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For Energy Companies, Tagging Regulations Require a New Approach

Energy corporations will soon start 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 companies which were submitting reports with XBRL tags to the Securities and Exchange Commission (SEC) for years, but the taxonomy for tagging FERC types might be completely different.

In many respects, the burden should be lighter for FERC filers than SEC filers. Both will depend on the XBRL 2.1 Specification (which defines the basic building blocks of XBRL implementation in business reporting) and the Arelle open-source XBRL validation engine. And a “fact” in both reports is represented by a value (numeric or non-numeric), components, date, unit, and accuracy.
But, as ไดอะแฟรม ซีล detail below, you’ll discover fairly a few differences with FERC’s XBRL necessities.

Standard schedules enable for extremely prescriptive tag assignments. That means no more tagging from scratch. For example, the Workiva resolution for FERC reporting offers customers with pre-tagged types. These standardized pre-tagged forms not solely reduce preparation efforts considerably, in addition they minimize tagging inconsistencies—you can achieve greater information high quality with much less effort.
Also, you aren’t required to tag each number. 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, those could be tagged with a single textual content block for FERC. A bonus for users of the Workiva solution for SEC reporting and the Workiva answer for FERC reporting: You will have the ability to hyperlink info in your 10-K to your pre-tagged Form 1 for consistency and effectivity.
If no relevant XBRL idea is available, the information is to not be tagged. However, if an relevant concept exists, FERC requires the information to be tagged (both numeric and nonnumeric). Note that some required information could also be reported inside footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are also to be used as provided. So, how do you report company-specific information, similar to officer names? In order to help reporting of company-specific info, 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 answer offers the identical look and feel as axis/member software in the Workiva resolution for SEC reporting.

For FERC reporting, no custom labels or label roles are needed. Labels are auto-assigned by the official FERC renderer based on type areas. Also, there are no calculation to define. In reality, custom calculations are not permitted. Validation rules will handle consistency checks.
Since FERC taxonomy assigns specific hypercube to every schedule, there is no define construction to construct. For customers of Workiva for FERC reporting, this is automatically managed by the Workiva platform.
Plus, truth ordering is not managed by the outline and isn’t required. FERC makes use of a numeric element “OrderNumber” to control sequencing of company-specific information. Users of the Workiva resolution for FERC reporting can easily assign row numbers within the kind schedules as “OrderNumber” within the Workiva platform. Lastly, there are not any customized dates as you’re restricted to a small listing of allowable values.

Going ahead, there isn’t any digital type to submit. Machine-readable information is the vital thing focus. Although not in iXBRL format, FERC’s official kind renderer will provide standardized viewing for the submitted XBRL data.

Since most filing information to the SEC is public document, the SEC doesn’t offer this, but FERC does. Whether FERC will actually approve a request for confidential information is one other question! If you could have an XBRL vendor for SEC reporting, ensure your vendor also helps FERC compliance, since the FERC taxonomy is not going to be the same as the SEC reporting taxonomy.

Whether you outsource XBRL tagging, select an XBRL software vendor, or make investments the time and money to build and maintain 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 options.

Percy Hung is director of structured data initiatives and Peter Larison is manager of structured information initiatives at Workiva. Workiva, Inc. is a global software-as-a-service company. It provides a cloud-based linked and reporting compliance platform that enables using related knowledge and automation of reporting across finance, accounting, risk, and compliance. For more data, go to www.workiva.com



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