How is the data under Financial Statements for individual companies sourced?
The data on our platform has been standardized by S&P Capital IQ. All major data vendors (S&P, Bloomberg, Reuters, Factset) standardize reported data that is derived from a company's financial statements. The aim of the data vendors is to ensure transparency, reliability, consistency, and comparability of financial statements. They do so by standardizing accounting policies and principles so the transactions of all companies will be recorded in a similar manner if they follow these accounting standards.
Standardized data is frequently different than the data supplied by a company in the form of their financial statements. Standardization is similar to GAAP (Generally Accepted Accounting Principles).