Extracting Financial Data from SEC Filings for US GAAP Accountants

Abstract

Since financial statements are vital for decision makers in the professional investment world, quick access and automated import of this data is essential for the financial industry. In order to do that, an investor or analyst requires a comprehensive database with the figures from financial statements for all covered companies over a reasonably long period of time. Investment companies pay to service providers such as Reuters, Compustat etc. for access to refined financial statements. A popular source of information are the filings held in the EDGAR database. EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, acceptance, and forwarding of submissions by companies and others who are required by law to file forms with the U.S. Securities and Exchange Commission SEC (U.S. Securities and Exchange Comission SEC 2007). Its primary purpose is to increase the efficiency and fairness of the securities market for the benefit of investors, corporations, and the economy by accelerating the receipt, acceptance, dissemination, and analysis of time-sensitive corporate information filed with the agency. Registered companies are required to submit certain financial reports in prescribing formats in so-called forms.