Softpark Launches Quality-Ranked XBRL Data Service in Excel Format for Financial Analysts
Unique, quality-ranked XBRL data service with error hotspots helps analysts identify trust-worthy data quickly and easily.
NEW YORK, Feb. 5, 2014 /PRNewswire/ — Softpark 21 (India) announces the launch of a unique ‘quality-ranked’ XBRL data distribution service in user-friendly and analytic-ready Excel format through its http://www.FreeXBRLonline.com portal. Softpark’s growing dataset of over 1 billion data elements includes three years of annual and quarterly filings from 8,600+ companies filing in XBRL with the Securities and Exchange Commission (SEC) in the United States.
Ashu Bhatnagar, co-founder of Softpark and former Director of Standards and Practices of XBRL International, states, “Government regulators around the world, like the SEC, have increasingly adopted the use of XBRL – eXtensible Business Reporting Language standard for companies financial reporting. XBRL offers the promise of computer readability and efficient reuse of data by institutional investors, companies, and individuals. However, persistent XBRL data quality issues have limited most sell- and buy-side analysts from attaining the benefits of rich XBRL data thus far. Analysts need data that they can trust.” Further, he says, “similar to Google’s page ranking system which displays more relevant results first amongst millions of search results, Softpark’s data quality-ranking system with color-coded heat-map helps analysts distinguish good data from questionable data, easily and quickly.”
New Quality Ranked XBRL Data Service
Arun Bhatnagar, co-founder and CEO of Softpark, describes the new XBRL data service process “uses our proprietary developed data harvester technology to extract XBRL tagged data and metadata, validate it and apply algorithm based quality rank score. The XBRL data quality score ranges between 0 and 1,000, much like the FICO personal credit score methodology already understood by banks to assess credit worthiness. Finally, the data is returned to the user in an easy to use Excel format.”
Soami Saran, Softpark’s Strategy Advisor says, “Softpark’s unique data quality approach makes it easy for analysts to quickly analyze errors with full transparency rather than blindly trust in data vendors for not making additional processing errors while cleaning the data. Imagine if a company reports its product revenues as 2 million dollars, its services revenues as another 2 million dollars, and the total revenues as 5 million dollars; our tools detect this as data quality issue, alert the analyst to probe further, and likely find a valid explanation in the reported extension taxonomy tagged foot-notes, such as one-time exception income.”
Softpark’s quality-ranked XBRL data service is available today through http://www.FreeXBRLonline.com free of charge for over 4,400 smaller companies. Data for over 4,200 larger companies start at USD 1 per filing. Minimum order size is USD150. No monthly fees, memberships, or commitments are needed. The underlying enterprise software license for the XBRL Harvester toolset based on World Wide Web Consortium’s (W3C) Semantic Web standards, to build your own quality-ranked database is available and starts from USD150,000.
About Softpark and FreeXBRLonline.com
FreeXBRLonline.com is a XBRL conversion and XBRL data download service of Softpark 21 India. Established in 1993, SoftPark 21 (India) is an innovative IT development and services company with customers in USA, UK, UAE, India and Australia. Softpark is India’s first iXBRL company recognized by HMRC UK and an approved XBRL training partner of The Institute of Chartered Accountants of India.
SOURCE Softpark 21 (India)