Energy companies will soon begin reporting quarterly and annual monetary and operational data in XBRL format to the Federal Energy Regulatory Commission (FERC). The XBRL format isn’t new for public companies which were submitting reports with XBRL tags to the Securities and Exchange Commission (SEC) for years, however the taxonomy for tagging FERC forms shall be different.
TIME TO EVALUATE YOUR OPTIONS
In many respects, the burden ought to be lighter for FERC filers than SEC filers. Both will rely on the XBRL 2.1 Specification (which defines the basic building blocks of XBRL implementation in enterprise reporting) and the Arelle open-source XBRL validation engine. And a “fact” in each reviews is represented by a price (numeric or non-numeric), elements, date, unit, and accuracy.
But, as we element beneath, you’ll notice fairly a couple of variations with FERC’s XBRL requirements.
SIMPLIFIED ELEMENT SELECTION
Standard schedules enable for extremely prescriptive tag assignments. That means no more tagging from scratch. For instance, the Workiva solution for FERC reporting offers customers with pre-tagged types. These standardized pre-tagged types not only cut back preparation efforts significantly, additionally they decrease tagging inconsistencies—you can achieve greater data quality with much less effort.
Also, you are not required to tag every number. 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 could be tagged with a single text block for FERC. A bonus for customers of the Workiva solution for SEC reporting and the Workiva answer for FERC reporting: You will have the power to hyperlink information in your 10-K to your pre-tagged Form 1 for consistency and effectivity.
If no applicable XBRL concept is out there, the data 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 info may be reported within footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are additionally to be used as provided. So, how do you report company-specific info, similar to officer names? In order to help reporting of company-specific info, FERC makes use of the typed dimension.
The bonus for Workiva users? Although FERC uses a different technical specification, you will see the Workiva FERC reporting resolution offers the same feel and appear as axis/member software within the Workiva solution 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 based on kind areas. Also, there are not any calculation to outline. In truth, customized calculations aren’t permitted. Validation guidelines will deal with consistency checks.
Since FERC taxonomy assigns particular hypercube to every schedule, there isn’t a define structure to construct. For users of Workiva for FERC reporting, this is automatically managed by the Workiva platform.
Plus, reality ordering is not managed by the define and isn’t required. FERC makes use of a numeric element “OrderNumber” to manage sequencing of company-specific information. Users of the Workiva solution for FERC reporting can simply assign row numbers in the form schedules as “OrderNumber” in the Workiva platform. Lastly, there are เกจวัดแรงดันpcp dates as you’re limited to a small record of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going ahead, there is no digital type to submit. Machine-readable information is the vital thing focus. Although not in เกจวัดแรงดันเครื่องกรองน้ำ , FERC’s official kind renderer will provide standardized viewing for the submitted XBRL knowledge.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most submitting knowledge to the SEC is public report, the SEC doesn’t provide this, however FERC does. Whether FERC will actually approve a request for confidential knowledge is one other question! If you have an XBRL vendor for SEC reporting, ensure your vendor additionally supports FERC compliance, for the reason that FERC taxonomy won’t 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 build and keep an in-house solution for FERC compliance, understanding the similarities and differences between XBRL filings for FERC and for the SEC might be essential when evaluating your choices.
FOR MORE INFORMATION
Percy Hung is director of structured information initiatives and Peter Larison is supervisor of structured information initiatives at Workiva. Workiva, Inc. is a worldwide software-as-a-service firm. It provides a cloud-based related and reporting compliance platform that allows using connected data and automation of reporting across finance, accounting, threat, and compliance. For extra info, go to www.workiva.com
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