Energy firms will soon start reporting quarterly and annual monetary and operational knowledge in XBRL format to the Federal Energy Regulatory Commission (FERC). The XBRL format isn’t new for public corporations which have been submitting reports with XBRL tags to the Securities and Exchange Commission (SEC) for years, however the taxonomy for tagging FERC forms shall be totally different.
TIME TO EVALUATE YOUR OPTIONS
In many respects, the burden ought to be lighter for FERC filers than SEC filers. Both will depend 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), parts, date, unit, and accuracy.
But, as เกจวัดแรงดันปั๊มลม detail below, you’ll discover fairly a number of variations with FERC’s XBRL requirements.
SIMPLIFIED ELEMENT SELECTION
Standard schedules allow for highly prescriptive tag assignments. That means no more tagging from scratch. For example, the Workiva solution for FERC reporting supplies customers with pre-tagged types. These standardized pre-tagged forms not only reduce preparation efforts significantly, in addition they reduce tagging inconsistencies—you can obtain larger data quality with much less effort.
Also, you are not required to tag every number. 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, these can be tagged with a single textual content block for FERC. A bonus for customers of the Workiva answer for SEC reporting and the Workiva answer for FERC reporting: You will have the ability to link info in your 10-K to your pre-tagged Form 1 for consistency and efficiency.
If no relevant XBRL idea is available, the data is to not be tagged. However, if an relevant idea exists, FERC requires the data to be tagged (both numeric and nonnumeric). Note that some required information could additionally be reported inside footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are also to be used as supplied. So, how do you report company-specific info, such as officer names? In order to assist reporting of company-specific info, FERC makes use of the typed dimension.
The bonus for Workiva users? Although FERC makes use of a different technical specification, you will see the Workiva FERC reporting solution offers the identical feel and appear as axis/member application within 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 primarily based on type locations. Also, there are no calculation to define. In reality, custom calculations are not permitted. Validation rules will deal with consistency checks.
Since FERC taxonomy assigns particular hypercube to each schedule, there isn’t any outline construction to build. For customers of Workiva for FERC reporting, this is mechanically managed by the Workiva platform.
Plus, truth ordering isn’t managed by the define and isn’t required. FERC makes use of a numeric component “OrderNumber” to control sequencing of company-specific data. Users of the Workiva solution for FERC reporting can easily assign row numbers within the form schedules as “OrderNumber” in 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 no digital form to submit. Machine-readable data is the important thing focus. Although not in iXBRL format, FERC’s official type renderer will provide standardized viewing for the submitted XBRL data.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most submitting data to the SEC is public document, the SEC doesn’t offer this, however FERC does. Whether FERC will really approve a request for confidential data is another question! If you’ve an XBRL vendor for SEC reporting, make certain your vendor additionally helps FERC compliance, for the rationale that FERC taxonomy will not be the identical because the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, choose an XBRL software program vendor, or make investments the time and money to build and maintain 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 options.
FOR MORE INFORMATION
Percy Hung is director of structured information initiatives and Peter Larison is manager of structured knowledge initiatives at Workiva. Workiva, Inc. is a global software-as-a-service company. It supplies a cloud-based linked and reporting compliance platform that permits using connected data and automation of reporting throughout finance, accounting, risk, and compliance. For extra information, visit www.workiva.com
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