R. Rosillo, R. Fernandez-Jardon, R. Pino, P. Priore

University of Oviedo (SPAIN)
The dissertation “Analisis Fundamental en XBRL – Taxonomía IPP “ consists in a web service aimed to ease the access to financial information of companies traded in the Spanish stock market.

In the last few years, advances in technologies of information and computer science have allowed financial information to be shared in a new variety of ways, being XBRL the predominant standard. Because of this, the institutions responsible for guaranteeing the correct behavior of financial markets, as the American SEC (Securities and Exchange Commission) or the Spanish CNMV (Comisión Nacional del Mercado de Valores) supply all the relevant financial data under digital format as XBRL reports.

These data must be processed to turn them into understandable information for the final user of financial reports, such as students of the economics area or professionals in the financial sector.

The student of accounting and finance, although having complete access to the theoretic fundaments of the process, has little contact with real scenarios of financial analysis and, at best, this information may be obsolete.

Our tool allows the student to get instant access to the last financial statements of every company being traded in the market and, thanks to the XBRL format, these data are immediately readable by the user in a comprehensible way, with no requirements of any tedious manual process to insert and process these data in order to make them useful for any tool developed ad hoc by each user or institution.

In the same way, the tool allows the student to apply the theoretic concepts of fundamental analysis, such as ratios over debt, cash-flow, returns on equity and investment or some others related to stock price such as price to books, earnings per shared, etc. comparing at the same time these figures with other companies or with the industry sector to which the company belongs.

The scope of this works includes all the companies traded in the Continuous Spanish Market, which financial information is provided by the Spanish CNMV (Comisión Nacional del Mercado de Valores). This institution, in an attempt to clarify the information and guarantee the transparency, split the companies in three categories: general companies, financial institutions and insurance companies, and so does this application, allowing the student to understand the application of each type of analysis depending on the type of company, and therefore helping in its interpretation.