XBRL

Today is a big day at TagniFi. We are now collecting financial data automatically from the SEC's XBRL feed without any human involvement. All data is standardized by our system (aka George) as it passes through hundreds of quality checks before it enters our database. All of this occurs within minutes of the filing with the SEC. The result is the timeliest and most accurate data in the industry. Thanks to everyone involved with XBRL that made...

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Dear Congress: As you consider removing the XBRL mandate for a significant portion of public companies, please consider how such a move could be detrimental to investors over the long run. Tomorrow's investors will demand accurate information from the companies they've entrusted with their capital. The world is becoming a smaller place and capital will flow across borders to where it is treated best. To attract capital you need trust between investors and the companies they invest in. To build trust, you need to develop a track record of performance and accountability. To accomplish that, you need quality information. Read More
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Last week we posted our first example of the data quality issues that are preventing investors from using XBRL directly. This week's example is a 10-K from Arch Coal that was filed with the SEC on February 28, 2014. This 10-K is the company's 21st XBRL filing since August 2009. After 21 attempts they are still filing financial statements with significant errors that will prevent investors from using the data. Specifically, the cash flow statement contains a variety of errors that total $1.3 billion. Read More
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Dear Investor: This June marks the 5th anniversary of the SEC's XBRL mandate that promised more accurate and timely information to the investing public. Here is an except from the SEC's proposed rule on XBRL from June 2008:

"Interactive data also could provide a significant opportunity to automate regulatory filings and business information processing, with the potential to increase the speed, accuracy, and usability of financial disclosure. Such automation could eventually reduce costs."  (1)

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Today we sent this letter to Congressman Hurt regarding his proposed legislation to exempt companies with less than $250 million in revenues from filings their financial statements in XBRL. If passed, we believe this will negatively impact the very companies Rep. Hurt is trying to help by reducing their shareholder base and increasing the cost of capital. Read More
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Two years ago we started work on a little experiment to see if XBRL could be used to build a standardized financial dataset with minimal dependence on human collection. If possible, this would potentially be the biggest development in financial data since John Moody wrote the first Moody's Manual in 1900. For the past 113 years data has been collected manually and, as a result, this data (a) has not been very timely and (b) is prone to input or classification errors. Read More
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