For Energy Companies, Tagging Regulations Require a New Approach

เกจวัดแรงดันลมราคา will quickly 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 firms that have been submitting reviews with XBRL tags to the Securities and Exchange Commission (SEC) for years, but the taxonomy for tagging FERC varieties will be totally different.
TIME TO EVALUATE YOUR OPTIONS
In many respects, the burden ought to be lighter for FERC filers than SEC filers. Both will rely on the XBRL 2.1 Specification (which defines the essential constructing blocks of XBRL implementation in business reporting) and the Arelle open-source XBRL validation engine. And a “fact” in each reports is represented by a worth (numeric or non-numeric), components, date, unit, and accuracy.
But, as we element below, you’ll notice quite a few differences with FERC’s XBRL necessities.
SIMPLIFIED ELEMENT SELECTION
Standard schedules permit for highly prescriptive tag assignments. That means no extra tagging from scratch. For example, the Workiva resolution for FERC reporting provides users with pre-tagged varieties. These standardized pre-tagged forms not solely reduce preparation efforts significantly, they also minimize tagging inconsistencies—you can achieve larger data high quality with less effort.
Also, you are not required to tag every quantity. Notes to monetary statements require block tags solely. 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 customers of the Workiva solution for SEC reporting and the Workiva answer for FERC reporting: You will be capable of hyperlink information in your 10-K to your pre-tagged Form 1 for consistency and efficiency.
If no applicable XBRL idea is available, the information is not to be tagged. However, if an relevant concept exists, FERC requires the data to be tagged (both numeric and nonnumeric). Note that some required data could also be reported inside footnotes for schedules.
Additionally, no extensions are allowed. Besides เกจวัดแรงดันไนโตรเจน , axes and members are additionally for use as offered. So, how do you report company-specific information, corresponding to officer names? In order to assist reporting of company-specific information, FERC uses the typed dimension.
The bonus for Workiva users? Although FERC uses a different technical specification, you will see the Workiva FERC reporting answer offers the identical appear and feel as axis/member utility in the Workiva answer 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 primarily based on form areas. Also, there aren’t any calculation to outline. In reality, customized calculations are not permitted. Validation guidelines will handle consistency checks.
Since FERC taxonomy assigns specific hypercube to each schedule, there isn’t a define structure to construct. For users of Workiva for FERC reporting, that is automatically managed by the Workiva platform.
Plus, fact ordering just isn’t managed by the outline and is not required. FERC makes use of a numeric factor “OrderNumber” to manage sequencing of company-specific info. Users of the Workiva solution for FERC reporting can easily assign row numbers in the type schedules as “OrderNumber” within the Workiva platform. Lastly, there are no customized dates as you’re restricted to a small record of allowable values.
SUBMISSION OF DATA AS INSTANCE DOCUMENT ONLY
Going forward, there is not any digital kind to submit. Machine-readable knowledge is the necessary thing focus. Although not in iXBRL format, FERC’s official kind renderer will present standardized viewing for the submitted XBRL data.
SUPPORTS REQUEST FOR CONFIDENTIAL DATA
Since most filing knowledge to the SEC is public document, the SEC doesn’t offer this, but FERC does. Whether FERC will really approve a request for confidential data is another question! If you might have an XBRL vendor for SEC reporting, ensure your vendor also supports FERC compliance, because the FERC taxonomy is not going to 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 keep an in-house answer for FERC compliance, understanding the similarities and differences between XBRL filings for FERC and for the SEC shall be crucial when evaluating your options.
FOR MORE INFORMATION
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 firm. It offers a cloud-based related and reporting compliance platform that permits using linked data and automation of reporting across finance, accounting, danger, and compliance. For more information, visit www.workiva.com
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