For Energy Companies, Tagging Regulations Require a New Approach

Energy firms will quickly begin reporting quarterly and annual financial and operational information in XBRL format to the Federal Energy Regulatory Commission (FERC). The XBRL format isn’t new for public firms which were submitting reviews with XBRL tags to the Securities and Exchange Commission (SEC) for years, but the taxonomy for tagging FERC varieties might be totally different.
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 fundamental constructing 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 worth (numeric or non-numeric), elements, date, unit, and accuracy.
But, as Last chance , you’ll discover fairly a couple of differences with FERC’s XBRL requirements.
Standard schedules permit for extremely prescriptive tag assignments. That means no extra tagging from scratch. For instance, the Workiva resolution for FERC reporting provides customers with pre-tagged types. These standardized pre-tagged types not only scale back preparation efforts considerably, additionally they decrease tagging inconsistencies—you can achieve greater information high quality with much less effort.
Also, you aren’t required to tag every number. 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 would be tagged with a single text block for FERC. A bonus for customers of the Workiva solution for SEC reporting and the Workiva answer for FERC reporting: You will be able to link information in your 10-K to your pre-tagged Form 1 for consistency and effectivity.
If no relevant XBRL idea is available, the knowledge is to not be tagged. However, if an applicable idea exists, FERC requires the knowledge to be tagged (both numeric and nonnumeric). Note that some required data may be reported within footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are also for use as offered. So, how do you report company-specific data, similar to officer names? In order to help reporting of company-specific data, FERC makes use of the typed dimension.
The bonus for Workiva users? Although FERC makes use of a unique technical specification, you will see the Workiva FERC reporting resolution offers the identical appear and feel as axis/member application within the Workiva resolution for SEC reporting.
For FERC reporting, no customized labels or label roles are wanted. Labels are auto-assigned by the official FERC renderer primarily based on form locations. Also, there are not any calculation to outline. In truth, customized calculations aren’t permitted. Validation rules will deal with consistency checks.
Since FERC taxonomy assigns particular hypercube to each schedule, there is no outline structure to construct. For users of Workiva for FERC reporting, that is automatically managed by the Workiva platform.
Plus, truth ordering isn’t controlled by the define and is not required. FERC uses a numeric factor “OrderNumber” to control sequencing of company-specific information. Users of the Workiva answer for FERC reporting can easily assign row numbers within the form schedules as “OrderNumber” within the Workiva platform. Lastly, there are not any customized dates as you’re limited to a small listing of allowable values.
Going forward, there is not a digital type to submit. Machine-readable data is the important thing focus. Although not in iXBRL format, FERC’s official kind renderer will present standardized viewing for the submitted XBRL data.
Since most submitting knowledge to the SEC is public report, the SEC doesn’t supply this, but FERC does. Whether FERC will truly approve a request for confidential knowledge is one other question! If you’ve an XBRL vendor for SEC reporting, make certain your vendor also supports FERC compliance, since the FERC taxonomy won’t be the identical as the SEC reporting taxonomy.
Whether you outsource XBRL tagging, choose an XBRL software vendor, or make investments the money and time to build and maintain an in-house resolution for FERC compliance, understanding the similarities and variations between XBRL filings for FERC and for the SEC will be crucial when evaluating your options.
Percy Hung is director of structured knowledge initiatives and Peter Larison is supervisor of structured knowledge initiatives at Workiva. Workiva, Inc. is a global software-as-a-service firm. Illegal provides a cloud-based related and reporting compliance platform that enables the usage of related information and automation of reporting throughout finance, accounting, threat, and compliance. For more data, visit

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