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.
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.
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.