Energy corporations will soon start reporting quarterly and annual financial and operational information in XBRL format to the Federal Energy Regulatory Commission (FERC). The XBRL format isn’t new for public companies which were submitting stories with XBRL tags to the Securities and Exchange Commission (SEC) for years, but the taxonomy for tagging FERC types shall be completely 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 reports is represented by a value (numeric or non-numeric), parts, date, unit, and accuracy.
But, as we element under, you’ll discover quite a number of differences with FERC’s XBRL requirements.
SIMPLIFIED ELEMENT SELECTION
Standard schedules allow for extremely prescriptive tag assignments. That means no extra tagging from scratch. For example, the Workiva solution for FERC reporting supplies users with pre-tagged varieties. These standardized pre-tagged varieties not only scale back preparation efforts considerably, additionally they minimize tagging inconsistencies—you can obtain higher knowledge high quality with less effort.
Also, you are not required to tag each quantity. 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, 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 resolution for FERC reporting: You will have the ability to link information in your 10-K to your pre-tagged Form 1 for consistency and efficiency.
If no relevant XBRL concept is on the market, the data 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 information could additionally be reported within footnotes for schedules.
Additionally, no extensions are allowed. Besides concepts, axes and members are also for use as supplied. So, how do เกจวัดแรงดันสูญญากาศ report company-specific information, similar to officer names? In order to assist reporting of company-specific data, FERC uses the typed dimension.
The bonus for Workiva users? Although FERC makes use of a different technical specification, you will see the Workiva FERC reporting resolution provides the same appear and feel as axis/member utility within the Workiva solution 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 based mostly on kind locations. Also, there aren’t any calculation to outline. In fact, custom calculations are not permitted. Validation guidelines will handle consistency checks.
Since FERC taxonomy assigns particular hypercube to each schedule, there is no outline construction to build. For users of Workiva for FERC reporting, that is routinely managed by the Workiva platform.
Plus, truth ordering is not controlled by the define and isn’t 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 kind schedules as “OrderNumber” within the Workiva platform. Lastly, there aren’t 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 data is the key focus. Although not in iXBRL format, FERC’s official type renderer will provide standardized viewing for the submitted XBRL knowledge.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most filing information to the SEC is public report, the SEC doesn’t offer this, however FERC does. Whether FERC will actually approve a request for confidential data is another question! If you’ve an XBRL vendor for SEC reporting, make certain your vendor also helps FERC compliance, for the reason that 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 vendor, or invest the time and money to construct and maintain an in-house solution for FERC compliance, understanding the similarities and differences between XBRL filings for FERC and for the SEC will be crucial when evaluating your options.
FOR MORE INFORMATION
Percy Hung is director of structured information initiatives and Peter Larison is manager of structured information initiatives at Workiva. Workiva, Inc. is a worldwide software-as-a-service company. It provides a cloud-based connected and reporting compliance platform that enables using related information and automation of reporting throughout finance, accounting, danger, and compliance. For extra information, go to www.workiva.com
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