Energy firms will quickly start reporting quarterly and annual monetary and operational information in XBRL format to the Federal Energy Regulatory Commission (FERC). The XBRL format isn’t new for public firms which have been submitting reviews with XBRL tags to the Securities and Exchange Commission (SEC) for years, however the taxonomy for tagging FERC forms might be different.
TIME TO EVALUATE YOUR OPTIONS
In many respects, the burden should be lighter for FERC filers than SEC filers. Both will rely on the XBRL 2.1 Specification (which defines the fundamental constructing blocks of XBRL implementation in business reporting) and the Arelle open-source XBRL validation engine. And a “fact” in both reviews is represented by a value (numeric or non-numeric), elements, date, unit, and accuracy.
But, as we element beneath, you’ll discover quite a number of differences with FERC’s XBRL necessities.
SIMPLIFIED ELEMENT SELECTION
Standard schedules permit for extremely prescriptive tag assignments. That means no extra tagging from scratch. For example, the Workiva resolution for FERC reporting provides customers with pre-tagged varieties. These standardized pre-tagged varieties not only cut back preparation efforts significantly, in addition they reduce tagging inconsistencies—you can obtain larger data quality with much less effort.
Also, you aren’t required to tag each quantity. Notes to monetary statements require block tags solely. For example, 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 text block for FERC. A bonus for customers of the Workiva resolution for SEC reporting and the Workiva answer for FERC reporting: You will be in a position to link info in your 10-K to your pre-tagged Form 1 for consistency and effectivity.
If no relevant XBRL idea is available, the knowledge is not to be tagged. However, if an relevant idea exists, FERC requires the knowledge to be tagged (both numeric and nonnumeric). Note that some required information may be reported within footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are additionally for use as supplied. So, how do you report company-specific info, similar to officer names? In order to help reporting of company-specific information, 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 provides the same feel and appear as axis/member application within the Workiva resolution for SEC reporting.
NO OUTLINE MANAGEMENT OR CUSTOM DATES
For FERC reporting, no custom labels or label roles are wanted. Labels are auto-assigned by the official FERC renderer primarily based on form places. Also, there are no calculation to outline. In reality, custom calculations usually are not permitted. Validation guidelines will handle consistency checks.
Since FERC taxonomy assigns particular hypercube to every schedule, there is not a define structure to construct. For users of Workiva for FERC reporting, that is routinely managed by the Workiva platform.
Plus, reality ordering is not controlled by the outline and is not required. FERC uses a numeric factor “OrderNumber” to regulate sequencing of company-specific data. Users of the Workiva solution for FERC reporting can simply assign row numbers in the type schedules as “OrderNumber” within the Workiva platform. Lastly, there are no customized 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 data is the important thing focus. Although not in iXBRL format, FERC’s official type renderer will present standardized viewing for the submitted XBRL knowledge.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most submitting data to the SEC is public report, the SEC doesn’t supply this, however FERC does. Whether FERC will actually approve a request for confidential knowledge is another question! If pressure gauge octa might have an XBRL vendor for SEC reporting, ensure your vendor additionally supports FERC compliance, for the rationale that FERC taxonomy is not going to be the same because the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, choose an XBRL software program vendor, or make investments the money and time to construct and maintain an in-house resolution for FERC compliance, understanding the similarities and differences between XBRL filings for FERC and for the SEC will be essential when evaluating your options.
FOR MORE INFORMATION
Percy Hung is director of structured data initiatives and Peter Larison is supervisor of structured information initiatives at Workiva. Workiva, Inc. is a global software-as-a-service firm. It offers a cloud-based linked and reporting compliance platform that permits using linked information and automation of reporting across finance, accounting, threat, and compliance. For extra information, visit www.workiva.com