Friday, March 22, 2019
Our New Master Class Video

Thursday, March 21, 2019
Tech Data’s Goodwill Adjustment

Tuesday, March 19, 2019
There’s Taxes, and There’s Taxes

Saturday, March 16, 2019
Adventures in Tax Cuts and Net Income

Monday, March 11, 2019
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Friday, March 8, 2019
CVS, Goodwill, and Enterprise Value

Thursday, February 28, 2019
Summary of Our Goodwill Research/ How-To

Wednesday, February 27, 2019
What Does ‘Other’ Mean? An Example

Thursday, February 21, 2019
Another Tale, Buried in the Footnotes

Wednesday, February 13, 2019
Low Latency Calcbench

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Now Streaming on Hulu: Red Ink

Thursday, February 7, 2019
Early Look at 2018 Tax Decline

Wednesday, February 6, 2019
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Thursday, January 31, 2019
Talking About Huawei Exposure

Wednesday, January 30, 2019
Another Discrepancy in Reported Numbers

Wednesday, January 30, 2019
Finding Revised Facts: Hertz Edition

Wednesday, January 23, 2019
GE Commercial Aviation Services: Bringing Numbers to Light

Monday, January 21, 2019
Differences in Earnings Releases and 10-Ks

Wednesday, January 16, 2019
The Importance of Textual Analysis

Tuesday, January 8, 2019
A Look at Climate Change Disclosures

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If any skeptics still wonder whether the Securities and Exchange Commission takes XBRL exhibits seriously, look no further: the regulator recently dinged Goldman Sachs for errors in its most recent Form 10-K annual report, and ordered the esteemed bank to file an amended version.

The mistakes seem to be in XBRL tagging only; Goldman did not have any errors in the original Form 10-K itself and all its financial data remains unchanged. (Annual revenue of $33.82 billion, net income $5.55 billion, if you’re curious.) Still, in the narrative that accompanied the revised Form 10-K filed on March 1, Goldman says it filed the revision because of errors in Exhibit 101—the exhibit that contains XBRL-tagged data.

So there we have it: yes, the SEC’s Division of Corporation Finance does pay attention to XBRL submissions and will insist on corrections where warranted.

The amended 10-K identified four tagging errors in net income, a bundle of errors in fair value of “Level 3” assets (where the assets have no external data to help a filer determine fair market price), and a few errors in segment reporting. The single most notable error was in net income, where one item tagged as $1,491,000,000 in the original Form 10-K was revised to $1,686,000,000—an increase of $195 million. One fair value item was revised upward by $142 million, and another was marked down $219 million.

You may see such revisions in the picture here.

Goldman Sachs blamed the errors on its financial printer.


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