A year has passed since the FERC XBRL mandate was first implemented. The Federal Energy Regulatory Commission (FERC) chose XBRL as the preferred format for collecting financial and operational information from US energy companies in a bid to modernise its data collection and enhance data analysis and comparability. Since Q3 2021, over 600 energy companies have been successfully filing their data in the new format, with solutions such as IRIS CARBON® facilitating a seamless XBRL conversion. In this article, we introduce to you a new feature of IRIS CARBON® that you can use to enhance your XBRL filings.
IRIS CARBON®’s ‘Preview Schedules’ Feature
IRIS CARBON®’s ‘Preview Schedules’ feature allows users to do a preview and comparison of one or more FERC schedules to simplify and speed up their review. The feature gives users an accurate representation of how their values will look after the filing.
The preview schedules feature is especially useful for an accounting review. An accounting review involves control processes and the clearance for a balance sheet before the closing of a financial year or period. This review allows compliance teams to analyze financial statements and verify their sincerity, regularity, and conformity.
With the preview schedules feature, users can do without generating the output of a full project for examining the preview of a single schedule or a few schedules. Even sign reversals are taken into account in the preview edition, making it simple to analyze the 120-Cash Flow plans.
Users can also examine the changes made to the preview over time and see what was edited, added, or removed. The fact that each of these is highlighted in a distinct colour makes it extra simpler to review.
What makes this feature ideal is that you may print out a high-quality PDF version of such a preview and comparison. You can be sure that none of the rows or columns will be omitted. An image from the comparative PDF is shown below.
Note-worthy Features of IRIS CARBON to Streamline FERC Reporting
A Collaborative and Secure FERC Reporting Platform
IRIS CARBON® is a cloud-based platform that allows users to collaborate on their FERC XBRL reports seamlessly. Your unpublished financial and operational data is stored in a highly secure environment. Our SOC 1, SOC 2, ISAE 3000, and ISAE 3402 certifications are proof of how secure a working environment we provide.
Template-based FERC Reporting with Smart Workflows
We provide ready templates for FERC filers. You can simply upload your data and ensure each data point occupies the right field. You needn’t even know how XBRL tagging is done. Our platform allows organisations to employ smart permission-based workflows. Furthermore, you can keep track of every change made to your report as well as view and restore prior versions of your report if need be.
Smart-Review Features and Multiple Output Formats
Our platform makes the document review process hassle-free, allowing internal and external reviewers to raise comments against various sections, issue change requests, seek clarification, and approve sections. Internal users can resolve comments, issue clarifications, and seek approval. Furthermore, users can download the output of their reports in multiple formats such as PDFs or XBRL viewer links.
Integrated Validations and Single-click FERC Submission
IRIS CARBON® employs the same XBRL validator that the FERC uses at their end. Users can rest assured that the XBRL files they submit to the FERC will be error-free. Moreover, users can submit their filings to FERC with a single click. A test filing can also be done through the IRIS CARBON® platform before the final filing.
Don’t forget to make a note of the upcoming FERC XBRL filing deadlines.
Upcoming Q3 2022 FERC filing deadlines