For Energy Companies, Tagging Regulations Require a New Approach

Energy companies 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 corporations that have been submitting reports with XBRL tags to the Securities and Exchange Commission (SEC) for years, but the taxonomy for tagging FERC varieties might be totally different.
TIME TO EVALUATE YOUR OPTIONS
In many respects, the burden must be lighter for FERC filers than SEC filers. Both will rely on the XBRL 2.1 Specification (which defines the fundamental 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 below, you’ll notice quite a couple of variations with FERC’s XBRL requirements.
SIMPLIFIED ELEMENT SELECTION
Standard schedules allow for highly prescriptive tag assignments. That means no extra tagging from scratch. For instance, the Workiva solution for FERC reporting offers users with pre-tagged forms. These standardized pre-tagged varieties not solely scale back preparation efforts significantly, in addition they reduce tagging inconsistencies—you can achieve larger information high quality with much less effort.
Also, you aren’t required to tag every quantity. หลักการทํางานของpressuregauge to financial statements require block tags solely. For instance, 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 text 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 power to hyperlink data in your 10-K to your pre-tagged Form 1 for consistency and effectivity.
If no relevant XBRL idea is on the market, the information is not to be tagged. However, if an relevant concept exists, FERC requires the knowledge to be tagged (both numeric and nonnumeric). Note that some required info may be reported within footnotes for schedules.
Additionally, no extensions are allowed. Besides concepts, axes and members are also for use as provided. So, how do you report company-specific info, such as officer names? In order to assist reporting of company-specific data, FERC makes use of the typed dimension.
The bonus for Workiva users? Although FERC makes use of a unique technical specification, you will notice the Workiva FERC reporting solution offers the same look and feel as axis/member application in 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 primarily based on kind areas. Also, there aren’t any calculation to outline. In reality, customized calculations usually are not permitted. Validation rules will deal with consistency checks.
Since FERC taxonomy assigns particular hypercube to each schedule, there isn’t any define structure to build. For ที่วัดแรงดันน้ำ of Workiva for FERC reporting, this is automatically managed by the Workiva platform.
Plus, truth ordering just isn’t managed by the define and is not required. FERC uses a numeric factor “OrderNumber” to regulate sequencing of company-specific information. Users of the Workiva answer for FERC reporting can simply assign row numbers in the form schedules as “OrderNumber” in the Workiva platform. Lastly, there aren’t any customized dates as you’re restricted to a small listing of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going ahead, there is no digital form to submit. Machine-readable data is the key 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 filing knowledge to the SEC is public document, the SEC doesn’t supply this, however FERC does. Whether FERC will truly approve a request for confidential data is another question! If you’ve an XBRL vendor for SEC reporting, make sure your vendor additionally helps FERC compliance, for the reason that FERC taxonomy will not be the same as the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, choose an XBRL software program vendor, or make investments 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 shall be essential when evaluating your choices.
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 firm. It supplies a cloud-based connected and reporting compliance platform that allows the usage of linked data and automation of reporting throughout finance, accounting, threat, and compliance. For more info, go to www.workiva.com
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