For Energy Companies, Tagging Regulations Require a New Approach

Energy corporations will quickly begin reporting quarterly and annual monetary and operational data in XBRL format to the Federal Energy Regulatory Commission (FERC). The XBRL format isn’t new for public corporations that have been submitting reviews with XBRL tags to the Securities and Exchange Commission (SEC) for years, however the taxonomy for tagging FERC forms might 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 basic constructing blocks of XBRL implementation in enterprise reporting) and the Arelle open-source XBRL validation engine. And a “fact” in both stories is represented by a worth (numeric or non-numeric), parts, date, unit, and accuracy.
But, as we detail below, you’ll notice quite a quantity of differences with FERC’s XBRL requirements.
SIMPLIFIED ELEMENT SELECTION
Standard schedules allow for extremely prescriptive tag assignments. That means no more tagging from scratch. For example, the Workiva answer for FERC reporting supplies users with pre-tagged varieties. These standardized pre-tagged forms not only scale back preparation efforts significantly, they also decrease tagging inconsistencies—you can obtain greater information high quality with less effort.
Also, you aren’t required to tag each quantity. Notes to monetary 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 could be tagged with a single text block for FERC. A bonus for customers of the Workiva resolution for SEC reporting and the Workiva resolution for FERC reporting: You will be succesful of link info in your 10-K to your pre-tagged Form 1 for consistency and efficiency.
If no relevant XBRL concept is out there, the information is not to be tagged. However, if an applicable idea exists, FERC requires the knowledge to be tagged (both numeric and nonnumeric). Note that some required data could additionally be reported inside 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 information, similar to officer names? In order to support reporting of company-specific data, FERC makes use of the typed dimension.
The bonus for Workiva users? Although FERC makes use of a special technical specification, you will notice the Workiva FERC reporting solution provides 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 custom labels or label roles are needed. Labels are auto-assigned by the official FERC renderer based mostly on kind places. Also, there are เกจวัดแรงดันแบบแห้ง to define. In fact, custom calculations usually are not permitted. Validation rules will handle consistency checks.
Since FERC taxonomy assigns particular hypercube to every schedule, there is not any define structure to construct. For customers of Workiva for FERC reporting, this is automatically managed by the Workiva platform.
Plus, reality ordering just isn’t controlled by the define and isn’t required. FERC uses a numeric element “OrderNumber” to control 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 are no custom dates as you’re limited to a small record of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going forward, there isn’t any digital form to submit. Machine-readable data is the important thing focus. Although not in iXBRL format, FERC’s official type renderer will provide standardized viewing for the submitted XBRL knowledge.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most submitting knowledge to the SEC is public report, the SEC doesn’t supply this, but FERC does. Whether FERC will actually approve a request for confidential data is one other question! If you have an XBRL vendor for SEC reporting, make sure your vendor also helps FERC compliance, for the explanation that 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 vendor, or make investments the time and money to build and keep an in-house solution 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 knowledge initiatives and Peter Larison is manager of structured data initiatives at Workiva. Workiva, Inc. is a worldwide software-as-a-service firm. It supplies a cloud-based connected and reporting compliance platform that enables the use of related data and automation of reporting across finance, accounting, threat, and compliance. For more info, go to www.workiva.com
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