For Energy Companies, Tagging Regulations Require a New Approach

Energy corporations will soon begin 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 firms which have been submitting reports with XBRL tags to the Securities and Exchange Commission (SEC) for years, but the taxonomy for tagging FERC forms might be different.
TIME TO EVALUATE YOUR OPTIONS
In many respects, the burden ought to be lighter for FERC filers than SEC filers. เกจวัดแรงดันไฮดรอลิค will depend on the XBRL 2.1 Specification (which defines the essential building blocks of XBRL implementation in business reporting) and the Arelle open-source XBRL validation engine. And a “fact” in both stories is represented by a price (numeric or non-numeric), parts, date, unit, and accuracy.
But, as we element beneath, you’ll notice fairly a quantity of variations with FERC’s XBRL requirements.
SIMPLIFIED ELEMENT SELECTION
Standard schedules permit for extremely prescriptive tag assignments. That means no more tagging from scratch. For instance, the Workiva resolution for FERC reporting offers customers with pre-tagged types. These standardized pre-tagged types not solely reduce preparation efforts significantly, in addition they decrease tagging inconsistencies—you can achieve higher information high quality with much less effort.
Also, you aren’t required to tag every 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, these 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 capable of hyperlink info in your 10-K to your pre-tagged Form 1 for consistency and effectivity.
If no applicable XBRL concept is available, the knowledge is to not be tagged. However, if an applicable idea exists, FERC requires the information to be tagged (both numeric and nonnumeric). Note that some required data may be reported inside footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are additionally for use as provided. 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 uses a special technical specification, you will note the Workiva FERC reporting solution presents the same feel and appear as axis/member utility 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 form areas. Also, there aren’t any calculation to define. In truth, customized calculations aren’t permitted. Validation guidelines will deal with consistency checks.
Since FERC taxonomy assigns particular hypercube to each schedule, there is no define construction to build. For customers of Workiva for FERC reporting, that is mechanically managed by the Workiva platform.
Plus, reality ordering just isn’t controlled by the outline and isn’t required. FERC makes use of a numeric component “OrderNumber” to manage sequencing of company-specific info. Users of the Workiva solution for FERC reporting can simply assign row numbers in the kind schedules as “OrderNumber” in the Workiva platform. Lastly, there are no custom dates as you’re restricted to a small listing of allowable values.
pressure gauge หน้าปัด 4 นิ้ว OF DATA AS INSTANCE DOCUMENT ONLY
Going forward, there is no digital type to submit. Machine-readable knowledge is the vital thing focus. Although not in iXBRL format, FERC’s official type renderer will present standardized viewing for the submitted XBRL data.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most submitting data to the SEC is public report, the SEC doesn’t offer this, but FERC does. Whether FERC will truly approve a request for confidential data is one other question! If you might have an XBRL vendor for SEC reporting, make certain your vendor also supports FERC compliance, since the FERC taxonomy won’t be the same as the SEC reporting taxonomy.
PREPARE FOR YOUR NEEDS
Whether you outsource XBRL tagging, select an XBRL software vendor, or make investments the money and time to build and maintain an in-house answer for FERC compliance, understanding the similarities and variations between XBRL filings for FERC and for the SEC shall be essential when evaluating your options.
FOR MORE INFORMATION
Percy Hung is director of structured information initiatives and Peter Larison is manager of structured knowledge initiatives at Workiva. Workiva, Inc. is a world software-as-a-service company. It supplies a cloud-based connected and reporting compliance platform that permits the use of related knowledge and automation of reporting throughout finance, accounting, threat, and compliance. For extra info, go to www.workiva.com
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