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Searching Non-GAAP Reports and Disclosures

Non-GAAP reporting is now under scrutiny as SEC is currently spurring XBRL filing among public companies. Disclosures are well-examined and unsupported claims are questioned in details.

Hence, publicly listed companies should take seriously the potential of XBRL tags, not just for SEC reporting, but as representation of corporate management’s position and performance.  You might want to know that SEC recently charged a penalty of $1.5M to a New York based marketing company for non-disclosure of CEO perks and violation of non-GAAP disclosure rules. With SEC authority in practice, still it cannot be dismiss that XBRL tags played a role in facilitating timely and comprehensive reports evaluation.

Even standards board like FASB has growing concern on Non-GAAP Reporting.  Though its recognized that this performance measures helps management in decision-making, still, set standards and rules should be complied to achieve transparency and integrity of reports with public concern.

Comment letters will be issued to scrutinized companies requiring response at a reasonable time.  These letters are related to previous company filings and it would be a lengthy searching of files if not organized and easily accessible.

That’s what exactly in the mind of the XBRLAnalyst designers in dealing all SEC filings – should be systematically arranged for quick and easy tracking of report updates.  As additional to Screening Companies by Financial Metrics, XBRLAnalyst can also screen all SEC filings forms (10-K, 8-K, Footnotes, etc.) and non-GAAP disclosures.

 

If we will use again the “Screen Companies” button and choose the “Screen by Phrases”, we have options below to direct XBRLAnalyst into which kind of filing form should it search the word “Non-GAAP” among all the filings on year 2015.

 

At default, the system will show all results highlighting your screened word, but by clicking “View Full”, you can read the whole document to understand the full content.  “Search other” offers further screening of phrases with three options. As sampled below, we further searched for “free cash flow”.

 

Finally, there are options to export the list result to excel file and copy-paste the correspondence for printing or further reading.

 

 

 

With a simple Excel add-in, XBRLAnalyst offers you a handy and complete company database readily available for all your financial research and analysis needs.

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