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Energy firms will quickly begin 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 which were submitting reviews with XBRL tags to the Securities and Exchange Commission (SEC) for years, however the taxonomy for tagging FERC varieties shall be totally different.
TIME TO EVALUATE YOUR OPTIONS
In many respects, the burden must be lighter for FERC filers than SEC filers. Both will depend on the XBRL 2.1 Specification (which defines the fundamental building blocks of XBRL implementation in business reporting) and the Arelle open-source XBRL validation engine. And a “fact” in each stories is represented by a price (numeric or non-numeric), components, date, unit, and accuracy.
But, as we detail below, you’ll discover fairly a few variations with FERC’s XBRL necessities.
SIMPLIFIED ELEMENT SELECTION
Standard schedules allow for extremely prescriptive tag assignments. That means no extra tagging from scratch. For example, the Workiva solution for FERC reporting provides customers with pre-tagged varieties. pressure gauge แบบ น้ำมัน standardized pre-tagged types not solely scale back preparation efforts considerably, additionally they decrease tagging inconsistencies—you can achieve greater information quality with less effort.
Also, you aren’t required to tag each number. Notes to financial 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 textual content block for FERC. A bonus for users of the Workiva resolution for SEC reporting and the Workiva solution for FERC reporting: You will have the flexibility 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 knowledge is not to be tagged. However, if an relevant concept exists, FERC requires the knowledge to be tagged (both numeric and nonnumeric). Note that some required information may be reported inside footnotes for schedules.
Additionally, no extensions are allowed. Besides concepts, axes and members are also to be used as supplied. So, how do you report company-specific information, corresponding to officer names? In order to support reporting of company-specific information, FERC makes use of the typed dimension.
The bonus for Workiva users? Although FERC uses a unique technical specification, you will note the Workiva FERC reporting resolution offers the same appear and feel as axis/member software within the Workiva resolution for SEC reporting.
NO OUTLINE MANAGEMENT OR CUSTOM DATES
For FERC reporting, no custom labels or label roles are needed. Labels are auto-assigned by the official FERC renderer based on form locations. Also, there are not any calculation to outline. In fact, customized calculations aren’t permitted. Validation guidelines will deal with consistency checks.
Since FERC taxonomy assigns particular hypercube to every schedule, there is no outline construction to construct. For customers of Workiva for FERC reporting, this is mechanically managed by the Workiva platform.
Plus, reality ordering is not controlled by the outline and is not required. FERC makes use of a numeric element “OrderNumber” to control sequencing of company-specific data. Users of the Workiva resolution for FERC reporting can easily assign row numbers in the type schedules as “OrderNumber” within the Workiva platform. Lastly, there are no custom dates as you’re restricted to a small list of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going forward, there is not a digital kind to submit. Machine-readable information is the vital thing focus. Although not in iXBRL format, FERC’s official form renderer will present 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 supply this, but FERC does. Whether FERC will actually approve a request for confidential data is another question! If you have an XBRL vendor for SEC reporting, ensure your vendor also helps FERC compliance, because the FERC taxonomy is not going to be the identical because the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, select an XBRL software vendor, or invest the money and time to build 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 choices.
FOR MORE INFORMATION
Percy Hung is director of structured data initiatives and Peter Larison is manager of structured data initiatives at Workiva. Workiva, Inc. is a global software-as-a-service company. It offers a cloud-based connected and reporting compliance platform that allows the usage of connected knowledge and automation of reporting across finance, accounting, risk, and compliance. For extra data, visit www.workiva.com
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