Energy firms will quickly start reporting quarterly and annual financial and operational data in XBRL format to the Federal Energy Regulatory Commission (FERC). The XBRL format isn’t new for public firms that have been submitting reports with XBRL tags to the Securities and Exchange Commission (SEC) for years, but the taxonomy for tagging FERC forms might be completely different.
TIME TO EVALUATE YOUR OPTIONS
In many respects, the burden should be lighter for FERC filers than SEC filers. Both will depend on the XBRL 2.1 Specification (which defines the essential constructing blocks of XBRL implementation in business reporting) and the Arelle open-source XBRL validation engine. And a “fact” in both reports is represented by a worth (numeric or non-numeric), components, date, unit, and accuracy.
But, as we detail beneath, you’ll discover quite a few variations with FERC’s XBRL necessities.
SIMPLIFIED ELEMENT SELECTION
Standard schedules enable for highly prescriptive tag assignments. That means no extra tagging from scratch. For instance, the Workiva solution for FERC reporting supplies users with pre-tagged forms. These standardized pre-tagged forms not solely reduce preparation efforts considerably, in addition they minimize tagging inconsistencies—you can achieve higher information high quality with much less effort.
Also, you are not required to tag each number. Notes to monetary statements require block tags only. For instance, if disclosure notes are pasted into FERC Form 1 from the 10-K you file with the SEC, these can be tagged with a single textual content block for FERC. A bonus for users of the Workiva answer for SEC reporting and the Workiva solution for FERC reporting: You will have the flexibility to hyperlink info in your 10-K to your pre-tagged Form 1 for consistency and effectivity.
If no applicable XBRL idea is on the market, the data is to not be tagged. However, if an relevant concept exists, FERC requires the information to be tagged (both numeric and nonnumeric). Note that some required info could additionally be reported within footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are additionally for use as provided. So, how do you report company-specific data, corresponding to officer names? In order to assist reporting of company-specific info, FERC uses the typed dimension.
The bonus for Workiva users? Although FERC uses a special technical specification, you will note the Workiva FERC reporting answer offers the identical look and feel as axis/member software within the Workiva answer for SEC reporting.
NO OUTLINE MANAGEMENT OR CUSTOM DATES
For FERC reporting, no customized labels or label roles are needed. Labels are auto-assigned by the official FERC renderer primarily based on type locations. Also, there aren’t any calculation to define. In truth, customized calculations aren’t permitted. pressure gauge 10 bar will handle consistency checks.
Since FERC taxonomy assigns particular hypercube to every schedule, there is no outline construction to build. For users of Workiva for FERC reporting, this is routinely managed by the Workiva platform.
Plus, fact ordering is not managed by the outline and isn’t required. FERC makes use of a numeric element “OrderNumber” to regulate sequencing of company-specific data. Users of the Workiva resolution for FERC reporting can easily assign row numbers within the type schedules as “OrderNumber” within the Workiva platform. Lastly, there aren’t any custom dates as you’re restricted to a small record of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going forward, there is no digital form to submit. Machine-readable knowledge is the necessary thing focus. Although not in iXBRL format, FERC’s official form renderer will provide standardized viewing for the submitted XBRL knowledge.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most submitting information to the SEC is public report, the SEC doesn’t supply this, however FERC does. Whether FERC will truly approve a request for confidential information is one other question! If you may have an XBRL vendor for SEC reporting, ensure your vendor additionally supports FERC compliance, for the explanation that FERC taxonomy is not going to be the same as the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, select an XBRL software vendor, or invest the time and money to build and preserve an in-house answer for FERC compliance, understanding the similarities and differences between XBRL filings for FERC and for the SEC will be crucial when evaluating your choices.
FOR MORE INFORMATION
Percy Hung is director of structured data initiatives and Peter Larison is manager of structured knowledge initiatives at Workiva. Workiva, Inc. is a worldwide software-as-a-service company. It offers a cloud-based linked and reporting compliance platform that enables the usage of related knowledge and automation of reporting across finance, accounting, danger, and compliance. For more info, go to www.workiva.com