Fortune 500 ranking dissected by XBRLAnalyst shows deviations between reported and published financial data
In June 2014, Fortune magazine published its annual review of leading 500 US stocks. The financial figures can now be quickly compared with actual reported values using XBRLAnalyst for Excel or XBRLAnalyst Online. For several companies, significant deviations from reported Revenue and Profit figures have been observed.
Montreal, Quebec, Canada, August 27, 2014. FinDynamics, the leader of XBRL applications on the Microsoft Excel platform, announced the release of a new version of XBRLAnalyst for Excel and its first Online version, iXBRLAnalyst. It provides full access to fundamental financial data from 10-K, 10-Q financial reports as well as stock prices in a convenient Excel-based platform. Using XBRLAnalyst for reviewing the financial figures published by Fortune magazine shows surprising results.
Every year Fortune compiles a list of top 500 US stocks ranked by Revenue. Although its methodology of calculating financial values is described in detail (link in first paragraph), some normalization of Revenue and Profit data is not that univocal. With XBRLAnalyst, we can now easily compare Fortune’s figures with actual reported values for 483 public companies from the list that have to submit XBRL reports to SEC. As a result, a discrepancy between reported financials and original numbers in financial reports could be observed for some companies.
The list below is sorted by the Revenue deviation from reported values (cells highlighted with Red). Yellow color indicates companies for which Fortune magazine probably missed a component of Excise tax that should be excluded from the Revenue. For some other differences any plausible explanation could not be found. For several companies, a significant deviation of Fortune’s values from reported Profit figures (Red cells in last column) could be detected.
In the example below, the Profit value of TravelCenters of America can be quickly traced to their original report to verify that the reported Net Income is indeed equal to $31.6mln (see below). The company has not reported non-controlling interests or other extraordinary credits or charges that could affect the reported value, especially to such a great extent.
“The new financial reporting standard called XBRL that is mandatory for all public companies submitting reports to SEC in the US, provides tremendous potential for democratizing the access to financial data,” explains Ilya Vadeiko, president of FinDynamics. “With such tools as FinDynamics’ XBRLAnalyst, investors and financial analysts can now afford convenient access to live data streams of accurate fundamental financial data.”
Anyone can freely view the data presented in this press release by using iXBRLAnalyst – the Online version.
About FinDynamics, creator of XBRLAnalyst
FinDynamics, a Montreal-based financial application developer, is the leader of XBRL data analysis applications integrated with the Microsoft Excel platform. Founded in 2013, FinDynamics’ objective is to create an innovative financial analysis platform allowing the transition to new, improved, more intuitive and easier methods of performing financial analysis by integrating the XBRL data format on Microsoft Excel platform and taking advantage of FinDynamics’ affordable, high-quality financial data streams. FinDynamics is committed to provide free access to its products for academic users in order to promote the teaching, research, and adoption of XBRL in the financial sector.
FinDynamics is a Member of Microsoft Partner Network and Microsoft BizSpark Startup Program.
For additional information on FinDynamics, please call +1 (877) 791-XBRL (9275) or visit our website at http://findynamics.com/