For Energy Companies, Tagging Regulations Require a New Approach

Energy companies will soon begin reporting quarterly and annual financial and operational data 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, however the taxonomy for tagging FERC forms shall be completely different.
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 building blocks of XBRL implementation in business reporting) and the Arelle open-source XBRL validation engine. And a “fact” in both reviews is represented by a value (numeric or non-numeric), parts, date, unit, and accuracy.
But, as we detail beneath, you’ll notice quite a couple of variations with FERC’s XBRL requirements.
Standard schedules allow for extremely prescriptive tag assignments. That means no extra tagging from scratch. For example, the Workiva resolution for FERC reporting offers users with pre-tagged forms. These standardized pre-tagged varieties not only cut back preparation efforts considerably, in addition they decrease tagging inconsistencies—you can achieve larger data high quality with much less effort.
Also, you are not 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 could be tagged with a single text block for FERC. A bonus for customers of the Workiva answer for SEC reporting and the Workiva solution for FERC reporting: You will have the power to hyperlink info in your 10-K to your pre-tagged Form 1 for consistency and effectivity.
If no applicable XBRL concept is out there, the knowledge is to not be tagged. However, if an relevant idea exists, FERC requires the information to be tagged (both numeric and nonnumeric). Note that some required information could additionally be reported inside footnotes for schedules.
Additionally, no extensions are allowed. Besides ideas, axes and members are also to be used as offered. So, how do you report company-specific info, corresponding to officer names? In order to support reporting of company-specific information, FERC uses the typed dimension.
The bonus for Workiva users? Although FERC uses a special technical specification, you will notice the Workiva FERC reporting resolution offers the same look and feel as axis/member software in the Workiva solution for SEC reporting.
For FERC reporting, no custom labels or label roles are wanted. Labels are auto-assigned by the official FERC renderer primarily based on kind places. Also, there are no calculation to outline. In fact, custom calculations aren’t permitted. nuova fima pressure gauge ราคา will deal with consistency checks.
Since FERC taxonomy assigns specific hypercube to each schedule, there isn’t a outline construction to build. For customers of Workiva for FERC reporting, that is automatically managed by the Workiva platform.
Plus, reality ordering is not managed by the outline and is not required. FERC uses a numeric component “OrderNumber” to regulate sequencing of company-specific information. Users of the Workiva answer for FERC reporting can easily assign row numbers within the type schedules as “OrderNumber” in the Workiva platform. Lastly, there are not any custom dates as you’re limited to a small record of allowable values.
Going ahead, there isn’t a digital form to submit. Machine-readable data is the vital thing focus. Although not in iXBRL format, FERC’s official type renderer will provide standardized viewing for the submitted XBRL knowledge.
Since most filing information to the SEC is public report, the SEC doesn’t offer this, however FERC does. Whether FERC will really approve a request for confidential information is another question! If you have an XBRL vendor for SEC reporting, ensure your vendor also helps FERC compliance, because the FERC taxonomy won’t be the identical 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 keep an in-house answer 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 world software-as-a-service company. It supplies a cloud-based connected and reporting compliance platform that permits using linked data and automation of reporting throughout finance, accounting, threat, and compliance. For extra data, go to

Scroll to Top