I'm starting my first internship with an IB soon and have been told by some other interns who already work there, that a task that they were first given was to condense a couple years worth of financial statements. With that being said, I want to get some practice before I start so I can shit out a finished product for them in no time. While I might just be horrible at googling, I have had a really hard time finding uncondensed financial statements (whether they are real or academically drafted) on the web.
Does anyone have any recommendations or resources relating to where I could find uncondensed financial statements? Thank you!
What does condensing financial statements mean? It's a huge waste of time to practice anything if you don't have access to BamSec, Capitaliq, Factset, etc. as they make the job 30 times quicker
Condensing financial statments is where you take all of the line items and condense them to their, what you might call, parent category. In other words, it's adding all of the line items within current assets and getting a total to have for the condensed version of the 3 financial statments. For reference, condensed financial statments are what you would see on yahoo finance or normally the first couple of pages in a 10Q or 10K.
Also, I agree that those softwares make it much easier, but just wanted to get some hands on experience and get much quicker with the process.
I don't get it. Why wouldn't you just use the first pages of the 10Q if it's already there? Also, no point to do what software already accomplishes by hand.
Do you also practice using a quill and ink, or making pencils by hand instead of getting a pencil from the supply closet?
Hahaha, I totally get your point, lmao.
But it's kind of like (vaguely) saying that you should never spread comps by hand since you can just pull it all using a B terminal.
No, not even close. You check comps by hand to ensure you understand adjustments and everything from CapIQ/factset is accurate. You don't manually tick and tie SEC filings to ensure that the auditors, regulators, company, analysts and investors all didn't somehow not notice a basic arithmetic error.
Not sure if still the case but just btw CapIQ lists a bunch of wrong info (like Koch industries having 15m in revenue lol). Can get a hundred bucks from them to fix the data though... don't use CIQ anymore but not a bad way to get a c
I guess you could try and find sample general ledgers and their associated consolidated statements and then try and recreate the consolidated from the general ledger but every case will be different and I feel like this isn't what you would be tasked with..
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