Energy corporations will quickly begin reporting quarterly and annual financial and operational knowledge 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, however the taxonomy for tagging FERC forms will be completely 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 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 worth (numeric or non-numeric), parts, date, unit, and accuracy.
But, as we element below, you’ll notice quite a few variations with FERC’s XBRL requirements.
SIMPLIFIED ELEMENT SELECTION
Standard schedules permit for extremely prescriptive tag assignments. That means no more tagging from scratch. For instance, the Workiva solution for FERC reporting supplies users with pre-tagged types. These standardized pre-tagged forms not solely cut back preparation efforts significantly, in addition they decrease tagging inconsistencies—you can achieve larger data quality with less effort.
Also, you aren’t required to tag every number. Notes to financial statements require block tags only. For instance, 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 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 be capable of link information in your 10-K to your pre-tagged Form 1 for consistency and efficiency.
If no relevant XBRL idea is out there, the information is to not be tagged. However, if an applicable concept exists, FERC requires the data to be tagged (both numeric and nonnumeric). Note that some required info could also be reported within footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are additionally for use as supplied. So, how do เกจวัดแรงดันถังออกซิเจน report company-specific info, corresponding to officer names? In order to help reporting of company-specific info, FERC uses the typed dimension.
The bonus for Workiva users? Although FERC makes use of a different technical specification, you will note the Workiva FERC reporting solution provides the identical look and feel as axis/member software in the Workiva solution 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 based on form areas. Also, there are not any calculation to outline. In truth, custom calculations usually are not permitted. Validation guidelines will deal with consistency checks.
Since FERC taxonomy assigns particular hypercube to every schedule, there is no outline construction to build. For customers of Workiva for FERC reporting, that is mechanically managed by the Workiva platform.
Plus, fact ordering just isn’t managed by the define and isn’t required. FERC makes use of a numeric element “OrderNumber” to regulate sequencing of company-specific data. Users of the Workiva solution for FERC reporting can easily assign row numbers within the kind schedules as “OrderNumber” in 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 forward, there isn’t a digital type to submit. Machine-readable knowledge is the key focus. Although not in iXBRL format, FERC’s official form renderer will provide standardized viewing for the submitted XBRL data.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most filing knowledge to the SEC is public record, the SEC doesn’t offer this, however FERC does. Whether FERC will really 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, because the FERC taxonomy is not going to be the same as the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, select an XBRL software program vendor, or make investments the time and money to construct and preserve an in-house solution for FERC compliance, understanding the similarities and variations between XBRL filings for FERC and for the SEC shall be essential when evaluating your options.
FOR MORE INFORMATION
Percy Hung is director of structured information initiatives and Peter Larison is supervisor of structured data initiatives at Workiva. Workiva, Inc. is a worldwide software-as-a-service company. It supplies a cloud-based linked and reporting compliance platform that permits using related information and automation of reporting across finance, accounting, risk, and compliance. For extra information, visit www.workiva.com
Share