nelson, "Financial Reporting and Auditing Agent with Net Knowledge (FRAANK) and eXtensible Business Reporting Language (XBRL)," Jounal of Information Systems, vol. 19, pp. 19-41, 2005.

[13] M. A. Geiger, D. S. North, and D. D. Selby, "Releasing Information in XBRL: Does It Improve Information Asymmetry for Early U. S. Adopters?," Academy of Accounting and Financial Studies Journal, vol. Arden 18.4, pp. 66-83, 2014.

[14] J.-H. Lim and T. Wang, "The Impact of Service Provider Switches on XBRL Qua," in Pacific Asia Conference on Information Systems, 2016.

[15] M. Enachi and I. I. Andone, "The Progress of XBRL in Europe – Projects, Users and Prospects," Procedia Economics and Finance, vol. 20, pp. 185-192, 2015.

[16] R. S. Debreceny and G. Gray, "A taxonomy to guide research on the application of data mining to fraud detection in financial statement audits " International Journal of Accounting Information Systems, vol. 15, pp. 357-380, 2014.

[17] R. Chowdhuri, V. Y. Yoon, R. T. Redmond, and U. O. Etudo, "Ontology based integration of XBRL filings for financial decision making," Decision Support Systems, vol. 68, pp. 64-76, 2014.

[18] E. Tsui, W. M. Wang, L. Cai, C. F. Cheung and W. B. Lee, "Knowledge-based extraction of intellectual capital-related information," Expert Systems with Applications, vol. 41, no. 2014, pp. 1315-1325, 2014.

[19] M. Radzimski, J. L. Sanchez-Cervantes, A. Garcia-Crespo and I. Temiño-Aguirre, "Intelligent Architecture for Comparative Analysis of Public Companies Using Semantics and XBRL Data," International Journal of Software Engineering and Knowledge Engineering, vol. 24, no. 05, p. 801, 2014.

[20] B. Kämpgen, T. Weller, S. O'Riain, G. Weber and A. Harth, "Accepting the XBRL Challenge with Linked Data for Financial Data Integration," in The Semantic Web: Trends and Challenges, 2014.

[21] B. M. Franceschetti and C. Koschtial, "Do bankrupt companies manipulate earnings more than the non-bankrupt ones? " Journal of Finance and Accountancy vol. 12, pp. 1-22, 2013.

[22] I. Pustylnick, "Using Z-Score in detection of revenue manipulations," presented at the 21-st International Scientific Conference Economics and Management, Brno, Czech Republic, 2016.

[23] E. Altman, "Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy," Journal of Finance, pp.589-609, 1968.

[24] M. Beneish, "Detecting GAAP violation: implications for assessing earnings management among firms with extreme financial performance," Journal of Accounting and Public Policy, vol. 16, pp. 271-309, 1997.

[25] J. Escalada. (2011, August 29,2012). 45 Dividend Stocks With Good Credit Scores. Available: http://seekingalpha.com/article/307563-45-dividend-stocks-with-good-credit-scores [Retrieved: March, 2012]

[26] I. P. Jansen, S. Ramnath, and T. L. Yohn, "A Diagnostic for Earnings Management Using Changes in Asset Turnover and Profit Margin," Contemporary Accounting Research, vol. 29, pp. 221-251, 2012.

[27] A. van der Hoek, "Design-time product line architectures for any-time variability," Science of Computer Programming, vol. 53, pp. 285-304, 2004.

[28] C. Hoffman and M. M. Rodrigues, "Digitizing Financial Reports – Issues and Insights: A Viewpoint," International Journal of Digital Accounting Research, vol. 13, pp. 73-98, 2013.

[29] C. Blilie, "Patterns in scientific software: an introduction," Computing in Science & Engine, vol. 4, pp. 48-53, 2002.

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


Copyright © 2017 Author(s) retain the copyright of this article.
This article is published under the terms of the Creative Commons Attribution License 4.0