Energy corporations 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 that have been submitting stories with XBRL tags to the Securities and Exchange Commission (SEC) for years, however the taxonomy for tagging FERC forms shall be completely 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 fundamental constructing blocks of XBRL implementation in business reporting) and the Arelle open-source XBRL validation engine. And a “fact” in both reports is represented by a price (numeric or non-numeric), components, date, unit, and accuracy.
But, as we detail beneath, you’ll notice quite a quantity of differences with FERC’s XBRL necessities.
SIMPLIFIED ELEMENT SELECTION
Standard schedules allow for extremely prescriptive tag assignments. That means no more tagging from scratch. For example, the Workiva resolution for FERC reporting supplies users with pre-tagged varieties. These standardized pre-tagged forms not only cut back preparation efforts significantly, in addition they reduce tagging inconsistencies—you can obtain larger data high quality with 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, those can be tagged with a single textual content block for FERC. A bonus for users of the Workiva solution for SEC reporting and the Workiva solution for FERC reporting: You will be succesful of link information in your 10-K to your pre-tagged Form 1 for consistency and effectivity.
If no applicable XBRL concept is available, the information is not to be tagged. However, if an relevant concept exists, FERC requires the data 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 also for use as provided. So, how do you report company-specific information, similar to officer names? In order to help reporting of company-specific information, FERC makes use of the typed dimension.
The bonus for Workiva users? Although FERC makes use of a unique technical specification, you will note the Workiva FERC reporting resolution offers the identical feel and appear as axis/member software within the Workiva answer for SEC reporting.
NO OUTLINE MANAGEMENT OR CUSTOM DATES
For FERC reporting, no customized labels or label roles are needed. Labels are auto-assigned by the official FERC renderer primarily based on kind areas. Also, there are not any calculation to outline. In truth, customized calculations are not permitted. pressure gauge 10 bar will deal with consistency checks.
Since FERC taxonomy assigns particular hypercube to every schedule, there is not any define construction to build. For customers of Workiva for FERC reporting, that is mechanically managed by the Workiva platform.
Plus, reality ordering isn’t managed by the outline and isn’t required. FERC uses a numeric element “OrderNumber” to manage sequencing of company-specific information. Users of the Workiva answer for FERC reporting can simply assign row numbers within the type schedules as “OrderNumber” in the Workiva platform. Lastly, there are not any custom dates as you’re restricted to a small record of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going forward, there isn’t a digital kind to submit. Machine-readable information is the key 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 filing data to the SEC is public record, the SEC doesn’t supply this, but FERC does. Whether ไดอะแฟรม ซีล will actually approve a request for confidential knowledge is one other question! If you’ve an XBRL vendor for SEC reporting, make sure your vendor also helps FERC compliance, for the reason that FERC taxonomy won’t be the same as the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, select an XBRL software vendor, or invest the time and money to construct and keep an in-house resolution 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 knowledge initiatives and Peter Larison is supervisor of structured information initiatives at Workiva. Workiva, Inc. is a global software-as-a-service company. It offers a cloud-based linked and reporting compliance platform that enables the usage of connected information and automation of reporting throughout finance, accounting, threat, and compliance. For more info, go to www.workiva.com
Share