# FinTagging: Benchmarking LLMs for Extracting and Structuring Financial Information

arXiv: https://arxiv.org/abs/2505.20650 · HTML: https://mlsanity.com/paper/2505.20650/

## Key facts

- Cited by 3 papers in the map (data through 14 Oct 2026).
- Builds on 12 of its 43 references that are in the map.
- First posted on arXiv 27 May 2025.

## Builds on (most cited first, 12 of 12)

- [BERT: Pre-training of Deep Bidirectional Transformers for Language Understanding](https://mlsanity.com/paper/1810.04805/) (2018)
- [DocVQA: A Dataset for VQA on Document Images](https://mlsanity.com/paper/2007.00398/) (2020)
- [FinQA: A Dataset of Numerical Reasoning over Financial Data](https://mlsanity.com/paper/2109.00122/) (2021)
- [TAT-QA: A Question Answering Benchmark on a Hybrid of Tabular and Textual Content in Finance](https://mlsanity.com/paper/2105.07624/) (2021)
- [FinBERT: Financial Sentiment Analysis with Pre-trained Language Models](https://mlsanity.com/paper/1908.10063/) (2019)
- [Entity, Relation, and Event Extraction with Contextualized Span Representations](https://mlsanity.com/paper/1909.03546/) (2019)
- [PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Finance](https://mlsanity.com/paper/2306.05443/) (2023)
- [ConvFinQA: Exploring the Chain of Numerical Reasoning in Conversational Finance Question Answering](https://mlsanity.com/paper/2210.03849/) (2022)
- [ECTSum: A New Benchmark Dataset For Bullet Point Summarization of Long Earnings Call Transcripts](https://mlsanity.com/paper/2210.12467/) (2022)
- [FiNER: Financial Numeric Entity Recognition for XBRL Tagging](https://mlsanity.com/paper/2203.06482/) (2022)
- [Plutus: Benchmarking Large Language Models in Low-Resource Greek Finance](https://mlsanity.com/paper/2502.18772/) (2025)
- [OrdRankBen: A Novel Ranking Benchmark for Ordinal Relevance in NLP](https://mlsanity.com/paper/2503.00674/) (2025)

## Built on by (most cited first, 3 of 3)

- [The Illusion of Specialization: Unveiling the Domain-Invariant "Standing Committee" in Mixture-of-Experts Models](https://mlsanity.com/paper/2601.03425/) (2026)
- [Conv-FinRe: A Conversational and Longitudinal Benchmark for Utility-Grounded Financial Recommendation](https://mlsanity.com/paper/2602.16990/) (2026)
- [EnterpriseBench: Benchmarking LLM Agents on Enterprise-Level Strategic Reasoning and Decision-Making](https://mlsanity.com/paper/2609.37658/) (2026)

## Abstract (arXiv)

Accurate interpretation of numerical data in financial reports is critical for markets and regulators. Although XBRL (eXtensible Business Reporting Language) provides a standard for tagging financial figures, mapping thousands of facts to over 10k US GAAP concepts remains costly and error prone. Existing benchmarks oversimplify this task as flat, single step classification over small subsets of concepts, ignoring the hierarchical semantics of the taxonomy and the structured nature of financial documents. Consequently, these benchmarks fail to evaluate Large Language Models (LLMs) under realistic reporting conditions. To bridge this gap, we introduce FinTagging, the first comprehensive benchmark for structure aware and full scope XBRL tagging. We decompose the complex tagging process into two subtasks: (1) FinNI (Financial Numeric Identification), which extracts entities and types from heterogeneous contexts including text and tables; and (2) FinCL (Financial Concept Linking), which maps extracted entities to the full US GAAP taxonomy. This two stage formulation enables a fair assessment of LLMs' capabilities in numerical reasoning and taxonomy alignment. Evaluating diverse LLMs in zero shot settings reveals that while models generalize well in extraction, they struggle significantly with fine grained concept linking, highlighting critical limitations in domain specific structure aware reasoning.