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
Big Moves in Goodwill, Intangible Value

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

Monday, February 11, 2019
Now Streaming on Hulu: Red Ink

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

Wednesday, February 6, 2019
You Revised WHAT, Netflix?

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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In the discussion about HR 4164 we’ve heard a lot about the ‘hardships’ faced by the ‘small, development stage companies’ who are ‘struggling’ to meet their XBRL requirement.

First of all, it’s our opinion that the benefits of being publically listed are equally great whether you are large or small, and therefore size should not be an factor in your reporting requirement.

But putting that aside for a moment, let’s take a look at just one of these “emerging growth” companies that would be exempted, if in fact a limit of $250 million in revenue were enacted.

Introducing Isis Pharmaceuticals (Nasdaq: ISIS)
Publicly traded for: 23 years
Market cap: $5.4 BILLION
Only 147.3 million in revenue in 2013
BUT $847 MILLION in assets
AND 656.8 MILLION in cash and short term investments

Does any of this sound like ‘emerging growth?’

But there’s more:

Isis raised $173.3 MILLION in the last year alone by issuing new stock on Nasdaq. In order to do that they happily paid $9.5 MILLION in fees to investment banks.

AND yet a few thousand a year to report financials back to those same generous investors in a much more efficient, machine readable format is too much to ask?

Clearly, it doesn’t add up!

Incidentally, this research took a grand total of 5 minutes because of, you guessed it, the magic of XBRL.

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