FinTagging: Benchmarking LLMs for Extracting and Structuring Financial Information

• URL: http://arxiv.org/abs/2505.20650v2
• Date: Fri, 10 Oct 2025 00:16:17 GMT
• Title: FinTagging: Benchmarking LLMs for Extracting and Structuring Financial Information
• Authors: Yan Wang, Yang Ren, Lingfei Qian, Xueqing Peng, Keyi Wang, Yi Han, Dongji Feng, Fengran Mo, Shengyuan Lin, Qinchuan Zhang, Kaiwen He, Chenri Luo, Jianxing Chen, Junwei Wu, Jimin Huang, Guojun Xiong, Xiao-Yang Liu, Qianqian Xie, Jian-Yun Nie,
• Abstract summary: FinTagging is the first comprehensive benchmark for structure-aware and full-scope.<n>tagging.<n> FinNI for numeric identification extracts numerical entities and their types from.<n>financial reports.<n>FinCL for concept linking maps each extracted entity to the corresponding concept in the full U.S. taxonomy.
• Score: 47.37027539828975
• License: http://creativecommons.org/licenses/by/4.0/
• Abstract: Accurately understanding numbers from financial reports is fundamental to how markets, regulators, algorithms, and normal people read the economy and the world, yet even with XBRL (eXtensible Business Reporting Language) designed to tag every figure with standardized accounting concepts, mapping thousands of facts to over 10,000 U.S. GAAP concepts remains costly, inconsistent, and error-prone. Existing benchmarks define tagging as flat, single-step, extreme classification over small subsets of US-GAAP concepts, overlooking both the taxonomy's hierarchical semantics and the structured nature of real tagging, where each fact must be represented as a contextualized multi-field output. These simplifications prevent fair evaluation of large language models (LLMs) under realistic reporting conditions. To address these gaps, we introduce FinTagging, the first comprehensive benchmark for structure-aware and full-scope XBRL tagging, designed to evaluate LLMs' ability to extract and align financial facts through numerical reasoning and taxonomy alignment across text and tables. We define two subtasks: FinNI for numeric identification, which extracts numerical entities and their types from XBRL reports, and FinCL for concept linking, which maps each extracted entity to the corresponding concept in the full US-GAAP taxonomy. Together, these subtasks produce a structured representation of each financial fact. We evaluate diverse LLMs under zero-shot settings and analyze their performance across both subtasks and overall tagging accuracy. Results show that LLMs generalize well in numeric identification but struggle with fine-grained concept linking, revealing current limitations in structure-aware reasoning for accurate financial disclosure. All code and datasets are available on GitHub and Hugging Face.

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