For Energy Companies, Tagging Regulations Require a New Approach

Energy companies will quickly begin 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 were submitting stories with XBRL tags to the Securities and Exchange Commission (SEC) for years, but the taxonomy for tagging FERC varieties shall be different.
TIME TO EVALUATE YOUR OPTIONS
In many respects, the burden must be lighter for FERC filers than SEC filers. Both will rely on the XBRL 2.1 Specification (which defines the essential constructing blocks of XBRL implementation in enterprise reporting) and the Arelle open-source XBRL validation engine. And a “fact” in each stories is represented by a worth (numeric or non-numeric), elements, date, unit, and accuracy.
But, as we element beneath, you’ll discover fairly a couple 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 resolution for FERC reporting supplies users with pre-tagged types. These standardized pre-tagged varieties not solely scale back preparation efforts significantly, in addition they reduce tagging inconsistencies—you can obtain higher information quality with less effort.
Also, you are not required to tag every number. Notes to financial statements require block tags solely. For เกจวัดแรงดันpcp , if disclosure notes are pasted into FERC Form 1 from the 10-K you file with the SEC, those could be tagged with a single text block for FERC. A bonus for users of the Workiva resolution for SEC reporting and the Workiva answer for FERC reporting: You will be in a position to hyperlink info in your 10-K to your pre-tagged Form 1 for consistency and effectivity.
If no applicable XBRL concept is available, the data is to not be tagged. However, if an applicable idea exists, FERC requires the information to be tagged (both numeric and nonnumeric). Note that some required info may be reported inside 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, such as officer names? In order to help reporting of company-specific data, FERC uses the typed dimension.
The bonus for Workiva users? Although FERC uses a special technical specification, you will notice the Workiva FERC reporting resolution presents the same feel and appear as axis/member utility within the Workiva answer for SEC reporting.
NO OUTLINE MANAGEMENT OR CUSTOM DATES
For FERC reporting, no customized labels or label roles are wanted. Labels are auto-assigned by the official FERC renderer primarily based on kind areas. Also, there aren’t any calculation to outline. In reality, custom calculations aren’t permitted. Validation rules will deal with consistency checks.
Since FERC taxonomy assigns specific hypercube to each schedule, there is no define structure to construct. For customers of Workiva for FERC reporting, this is routinely managed by the Workiva platform.
Plus, reality ordering isn’t managed by the define and is not required. FERC uses a numeric component “OrderNumber” to regulate sequencing of company-specific data. Users of the Workiva answer for FERC reporting can simply assign row numbers within the form schedules as “OrderNumber” within the Workiva platform. Lastly, there are not any customized dates as you’re restricted to a small record of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going ahead, there isn’t any digital form to submit. Machine-readable knowledge is the key 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 knowledge to the SEC is public report, the SEC doesn’t provide this, however FERC does. Whether FERC will really approve a request for confidential knowledge is one other question! If you’ve an XBRL vendor for SEC reporting, make certain your vendor also supports FERC compliance, for the explanation that FERC taxonomy is not going to be the same because the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, select an XBRL software vendor, or make investments the money and time to construct and keep an in-house answer for FERC compliance, understanding the similarities and differences between XBRL filings for FERC and for the SEC shall be crucial when evaluating your choices.
FOR MORE INFORMATION
Percy Hung is director of structured knowledge initiatives and Peter Larison is manager of structured information initiatives at Workiva. Workiva, Inc. is a world software-as-a-service company. เกจวัดแรงดันปั๊มลม provides a cloud-based related and reporting compliance platform that allows the use of connected information and automation of reporting throughout finance, accounting, risk, and compliance. For extra information, visit www.workiva.com
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