Energy corporations 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, 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 depend on the XBRL 2.1 Specification (which defines the basic building blocks of XBRL implementation in business reporting) and the Arelle open-source XBRL validation engine. And a “fact” in both reviews is represented by a value (numeric or non-numeric), components, date, unit, and accuracy.
But, as we detail beneath, you’ll notice fairly a number of variations with FERC’s XBRL necessities.
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 varieties. These standardized pre-tagged types not solely cut back preparation efforts considerably, in addition they reduce tagging inconsistencies—you can obtain greater data high quality with much less effort.
Also, you are not required to tag every number. Notes to financial 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 could 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 be succesful of link info in your 10-K to your pre-tagged Form 1 for consistency and effectivity.
If no applicable XBRL concept is available, the information is to not be tagged. However, if an relevant 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 ขนาดpressuregauge , axes and members are additionally for use as provided. So, how do you report company-specific information, corresponding to officer names? In order to assist reporting of company-specific information, FERC uses the typed dimension.
The bonus for Workiva users? Although FERC uses a special technical specification, you will notice the Workiva FERC reporting answer provides the same feel and appear as axis/member software within the Workiva solution for SEC reporting.
NO OUTLINE MANAGEMENT OR CUSTOM DATES
For FERC reporting, no custom labels or label roles are wanted. Labels are auto-assigned by the official FERC renderer based mostly on type locations. Also, there aren’t any calculation to define. In truth, customized calculations are not permitted. Validation rules will deal with consistency checks.
Since FERC taxonomy assigns particular hypercube to each schedule, there isn’t a outline construction to build. For users of Workiva for FERC reporting, this is automatically managed by the Workiva platform.
Plus, truth ordering isn’t managed by the define and is not required. FERC makes use of a numeric element “OrderNumber” to regulate sequencing of company-specific information. Users of the Workiva answer for FERC reporting can simply assign row numbers within the kind schedules as “OrderNumber” within the Workiva platform. Lastly, there aren’t any customized dates as you’re limited to a small record of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going ahead, there isn’t any digital kind to submit. Machine-readable information is the important thing focus. Although not in iXBRL format, FERC’s official kind renderer will present standardized viewing for the submitted XBRL knowledge.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most submitting data to the SEC is public record, the SEC doesn’t provide this, but FERC does. Whether FERC will actually approve a request for confidential knowledge is another question! If you have an XBRL vendor for SEC reporting, ensure your vendor additionally helps FERC compliance, for the explanation that FERC taxonomy won’t be the same because the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, choose an XBRL software vendor, or make investments the time and money to build and keep an in-house resolution 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 knowledge initiatives and Peter Larison is supervisor of structured information initiatives at Workiva. Workiva, Inc. is a global software-as-a-service firm. It supplies a cloud-based linked and reporting compliance platform that permits using linked information and automation of reporting across finance, accounting, danger, and compliance. For more data, go to www.workiva.com
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