Energy corporations will quickly begin 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 firms that have been 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 เกจวัดแรงดูด
In many respects, the burden ought to 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 business reporting) and the Arelle open-source XBRL validation engine. And a “fact” in each reviews is represented by a value (numeric or non-numeric), elements, date, unit, and accuracy.
But, as we element below, you’ll notice quite a few variations with FERC’s XBRL necessities.
SIMPLIFIED ELEMENT SELECTION
Standard schedules permit for highly prescriptive tag assignments. That means no more tagging from scratch. For instance, the Workiva solution for FERC reporting provides users with pre-tagged types. These standardized pre-tagged types not solely scale back preparation efforts significantly, in addition they reduce tagging inconsistencies—you can achieve larger information high quality with less effort.
Also, you are not required to tag each number. Notes to monetary statements require block tags only. For example, if disclosure notes are pasted into FERC Form 1 from the 10-K you file with the SEC, those would be tagged with a single textual content block for FERC. A bonus for users of the Workiva answer for SEC reporting and the Workiva answer for FERC reporting: You will be able to hyperlink info in your 10-K to your pre-tagged Form 1 for consistency and effectivity.
If no applicable XBRL concept is out there, the data is not to be tagged. However, if an relevant idea exists, FERC requires the knowledge to be tagged (both numeric and nonnumeric). Note that some required data could also be reported within footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are also for use as offered. So, how do you report company-specific information, corresponding to officer names? In order to support reporting of company-specific information, FERC makes use of the typed dimension.
The bonus for Workiva users? Although FERC uses a unique technical specification, you will note the Workiva FERC reporting resolution presents the identical look and feel as axis/member software within the Workiva resolution 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 type places. Also, there aren’t any calculation to define. In reality, customized calculations aren’t permitted. Validation rules will deal with consistency checks.
Since FERC taxonomy assigns particular hypercube to each schedule, there is no outline structure to construct. For customers of Workiva for FERC reporting, that is mechanically managed by the Workiva platform.
Plus, reality ordering just isn’t managed by the define and isn’t required. FERC uses a numeric element “OrderNumber” to regulate sequencing of company-specific information. Users of the Workiva resolution for FERC reporting can simply assign row numbers in 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 kind to submit. Machine-readable data is the vital thing 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 submitting information to the SEC is public record, the SEC doesn’t supply this, however FERC does. Whether FERC will really approve a request for confidential information is one other question! If you have an XBRL vendor for SEC reporting, ensure your vendor additionally supports FERC compliance, because the FERC taxonomy won’t be the same because the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, select an XBRL software vendor, or invest the money and time to build and preserve an in-house solution for FERC compliance, understanding the similarities and differences between XBRL filings for FERC and for the SEC will be essential when evaluating your options.
FOR MORE INFORMATION
Percy Hung is director of structured information initiatives and Peter Larison is supervisor of structured knowledge initiatives at Workiva. Workiva, Inc. is a worldwide software-as-a-service firm. It offers a cloud-based linked and reporting compliance platform that enables the use of connected knowledge and automation of reporting across finance, accounting, risk, and compliance. For extra data, go to www.workiva.com
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