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.
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.
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.
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.
