The explosion of textual data has made manual document classification increasingly challenging. To address this, we introduce a robust, efficient domain-agnostic generative model framework for multi-label text classification. Instead of treating labels as mere atomic symbols, our approach utilizes predefined label descriptions and is trained to generate these descriptions based on the input text. During inference, the generated descriptions are matched to the predefined labels using a finetuned sentence transformer. We integrate this with a dual-objective loss function, combining cross-entropy loss and cosine similarity of the generated sentences with the predefined target descriptions, ensuring both semantic alignment and accuracy. Our proposed model LAGAMC stands out for its parameter efficiency and versatility across diverse datasets, making it well-suited for practical applications. We demonstrate the effectiveness of our proposed model by achieving new state-of-the-art performances across all evaluated datasets, surpassing several strong baselines. We achieve improvements of 13.94 % in Micro-F1 and 24.85 % in Macro-F1 compared to the closest baseline across all datasets.

We study the problem of automatically annotating relevant numerals (GAAP metrics) occurring in the financial documents with their corresponding XBRL tags. Different from prior works, we investigate the feasibility of solving this extreme classification problem using a generative paradigm through instruction tuning of Large Language Models (LLMs). To this end, we leverage metric metadata informationto frame our target outputs while proposing a parameter efficient solution for the task using LoRA. We perform experiments on two recently released financial numeric labeling datasets. Our proposed model, **FLAN-FinXC**, achieves new state-of-the-art performances on both the datasets, outperforming several strong baselines. We explain the better scores of our proposed model by demonstrating its capability for zero-shot as well as the least frequently occurring tags. Also, even when we fail to predict the XBRL tags correctly, our generated output has substantial overlap with the ground-truth in majority of the cases.

The U.S. Securities and Exchange Commission (SEC) mandates all public companies to file periodic financial statements that should contain numerals annotated with a particular label from a taxonomy. In this paper, we formulate the task of automating the assignment of a label to a particular numeral span in a sentence from an extremely large label set. Towards this task, we release a dataset, Financial Numeric Extreme Labelling (FNXL), annotated with 2,794 labels. We benchmark the performance of the FNXL dataset by formulating the task as (a) a sequence labelling problem and (b) a pipeline with span extraction followed by Extreme Classification. Although the two approaches perform comparably, the pipeline solution provides a slight edge for the least frequent labels.