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selti
Panel/Balance sheet : (Total Assets) different than (Total Liabilities + Total Equity) !

Hello,

I think this is a bug :
(Total Assets) should be equals to (Total Liabilities + Total Equity) !
Example with IBM :
https://www.portfolio123.com/app/report/panels/IBM
See joined screenshot

Attachment 2020-06-28_121853.png (47850 bytes) (Download count: 78)


Attachment 2020-06-28_124826.png (166 bytes) (Download count: 77)


Jun 28, 2020 5:22:18 AM       
Edit 2 times, last edit by selti at Jun 28, 2020 5:49:51 AM
selti
Re: Panel/Balance sheet : (Total Assets) different than (Total Liabilities + Total Equity) !

Please also check total errors for : Total Current Liabilities (all years). Also LastQtr for Total Assets.

Attachment 2020-06-28_124529.png (52844 bytes) (Download count: 78)


Jun 28, 2020 5:44:50 AM       
Edit 1 times, last edit by selti at Jun 28, 2020 5:46:51 AM
yuvaltaylor
Re: Panel/Balance sheet : (Total Assets) different than (Total Liabilities + Total Equity) !

If you look at IBM's 10-K, they report a total for shareholder's equity, then they add noncontrolling interests to arrive at total equity. We don't have two different line items for shareholder's equity and total equity. Perhaps we should.

Yuval Taylor
Product Manager, Portfolio123
invest(igations)
Any opinions or recommendations in this message are not opinions or recommendations of Portfolio123 Securities LLC.

Jun 28, 2020 10:32:20 PM       
selti
Re: Panel/Balance sheet : (Total Assets) different than (Total Liabilities + Total Equity) !

I think you should and for the other missing rows too !
BTW, it would be great if you could add more years and/or rows !
Also could you update the help file for line items for financial statements from Factset ?
https://www.portfolio123.com/doc/side_help_item.jsp?id=63
Thanks in advance

Jun 29, 2020 3:11:30 AM       
pdemartino
Re: Panel/Balance sheet : (Total Assets) different than (Total Liabilities + Total Equity) !

You need to be aware that we are limited in the number of accounting lines that we can display, both because of contracts and because of usability.

Put aside IBM's 0.09% difference between total assets and the sum of total liabilities plus shareholder's equity.

Let's instead look at Wells Fargo, with a 0.74% difference between total assets and the sum of total liabilities, shareholder's equity, and minority interest. (This is the largest difference for the largest non-ADR company that displays this problem that I could find.)

Looking at the most recent 10-Q, that difference corresponds exactly to the line labelled Unearned ESOP Shares. It is, indeed, in the difference between total equity and shareholder's equity, and we will discuss that internally.

But should we add that line? We always entertain adding new lines for our users, but our response is generally twofold: a) How are you planning on using it? b) How much will you pay for it if you're unwilling to answer question a)? (We have added lines in response to consulting work in the past, and I assume that we would do so again.)

I know that simply to ensure that total assets equals the sum of total liabilities, shareholder's equity and minority interest is not necessary. You are welcome to use it as a rule, but knowing that other mezzanine lines -- lines that don't fall into liabilities or equity -- exist you'll be eliminating perfectly good companies.

Jun 29, 2020 10:01:46 AM       
selti
Re: Panel/Balance sheet : (Total Assets) different than (Total Liabilities + Total Equity) !

Thanks for the explanations. Indeed there is no need to add such small line (small difference between total assets and the sum of total liabilities plus shareholder's equity)! I thought there was a bug on your part somewhere...
I guess there is something similar that is explaining the difference "Total Current Liabilities" ?
And what about updating the line items help file ? ;)
Thanks in advance

Jun 29, 2020 10:58:56 AM