For Energy Companies, Tagging Regulations Require a New Approach

Energy corporations will soon start reporting quarterly and annual monetary and operational information in XBRL format to the Federal Energy Regulatory Commission (FERC). The XBRL format isn’t new for public companies which have been submitting stories with XBRL tags to the Securities and Exchange Commission (SEC) for years, however the taxonomy for tagging FERC types shall be completely different.
TIME TO EVALUATE YOUR OPTIONS
In many respects, the burden must be lighter for FERC filers than SEC filers. Both will depend on the XBRL 2.1 Specification (which defines the basic constructing blocks of XBRL implementation in enterprise reporting) and the Arelle open-source XBRL validation engine. And a “fact” in each stories is represented by a value (numeric or non-numeric), parts, date, unit, and accuracy.
But, as we element below, you’ll notice fairly a couple of variations with FERC’s XBRL necessities.
SIMPLIFIED ELEMENT SELECTION
Standard schedules allow for highly prescriptive tag assignments. That means no extra tagging from scratch. For example, the Workiva solution for FERC reporting offers users with pre-tagged types. These standardized pre-tagged forms not solely scale back preparation efforts considerably, in addition they decrease tagging inconsistencies—you can achieve greater knowledge quality with less effort.
Also, you are not required to tag each quantity. Notes 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, these would be tagged with a single text block for FERC. A bonus for customers of the Workiva resolution for SEC reporting and the Workiva answer for FERC reporting: You will be capable of link info in your 10-K to your pre-tagged Form 1 for consistency and efficiency.
If no relevant XBRL concept is available, 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 info could also be reported within footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are also to be used as supplied. So, how do you report company-specific data, similar to officer names? In order to assist reporting of company-specific info, FERC uses the typed dimension.
The bonus for Workiva users? Although FERC makes use of a different technical specification, you will note the Workiva FERC reporting answer provides the same look and feel 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 wanted. Labels are auto-assigned by the official FERC renderer based mostly on form places. Also, there aren’t any calculation to outline. In เครื่องมือตรวจวัดความดันเลือดเรียกว่า , customized calculations usually are not permitted. Validation guidelines will handle consistency checks.
Since FERC taxonomy assigns particular hypercube to each schedule, there is not any outline structure to construct. For customers of Workiva for FERC reporting, that is automatically managed by the Workiva platform.
Plus, truth ordering just isn’t controlled by the outline and isn’t required. FERC uses a numeric component “OrderNumber” to regulate sequencing of company-specific information. Users of the Workiva solution for FERC reporting can easily assign row numbers within the type schedules as “OrderNumber” in the Workiva platform. Lastly, there are not any custom dates as you’re restricted to a small record of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going forward, there isn’t any digital kind to submit. Machine-readable information is the key focus. Although not in iXBRL format, FERC’s official type renderer will present standardized viewing for the submitted XBRL information.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most submitting data to the SEC is public document, the SEC doesn’t offer this, but FERC does. Whether เกจวัดแรงดันsumo will actually approve a request for confidential information is another question! If you might have an XBRL vendor for SEC reporting, make sure your vendor also helps FERC compliance, since the FERC taxonomy will not be the same because the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, select an XBRL software program vendor, or make investments the time and money to construct and preserve an in-house solution for FERC compliance, understanding the similarities and variations between XBRL filings for FERC and for the SEC shall be crucial when evaluating your choices.
FOR MORE INFORMATION
Percy Hung is director of structured data initiatives and Peter Larison is supervisor of structured knowledge initiatives at Workiva. Workiva, Inc. is a worldwide software-as-a-service company. It offers a cloud-based connected and reporting compliance platform that allows the utilization of related information and automation of reporting across finance, accounting, threat, and compliance. For extra data, visit www.workiva.com
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