For Energy Companies, Tagging Regulations Require a New Approach

เกจวัดแรงดันดิจิตอลราคา will quickly start 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 firms which were submitting reviews with XBRL tags to the Securities and Exchange Commission (SEC) for years, but the taxonomy for tagging FERC forms shall 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 essential building blocks of XBRL implementation in business reporting) and the Arelle open-source XBRL validation engine. And a “fact” in both stories is represented by a value (numeric or non-numeric), elements, date, unit, and accuracy.
But, as we element below, you’ll discover fairly a number of differences with FERC’s XBRL requirements.
SIMPLIFIED ELEMENT SELECTION
Standard schedules permit for highly prescriptive tag assignments. That means no extra tagging from scratch. For instance, the Workiva solution for FERC reporting provides users with pre-tagged varieties. These standardized pre-tagged types not solely cut back preparation efforts significantly, they also minimize tagging inconsistencies—you can achieve greater knowledge high quality with much less effort.
Also, you aren’t required to tag every number. Notes to financial statements require block tags only. 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 solution for SEC reporting and the Workiva solution for FERC reporting: You will be ready 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 information 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 data could additionally be reported within footnotes for schedules.
Additionally, no extensions are allowed. Besides concepts, axes and members are also for use as provided. So, how do you report company-specific data, corresponding to officer names? In order to assist reporting of company-specific data, FERC uses the typed dimension.
The bonus for Workiva users? Although FERC uses a different technical specification, you will notice the Workiva FERC reporting answer offers the same appear and feel as axis/member utility in 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 type locations. Also, there are not any calculation to define. In truth, custom calculations aren’t permitted. Validation rules will handle consistency checks.
Since FERC taxonomy assigns specific hypercube to each schedule, there is not any outline structure to construct. For customers of Workiva for FERC reporting, that is automatically managed by the Workiva platform.
Plus, reality ordering is not controlled by the define and is not required. FERC uses a numeric element “OrderNumber” to regulate sequencing of company-specific info. 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 aren’t any customized dates as you’re restricted to a small record of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going forward, there isn’t any digital form to submit. Machine-readable data is the vital thing focus. Although not in iXBRL format, FERC’s official kind renderer will provide standardized viewing for the submitted XBRL information.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most filing information to the SEC is public document, the SEC doesn’t supply this, however FERC does. Whether FERC will truly approve a request for confidential data is one other question! If you could have an XBRL vendor for SEC reporting, make certain your vendor also supports FERC compliance, because the FERC taxonomy will not be the identical because the SEC reporting taxonomy.
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Whether you outsource XBRL tagging, select an XBRL software program vendor, or make investments the time and money to build and keep an in-house answer for FERC compliance, understanding the similarities and variations 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 data initiatives at Workiva. Workiva, Inc. is a world software-as-a-service company. It offers a cloud-based linked and reporting compliance platform that permits the usage of related information and automation of reporting throughout finance, accounting, danger, and compliance. For extra information, visit www.workiva.com
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