FrontierFinance: 25 long-horizon financial modeling tasks, rubrics, and baseline computer-use harness
8a0e862 verified | Category,Sub-Category,Score,Criteria Description | |
| Pre-Scoring Gating Condition,Correct Filing and Correct Period,PASS,"PASS = Proceed to Scoring: Correct filing type used (10-K vs. 10-K/A explicitly acknowledged and handled); Correct fiscal year(s) used; Not mix 10-K / 10-Q / TTM / calendar-year data; Any amended filings (10-K/A), if applicable, are clearly disclosed and applied consistently" | |
| ,Correct Filing and Correct Period,FAIL,"FAIL = Automatic 0: Wrong filing used (e.g., 10-Q, press release, earnings deck, or non-SEC source); Wrong fiscal period or year; Mixed periods or bases (e.g., FY + TTM, FY + quarterly); No acknowledgement of 10-K/A; Ambiguity that prevents a reviewer from clearly identifying the exact filing(s) and period(s) used" | |
| Data Retrieval & Fidelity,Completeness of Historical Financial Statements,30,"All three historical financial statements (Income Statement, Balance Sheet, Cash Flow Statement) are present, each in its own standalone worksheet with all relevant line items present / no meaningful omissions" | |
| ,Completeness of Historical Financial Statements,15,"All three statements are present as standalone worksheets, but one statement is missing a limited number of non-core line items" | |
| ,Completeness of Historical Financial Statements,10,"All three statements are present, but >1 statement is materially incomplete (also includes major sections or multiple line items missing)" | |
| ,Completeness of Historical Financial Statements,5,"One or more historical statements are missing, merged, or only partially identifiable, but at least one standalone statement is usable" | |
| ,Completeness of Historical Financial Statements,0,Historical financial statements are largely absent or not identifiable as discrete statements | |
| ,Numerical Accuracy Check,40,"All sampled historical values exactly match SEC filings, no rounding, no sign errors, no normalization or transformation, and values are clearly sourced to the correct filing, fiscal year, and financial statement" | |
| ,Numerical Accuracy Check,30,3 or less immaterial numerical discrepancies such as rounding or sign convention issues limited to non-core line items but all values are clearly derived from filings | |
| ,Numerical Accuracy Check,20,"3 or less material numerical errors / missing value affecting non-core line items, or multiple small discrepancies that reduce confidence but do not affect core metrics" | |
| ,Numerical Accuracy Check,10,">3 material numerical errors / missing values affecting core line items such as revenue, COGS, Net Income, or widespread numerical inaccuracies despite filing-derived values" | |
| ,Numerical Accuracy Check,0,"Systematic numerical issues such as consistent rounding, normalization, aggregation, or partial estimation, requiring substantial re-extraction, large portion of numerical inputs do not match historicals" | |
| ,Statement Consistency and Presentation Fidelity,30,"Statements exactly replicate the SEC filing in line item names, ordering, subtotals, section headers, groupings, and overall layout. Aggregation or logical breakdowns of relevant items are fine." | |
| ,Statement Consistency and Presentation Fidelity,20,"Minor cosmetic or formatting differences (spacing, indentation, minor wording), or very minor reordering within sections, with full structural fidelity preserved" | |
| ,Statement Consistency and Presentation Fidelity,10,"One or more material presentation changes (eg. collapsed subtotals, partial reordering, limited aggregation) that reduce comparability but still allow clear mapping to the filing; Missing line items" | |
| ,Statement Consistency and Presentation Fidelity,5,"Significant structural deviations such as aggregation, renaming, or section restructuring that materially obscure the original filing structure" | |
| ,Statement Consistency and Presentation Fidelity,0,"Statements are materially restructured, merged, or reformatted such that the original SEC filing presentation cannot be reasonably reconstructed" | |
| ,Permitted Source Compliance,20,"All cited or referenced material comes exclusively from permitted SEC sources (10-K, 10-K/A, 10-Q, 8-K, or 8-K exhibits), investors relations page and each reference explicitly identifies the filing type and fiscal period" | |
| ,Permitted Source Compliance,15,All material appears to come from permitted sources; one reference is imprecisely labeled but the intended filing is clear | |
| ,Permitted Source Compliance,10,<=2 instance of language that implicitly suggests use of non-permitted sources without explicit citation | |
| ,Permitted Source Compliance,0,"Any explicit use of non-permitted sources (could include finance websites, databases, analyst estimates, blogs, Wikipedia)" | |
| ,Amended Filing Transparency (10-K/A),10,"Existence of a 10-K/A is explicitly disclosed, and the model clearly states whether original or amended figures are used consistently" | |
| ,Amended Filing Transparency (10-K/A),0,"10-K/A exists but is not acknowledged, creating ambiguity / amended filing used incorrectly or selectively without disclosure" | |
| Trend Analysis,Forecast Driver Quality,20,"Each major forecast line item is driven by a logically appropriate economic base consistent with financial theory and disclosures, multiple driver types are used where appropriate (e.g., sales, balances, asset schedules, margins), and no material line items rely on arbitrary or mechanical assumptions" | |
| ,Forecast Driver Quality,15,"Most line items use appropriate economic drivers, minor over-reliance on a single base exists but is defensible, and driver choices are generally sensible even if somewhat simplified" | |
| ,Forecast Driver Quality,10,"Several line items rely on weak or generic drivers (such as using percent of sales for all the metrics calculated), driver diversity is limited, but core financial relationships remain directionally reasonable" | |
| ,Forecast Driver Quality,5,"Most line items are driven mechanically or uniformly (everything tied to sales or growth rates), economic rationale is thin or inconsistent, and drivers do not meaningfully reflect how the business operates" | |
| ,Forecast Driver Quality,0,"Drivers are economically incoherent or arbitrary, core items are driven by inappropriate bases (for example, taxes tied to revenue, liabilities tied to sales, etc.), and the forecast logic is not financially credible" | |
| ,Disclosure-Consistent Reasoning,20,"All trends, drivers, and assumptions align cleanly with 10-K statements, notes, and 8-K disclosures. A distinct Management Disclosure worksheet exists covering latest press release / 10k note on management commentaries individually cited by source date, and covering segment growth, pricing, margin targets, and capital allocation where disclosed." | |
| ,Disclosure-Consistent Reasoning,15,"Minor inconsistencies with disclosures exist (slight simplifications of segment logic or note details), but overall reasoning is grounded. Management Disclosure worksheet exists but missing one major category" | |
| ,Disclosure-Consistent Reasoning,10,"Multiple misalignments with disclosures. Management Disclosure worksheet exists but is materially incomplete (missing a fiscal year, omitting multiple disclosure categories, or lacking source citations for most items)" | |
| ,Disclosure-Consistent Reasoning,5,Major conflicts with disclosures. Management Disclosure worksheet is either absent or present only in token form with minimal extraction and no meaningful sourcing. | |
| ,Disclosure-Consistent Reasoning,0,"Reasoning directly contradicts or disregards 10-K disclosures, notes, or segment definitions. No Management Disclosure worksheet exists or its contents are fabricated/unsourced." | |
| ,Growth Rate Reasonableness & Continuity,20,"Growth rates vary appropriately by line item and period, reflect historical ranges and business context, and show no unexplained jumps or discontinuities" | |
| ,Growth Rate Reasonableness & Continuity,10,"One notable jump or anomaly exists but is clearly explained, justified by disclosures, or immaterial to the overall forecast. Reasonable YOY growth assumptions for each line item" | |
| ,Growth Rate Reasonableness & Continuity,5,"Multiple growth rate jumps or inconsistencies across line items, reliance on uniform growth assumptions, or weak justification for changes. Reasonable year-over-year growth assumptions for each line item but limited differentiation across periods." | |
| ,Growth Rate Reasonableness & Continuity,0,"Multiple growth rate jumps or inconsistencies across line items, reliance on uniform growth assumptions, or weak justification for changes. Growth rates are economically nonsensical or exhibit extreme unexplained jumps such as sudden 200%+ changes in YOY forecast year for any line items deviating from historical and or management guidance" | |
| ,Assumption Explainability & Commentary Integration,30,"Every forecast line item has an explicit year-by-year driver shown directly beneath the statements, each assumption includes a clear written rationale tied to historical behavior and/or specific disclosures (8-Ks, press releases), commentary is timely, period-appropriate, and explicitly mapped to individual forecast assumptions" | |
| ,Assumption Explainability & Commentary Integration,25,"Nearly all forecast line items are documented with clear rationales, minor omissions exist in non-core items, commentary is relevant and mostly well mapped but may lack precision in a few places" | |
| ,Assumption Explainability & Commentary Integration,20,"Major forecast line items are explained with reasonable rationales, several secondary assumptions are implicit or loosely explained, commentary is present but linkage to assumptions is high-level" | |
| ,Assumption Explainability & Commentary Integration,15,"Assumptions are partially explained, many drivers are implicit or referenced elsewhere, commentary is generic or weakly connected to the forecast" | |
| ,Assumption Explainability & Commentary Integration,10,"Minimal explanation is provided, assumptions are largely unexplained, commentary is superficial and does not meaningfully inform forecast direction" | |
| ,Assumption Explainability & Commentary Integration,0,"Token or boilerplate explanations only, little to no connection between assumptions and disclosures. No meaningful explanation of forecast assumptions, or commentary is absent or sourced from non-permitted materials" | |
| Forecast Construction Quality,Income Statement Forecast Construction Quality,40,"Revenue, COGS, gross margin, operating expenses, depreciation and amortization, and below-the-line items (interest, other income/expense, taxes) are all constructed with appropriate, independent logic. Revenue is built bottom-up where disclosed; COGS is forecast independently and margin is an output; Opex is built line-by-line; D&A is tied to assets or schedules; Taxes use the correct base and rate; All components flow coherently through the Income Statement" | |
| ,Income Statement Forecast Construction Quality,25,"All major Income Statement components are present and logically constructed, but some elements rely on mild simplifications (partial aggregation or simplified assumptions), while overall mechanics remain internally consistent" | |
| ,Income Statement Forecast Construction Quality,15,"Maximum of 3 Income Statement components rely on simplified or shortcut logic (e.g., top-line revenue build, percentage-of-sales expenses, partial margin assumptions), but the statement remains mechanically coherent and interpretable" | |
| ,Income Statement Forecast Construction Quality,10,"3+ Income Statement components are constructed using weak or inconsistent logic, and dependencies between components are partially broken" | |
| ,Income Statement Forecast Construction Quality,5,"Most Income Statement components are driven mechanically or hardcoded, expense and tax logic is arbitrary, and internal consistency is poor OR more than 3 line items are missing for all years" | |
| ,Income Statement Forecast Construction Quality,0,"Income Statement construction logic is fundamentally broken or nonsensical (eg. 500% jump for a particular line item) across multiple components, rendering the forecast unusable" | |
| ,Balance Sheet Forecast Construction Quality,40,"Balance Sheet balances in every forecast period. Cash rolls forward correctly from period to period; Working capital components (AR, inventory, AP) are forecast using appropriate economically sound drivers; Debt and capital structure evolve consistently with disclosures including current maturities; Non-operating liabilities (pensions, deferred taxes) are driven by appropriate balances or disclosures; Equity and retained earnings roll forward correctly reflecting net income, dividends, and OCI" | |
| ,Balance Sheet Forecast Construction Quality,25,"Balance Sheet balances in all periods, cash roll-forward is correct, most asset and liability components are logically constructed, working capital and debt logic are generally sound but somewhat simplified, and equity roll-forward is directionally correct with minor omissions OR only one error present in the balance sheet - Balance sheet forces balance via plug." | |
| ,Balance Sheet Forecast Construction Quality,15,"Balance Sheet balances, but several components rely on overly simplified or static logic (e.g., constant working capital ratios, flat debt without explanation, generic non-operating liability drivers), though overall structure remains internally coherent" | |
| ,Balance Sheet Forecast Construction Quality,10,"Balance Sheet technically balances but uses weak or inconsistent construction logic (e.g., mechanical working capital off sales, debt or non-operating liabilities treated arbitrarily, partial equity roll-forward inconsistencies)" | |
| ,Balance Sheet Forecast Construction Quality,5,"Balance Sheet balances only via implicit or explicit plugs, cash roll-forward is weak or unclear, multiple asset or liability components are not logically constructed, and equity logic is unreliable OR more than 3 line items are missing for all years" | |
| ,Balance Sheet Forecast Construction Quality,0,"Balance Sheet construction logic is fundamentally broken, does not balance without forced plugs, cash does not roll forward correctly, or asset, liability, and equity relationships are internally inconsistent " | |
| ,Cash Flow Statement Forecast Construction Quality,40,"Ending cash reconciles fully in every forecast period, with: Cash from Operations constructed strictly from Net Income plus non-cash items and working capital changes derived from year-over-year forecast Balance Sheet movements; Cash from Investing derived from forecast asset roll-forwards and supporting schedules such as PPE or intangible assets; Cash from Financing derived from forecast changes in debt, equity, and dividends, with no line items hardcoded, plugged, or calculated directly on the Cash Flow Statement, and ending cash flowing directly and consistently into the forecast Balance Sheet" | |
| ,Cash Flow Statement Forecast Construction Quality,25,"Cash Flow Statement reconciles and drives cash on the Balance Sheet, most cash flow components are derived from forecast Balance Sheet movements, and one or two components, typically working capital, capex, or financing flows, rely on simplified or partially shortcut logic, while overall mechanical consistency is preserved" | |
| ,Cash Flow Statement Forecast Construction Quality,15,"Cash Flow Statement works mechanically, but multiple components rely on simplified or generic constructions such as percent-of-sales working capital, static capex, or aggregated financing flows, and linkage to the forecast Balance Sheet exists but is incomplete or weakened" | |
| ,Cash Flow Statement Forecast Construction Quality,10,"Cash Flow Statement technically is operational, but construction logic is weak or inconsistent across operating, investing, and financing sections, and several components are partially hardcoded or constructed directly on the Cash Flow Statement OR more than 3 line items are missing for all years" | |
| ,Cash Flow Statement Forecast Construction Quality,0,"Cash Flow Statement has numerous explicit or implicit plugs, and operating, investing, or financing cash flows are largely constructed independently of the forecast Balance Sheet. Or Cash Flow Statement construction logic is fundamentally broken, cash does not reconcile, is hardcoded, or does not properly link to the forecast Balance Sheet" | |
| Model Engineering and Reviewability,Calculation Transparency,20,"All calculated values clearly expose numerators, denominators, and intermediate steps directly in the model, all components are formula-linked rather than embedded in single-cell expressions, calculation logic is readable without formula inspection, and any reviewer can reproduce results unambiguously" | |
| ,Calculation Transparency,15,"Most calculated values display clear components and intermediate steps, with only a small number of compact or partially opaque formulas that do not materially impair reproducibility" | |
| ,Calculation Transparency,10,"Calculation transparency is mixed, with some intermediate steps shown but many ratios or derived metrics relying on condensed formulas that require inspection to understand" | |
| ,Calculation Transparency,5,"Limited transparency exists, with most calculations embedded in single cells, minimal visibility into intermediate steps, and reproduction requiring substantial effort" | |
| ,Calculation Transparency,0,"Calculations are largely opaque, with ratios and derived values presented without visible construction logic, making validation difficult" | |
| ,Model Auditability & Reviewability,25,"The model is fully auditable, with a clean and logical calculation flow, consistent labeling and naming conventions, centralized assumptions. A dedicated Sources tab maps every financial statement line item to its SEC filing reference. Explicit integrity check rows are present for all three required tests: assets minus liabilities minus equity equals zero, CFS net change in cash equals balance sheet cash change, and retained earnings rollforward." | |
| ,Model Auditability & Reviewability,20,"The model is largely auditable, with clear flow and traceability, but includes minor issues such as limited hardcoding or inconsistent naming. Sources tab exists but has minor gaps. All three integrity check rows are present but one contains a minor formula issue or unclear labeling." | |
| ,Model Auditability & Reviewability,15,"Auditability is mixed, with frequent hardcodes, scattered assumptions, or partially opaque formulas. Sources tab is present but materially incomplete. Only two of the three required integrity checks are implemented." | |
| ,Model Auditability & Reviewability,10,"The model is difficult to audit due to unclear structure, hidden or inconsistent logic. Sources tab is absent or only token coverage. Only one integrity check is present or checks exist but are hardcoded rather than formula-driven." | |
| ,Model Auditability & Reviewability,5,"Auditability is poor, with forced balancing adjustments, hidden logic, unclear calculation flow. No Sources tab. Integrity checks are absent or non-functional." | |
| ,Model Auditability & Reviewability,0,"The model is not meaningfully auditable, with hidden overrides, forced plugs, broken logic, or structural opacity. No source traceability and no integrity checks of any kind." | |
| ,Forecast Linking & Formula Integrity,35,"All forecast-period cells across the Income Statement, Balance Sheet, and Cash Flow Statement are formula-driven, clear cross-sheet links exist between statements and supporting schedules, assumptions are referenced rather than duplicated, links are stable and non-brittle, and no hardcoded forecast outputs exist" | |
| ,Forecast Linking & Formula Integrity,20,"Most forecast cells are formula-driven with strong cross-statement linkage, and only minor hardcoding exists in immaterial or non-core areas without breaking overall integrity" | |
| ,Forecast Linking & Formula Integrity,15,"Forecast linking is partial, with some sections properly linked and others relying on hardcoded outputs or duplicated assumptions" | |
| ,Forecast Linking & Formula Integrity,10,"Minimal linking exists, with many forecast values manually entered and limited integration across statements or schedules" | |
| ,Forecast Linking & Formula Integrity,5,"The forecast model is largely hardcoded, links are weak or unreliable, and formula-driven construction is minimal" | |
| ,Forecast Linking & Formula Integrity,0,"The forecast model is fundamentally unlinked, with broken or missing formulas that prevent reliable propagation of changes" | |
| Pre-Scoring Gating Condition,Correct Filing and Correct Period,, | |
| Pre-Scoring Gating Condition,Completeness of Historical Financial Statements,, | |
| Data Retrieval & Fidelity,Numerical Accuracy Check,, | |
| Data Retrieval & Fidelity,Statement Consistency and Presentation Fidelity,, | |
| Data Retrieval & Fidelity,Permitted Source Compliance,, | |
| Data Retrieval & Fidelity,Amended Filing Transparency (10-K/A),, | |
| Trend Analysis,Forecast Driver Quality,, | |
| Trend Analysis,Disclosure-Consistent Reasoning,, | |
| Trend Analysis,Growth Rate Reasonableness & Continuity,, | |
| Trend Analysis,Assumption Explainability & Commentary Integration,, | |
| Forecast Construction Quality,Income Statement Forecast Construction Quality,, | |
| Forecast Construction Quality,Balance Sheet Forecast Construction Quality,, | |
| Forecast Construction Quality,Cash Flow Statement Forecast Construction Quality,, | |
| Model Engineering and Reviewability,Calculation Transparency,, | |
| Model Engineering and Reviewability,Model Auditability & Reviewability,, | |
| Model Engineering and Reviewability,Forecast Linking & Formula Integrity,, | |