Factiva.com and auditor changes

In an earlier post I mentioned the Factiva.com database as the source of unique information. The statement types in Factiva in the past offered this unique information at the top of each column of a financial snapshot report: Update Type/Date, Auditor/Accountant & Accounting Standard. Example:

Today I checked several companies and part of the information these days is gone. The Auditor/Accountant no longer is reported for each year separately. Only the latest/current auditor is now reported. This really is a pity as this was one of the very few sources that had this kind of information an annual level. Below you see a current example for the same company:

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Bankscope and Consolidation codes

In the previous two posts I went into consolidation codes and how these can be used in Amadeus. Bankscope also uses consolidation codes to indicate the level of consolidation for the different financial statements. In a previous post I mentioned how the use of these codes might interfere with finding out how many banks you can actually get when you do a search. Limiting a search to companies with certain types of statements in Bankscope works similar to the Amadeus database: through the search menu. In the (advanced) search menu select: Accounting data > Consolidation code.

The types of consolidation codes available in Bankscope vary slightly from those in Amadeus. Below you see an overview of the codes and their explanation:

  • C1: statement of a mother bank integrating the statements of its controlled subsidiaries or branches with no unconsolidated companion
  • C2: statement of a mother bank integrating the statements of its controlled subsidiaries or branches with an unconsolidated companion
  • C* Additional Consolidated statement
  • U1: statement not integrating the statements of the possible controlled subsidiaries or branches of the concerned bank with no consolidated companion.
  • U2: statement not integrating the statements of the possible controlled subsidiaries or branches of the concerned bank with an consolidated companion.
  • U* Additional Unconsolidated statement

Additional companion statements (C* or U*)
The additional statements might differ from the main statements according to one or more of the following criteria:

  • The source used to spread the data is different (FDIC, SEC…)
  • The accounting standard (generally historical accounts in Local GAAP, more recent ones in IFRS are in the main statements)
  • Inflation adjusted vs nominal values
  • Proforma accounts vs original accounts

NB: When you are using both databases to select companies for your research you also have to take into account, of course, that similar codes in Amadeus and Bankscope may get you data, but the accounting rules for the data items from the Annual Accounts are different for different types of companies and therefore are difficult to compare between both databases. The same applies too to companies in a single database.

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Amadeus and consolidation selection

In the previous post I explained what the consolidation code is and how it can be used in Amadeus to find out what type of financial data are available for companies. One of the most obvious ways to select companies with certain types of statements is to include this in the search as a limitation.

Under the search option Accounts type & availability it is possible to select “Type of Accounts“. Below you see where the option is available in the (advanced) search screen:

After selecting the option in the (advanced) search screen you get the option to select the types you want:

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Amadeus and company data

Many companies publish the company results in quarterly and annual statements. Depending on the size and scope of the company these statements can contain consolidated and/or unconsolidated financial information. A consolidated financial statement is the statement of a company integrating the financial information (/statements) of its subsidiaries. How the financial information is integrated into the consolidated statements depends on the importance of the percentage/interest owned by the parent company in the specific subsidiaries.

When you are doing research in Amadeus (and need to to use financial data that is comparable) you may need to take the consolidation level/code into account. In Amadeus the specific consolidation level/type of available financial statements is indicated with the Consolidation code. When you do a search and call up the resulting list of companies the consolidation is always shown in the default list:

The level of consolidation for the statements of companies in Amadeus is indicated by the 4 consolidation codes:

  • C1: statement of a mother company integrating the statements of its controlled subsidiaries or branches with no unconsolidated companion,
  • C2: statement of a mother company integrating the statements of its controlled subsidiaries or branches with an unconsolidated companion,
  • U1: statement not integrating the statements of the possible controlled subsidiaries or branches of the concerned company with no consolidated companion.
  • U2: statement not integrating the statements of the possible controlled subsidiaries or branches of the concerned company with an consolidated companion.

More information on these codes is also available in the help section. When you are creating your own list of variables that you want to download you can find the variable “Consolidation code” in the section “Legal & Account Information” under subsection “Account Information“.

It may also be possible to change the search settings in Amadeus to get certain preferred consolidation level information for companies presented in the search result by default. If possible (it depends on the subscription that allows you access) you can change the setting using the option “Settings” at the top of your screen (see also my earlier post in the old Blog). See example below:

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