(This post first appeared on The Div-Net)
For those that do not know, I’m no accountant and I’ve never taken a finance or accounting course in my life. Like many people, I felt overwhelmed and lost once I opened the financial statements. Google, Yahoo and Morningstar were my go to guys to get the information. Thankfully, I’ve overcome this and now immediately go to Edgar to find the information I require. This process has saved me from losing more than what I have already lost.
As the internet continues to evolve, so do the applications and services. This includes the SEC. Reading the financial statements from Edgar is a severe pain but companies can now voluntary submit filings in XBRL format.
Check out the interactive format here. Currently, only the blue chips have been submitting, but as time goes by, I hope the SEC will make it compulsory for every company.
Here is a screenshot of 3M’s statements. For new readers, you can first read about my analysis of AeroGrow’s Statement of Cash Flows here.
December 17th, 2008 at 1:29 am
EDGAR is definitely a pain. This is a massive upgrade and I can’t wait until more companies start filing compatible reports.
Thanks for sharing.
Cheers.
Ethan
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December 17th, 2008 at 8:41 pm
I really dislike having to print out several reports and then have them side by side to compare the numbers as well.
Really hoping this becomes mandatory.
December 18th, 2008 at 8:54 am
I do the same thing Jae
I often go to edgar but did not realize they offered this
thanks
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March 5th, 2010 at 5:24 pm
JJ,
I have a lot of respect for people who are self taught in accounting or finance. It takes a lot to teach yourself what most people might consider mundane. Further, I graduated with an accounting degree, but I have found that most of my classmates (myself include) went with accounting for the job security vs. trying to understand the subject matter at hand. Additionally, sometimes not learning things through academia allows you to think outside the box.
Your case reminds me a lot like Whitney Tilsons -
http://www.gurufocus.com/news.php?id=86050
Regards,
Jason
March 5th, 2010 at 11:16 pm
Thanks Jason. I do wish I had taken some accounting classes while in school as it would have helped me earlier but I’m still and always will be in the process of learning.
I did engineering for the job security as well but more than that, it isn’t a passion of mine which is why I’m doing the daily grind as well.
But I know that you and I are here for a common passion. With your background in accounting Im sure you can see much more as well.