Search Engines for Extracting, Managing, and Analyzing Knowledge from the SEC Filings in XBRL and Be

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Search Engines for Extracting, Managing, and
Analyzing Knowledge from the SEC Filings in XBRL
and Beyond

• Rajendra P. SrivastavaErnst Young Professor
  and DirectorEY Center for Auditing Research
  Adv. Technology
• 13th World Continuous Auditing Reporting
• Faculty of Economics, University of
• Via Voltapaletto, 11, Ferrara (Italy),
• June 15-16, 2007

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Outline

• Background of FRAANK (Financial Reporting and
  Auditing Agent with Net Knowledge)
• Current Features of FRAANK 2.1
• Knowledge Extraction by FRAANK from SEC Filings
• Role of FRAANK 2.1 in Creating Empirically Based
  Industry Specific Taxonomies
• Live Demonstration
• SEEK_INF (Search Engine for Extracting Knowledge
  from Industrial Filings)

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Background of FRAANK

• Spring 1996 FRAANK was born to
• Capture 10Ks and 10Qs from SEC Edgar database
• Parse BS, IS and CF to create electronic
  Documents
• 2001 Adopted to XBRL Taxonomy 1.0
• 2002-06 Text Parsing, Tagging, and Display
• Items on 10K and Footnotes to FS
• Auditors Report
• Intelligence to find Auditor, Place, Date, and
  Type
• 2005-07 Moved to XBRL Taxonomy 2.1
• 2007 FRAANK 2.1

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Academic Publications on FRAANK
(http//www.eycarat.ku.edu)

• 2000 Nelson, Kogan, Srivastava, Vasarhelyi, Lu.
  Virtual Auditing Agents The EDGAR Agent
  Challenge, Decision Support Systems (28) 3
  241-253.
• 2002 Bovee, Ettredge, Srivastava, Vasarhelyi.
  Does the Year 2000 XBRL Taxonomy Accommodate
  Current Business Financial Reporting Practice?
  Journal of Information Systems, Vol. 16, No. 2,
  Fall 165-182.
• 2005 Bovee, Kogan, Srivastava, Vasarhelyi,
  Nelson. Financial Reporting and Auditing Agent
  with Net Knowledge (FRAANK) and eXtensible
  Business Reporting Language (XBRL). Journal of
  Information Systems, Vol. 19, No. 1 (Spring) pp.
  19-41.

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Current Features of FRAANK 2.1

• Uses XBRL 2.1 Taxonomy (Calculation Tree)
• Parses BS, IS, CF in 10Ks and 10Qs and tags them
  using XBRL 2.1
• Creates KU_Tags for items not found in XBRL 2.1
• Creates a database of line items identified as
  not having XBRL 2.1 tags
• Parses Non-Financial Information in 10K
• Items, Footnotes, Audit Report, SOX 404 Report
• Identifies auditor, place, date, type, and tags
  using XBRL 2.1
• Identifies Effective In-effective SOX 404 Report

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• Questions!