For Energy Companies, Tagging Regulations Require a New Approach

Energy companies will soon start reporting quarterly and annual financial 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, however the taxonomy for tagging FERC forms will be 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 essential building 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 price (numeric or non-numeric), parts, date, unit, and accuracy.
But, as we element beneath, you’ll notice quite a quantity of differences with FERC’s XBRL requirements.
SIMPLIFIED ELEMENT SELECTION
Standard schedules permit for highly prescriptive tag assignments. That means no more tagging from scratch. For example, the Workiva solution for FERC reporting supplies users with pre-tagged varieties. These standardized pre-tagged forms not only scale back preparation efforts considerably, in addition they reduce tagging inconsistencies—you can obtain greater information 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, those could be tagged with a single textual content block for FERC. A bonus for users of the Workiva answer for SEC reporting and the Workiva resolution for FERC reporting: You will be in a position 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 data is not to be tagged. However, if an applicable idea exists, FERC requires the data to be tagged (both numeric and nonnumeric). Note that some required information may be reported within footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are additionally to be used as offered. So, how do you report company-specific information, such as officer names? In order to assist reporting of company-specific information, FERC makes use of the typed dimension.
The bonus for Workiva users? Although FERC uses a special technical specification, you will notice the Workiva FERC reporting resolution provides the same 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 kind places. Also, there aren’t any calculation to outline. In reality, customized calculations aren’t permitted. Validation rules will handle consistency checks.
Since FERC taxonomy assigns particular hypercube to every schedule, there is no define structure to construct. For users of Workiva for FERC reporting, this is mechanically managed by the Workiva platform.
Plus, truth ordering is not controlled by the outline and isn’t required. FERC makes use of a numeric factor “OrderNumber” to manage sequencing of company-specific information. Users of the Workiva answer for FERC reporting can easily assign row numbers in the kind schedules as “OrderNumber” within the Workiva platform. Lastly, there are no custom dates as you’re limited to a small list of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going ahead, there is no digital form to submit. เกวัดแรงดัน -readable knowledge is the vital thing focus. Although not in iXBRL format, FERC’s official kind renderer will provide standardized viewing for the submitted XBRL data.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most submitting information to the SEC is public record, the SEC doesn’t offer this, but FERC does. Whether FERC will truly approve a request for confidential knowledge is another question! If you’ve an XBRL vendor for SEC reporting, ensure your vendor additionally helps FERC compliance, since the FERC taxonomy won’t be the identical as 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 construct and preserve an in-house answer for FERC compliance, understanding the similarities and differences between XBRL filings for FERC and for the SEC might be crucial when evaluating your choices.
FOR MORE INFORMATION
Percy Hung is director of structured knowledge initiatives and Peter Larison is supervisor of structured data initiatives at Workiva. Workiva, Inc. is a global software-as-a-service firm. It supplies a cloud-based related and reporting compliance platform that permits the usage of connected information and automation of reporting across finance, accounting, risk, and compliance. For เกจวัดแรงดันน้ำ4หุน , go to www.workiva.com
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