Federal Energy Regulatory Commission (FERC) XBRL Filing Solution
The Federal Energy Regulatory Commission (FERC) has revised its electronic filing format to incorporate structured data in the eXtensible Business Reporting Language (XBRL) format in an effort to modernize the reporting environment and increase efficiency and improve data ingestion through the use of structured data.
ThunderDome for FERC filers:
RDG’s ThunderDome portal makes your FERC document creation, tagging and management a snap. Our team of certified XBRL experts will work with you to create your initial templates and create the most accurate and highest quality filings. We offer both full-service and self-service editing, depending on which process works best for your company’s needs.
ThunderDome’s Linked Excel Data feature and in-line tagging ability will allow you to apply, modify and review XBRL tags in seconds. Our robust editing features and streamlined filing process make submission of filings as smooth as possible.
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So what is changing about FERC requirements?
FERC’s XBRL requirement requires filers to submit to quarterly and annual reports of public utilities, electric utilities, natural gas companies, oil pipeline companies, and centralized service companies in XBRL.
The informational requirements for FERC forms remain unchanged. However, using the FERC taxonomy, filers will now need to tag their data in XBRL before submitting their forms to FERC. This is similar to what registrants must do with SEC financial filings, only, again, the FERC taxonomy is structured around the forms, rather than financial presentations.
FERC reporting will be completed through a new eForms portal that will continue to write filings into FERC’s eLibrary.
Implementation Timeline for the FERC XBRL Mandate
The general guidelines for compliance begin with the quarterly forms for the third quarter of 2021:
|11/29/2021||FERC Form No. 3-Q (electric) for Major Electric Utilities, Licensees, and Others|
FERC Form No. 3-Q (natural gas) for Major Natural Gas Companies
|12/9/2021||FERC Form No. 3-Q (electric) for Non-major Public Utilities and Licensees FERC Form No. 3-Q (natural gas) for Non-major Natural Gas Companies FERC Form No. 6-Q for Oil Pipeline Companies|
|4/18/2022||2021 FERC Form Nos. 1 and 1-F 2021 FERC Form Nos. 2 and 2-A 2021 FERC Form No. 6|
|5/1/2022||2021 FERC Form No. 60*|
|6/1/2022||2021 FERC Form No. 714|
* Note that because May 1, 2022 falls on a weekend, filers will be allowed to submit their filings by May 2, 2022.
As with any new regulatory requirement, the initial implementation is expected to take longer and then filings should become easier and the process more efficient over subsequent years.
Initial form creation, tagging in XBRL and filing is expected to take between 30 and 50 hours for the initial filings.
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