Federal Energy Regulatory Commission (FERC) XBRL Mandate
The Federal Energy Regulatory Commission (FERC) XBRL mandate came into force in the third quarter of 2021. Since then, IRIS CARBON® has been helping over 125 companies with their quarterly and annual FERC compliance.
FERC XBRL Mandate
A Closer Look
The Federal Energy Regulatory Commission (FERC) is an independent agency overseeing the interstate transmission of electricity, natural gas, and oil in the US. The FERC ensures that US energy consumers have access to efficient and sustainable energy at a reasonable price.
The FERC collects operational and financial data from the companies it regulates. Since Q3 2021, the FERC has adopted an XBRL-based system of data collection, moving on from the obsolete Visual FoxPro-based system which Microsoft has stopped supporting.
The FERC has begun to use XBRL for data collection because the digital format helps produce machine-readable data that is easier to access, analyze, and compare. XBRL also modernizes the filing process due to the use of cutting-edge software solutions that enhance quality.
Closed XBRL Taxonomy
The FERC taxonomy is a closed taxonomy, which means the data produced is limited to the forms companies submit to the regulator. There is no room for extensions, unlike SEC filings.
Simplified Tagging
Advanced XBRL filing platforms such as IRIS CARBON® offer FERC filers pre-tagged forms which remove the need for them to familiarize themselves with the XBRL taxonomy.
High-quality Data
The XBRL mandate is intended to improve FERC reporting quality through tools that remove manual, error-prone processes and introduce technical validations before the final filing.
Improved Analytics
The data that energy companies produce in XBRL format can be pooled to analyze peer-to-peer as well as sector-wide data and run analytics for better decision-making.
US energy companies that need to file their quarterly and annual forms in XBRL need to choose software solutions that simplify the transfer of voluminous data onto pre-tagged form templates to facilitate hassle-free compliance.
FERC XBRL compliance is not only about filing error-free digital forms but also about using both current period filing data and historical data and peer company information for analytics and decision-making. Energy companies need to ensure that the software they choose for FERC filings offers analytics.
10 Form Types
1 Taxonomy
800+ Filers
Diverse & Happy Clientele
IRIS CARBON® has been the preferred FERC compliance software for leading US energy companies since Q3 2021. Our reputation for high-quality SEC filings precedes us.Comprehensive Experience
Our team of more than 350 XBRL professionals has over 17 years of experience in XBRL-based regulatory compliance. We have facilitated over 5 million regulatory filings globally.Unparalleled Quality
We always rank #1 in independent assessments of XBRL filing quality. This underlines our dedication to delivering high-quality compliance for the companies that choose us.Supreme Data Security
Our SOC 2, ISAE 3000 & 3402 certifications are testimony to our dedication to data security and internal system integrity. We keep your unpublished financial data safe.Got Questions on FERC XBRL Mandate?
Check Our Guide To Get Them Answered
IRIS CARBON® for FERC XBRL Reporting
IRIS CARBON® helps leading energy companies handle their FERC XBRL compliance seamlessly. Our solution is the preferred solution for top energy and utility firms across the US. Learn more about how our solution can simplify FERC reporting for you.
What Our Clients Say
I like the template upload feature for easy data capture into the platform. This platform is easy to navigate across the different schedules. Overall, I appreciate the quick response from the well-informed customer support team
Our company has been using the IRIS CARBON® FERC Form 1/3Q XBRL platform for several months now. We are extremely pleased with the ease of use of the software and the complete customer support we have received for this platform.
Unparalleled XBRL Expertise at your Service
We have been into XBRL-based regulatory compliance for over 17 years now. We call ourselves XBRL evangelists and we are proud to have contributed to developing the data format. We have worked with over 30 global regulators and have helped some of them develop XBRL taxonomies used for digital filings.
Apart from the FERC XBRL mandate, we facilitate inline XBRL filings with the US SEC. In Europe, we help companies comply with the ESEF mandate. In the UK, we assist companies with iXBRL filings to the HMRC and the FCA. In South Africa, we facilitate iXBRL filings with the CIPC. We are proud to have built the iXBRL report creation portal used by the CIPC.
- Outsourcing & In-house Compliance
- Unlimited XBRL Expert Support
- Scalable Solution for Newer Filing Needs
- Constant Focus on High-quality Filings
Download FERC XBRL Reporting Brochure
Download the brochure to understand how IRIS CARON® simplifies FERC XBRL reporting for leading organizations.
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