The eXtensible Business Reporting Language (XBRL) provides a way of labeling data that adds important contextual information to that data. This contextual information helps relate data items to other data items, increasing the information's interpretability. XBRL is also machine-readable, so XBRL reports can very quickly be consumed and analyzed by computers.
You can create your XBRL report by “tagging” your data using a predefined library of XBRL tags called a taxonomy, producing XBRL reports that are all consistently well-structured and thus easy to compare.
In 2019, the Federal Energy Regulatory Commission (FERC) revised its electronic filing format to accept XBRL. The requirement will require filers to submit quarterly and annual reports of public utilities, electric utilities, natural gas companies, oil pipeline companies, and centralized service companies in XBRL using a taxonomy that has been developed by FERC and XBRL US.
The FERC Taxonomy is organized by form with each page being represented by its own presentation and elements. Unlike other taxonomies that can be designed for flexibility, the FERC taxonomy has a rigid structure with very little extensibility. So, while the XBRL language is complex, FERC XBRL can be presented to filers in a very straight-forward manner.
Annual and quarterly reports are to be submitted to FERC in XBRL starting in November 2021. XBRLworks is a simple yet powerful solution for FERC XBRL reporting with innovative data management tools. When using XBRLworks, users interact with simple forms, through which they can control form data with a complete audit trail of revisions.
Each form on XBRLworks uses a database that is organized by the FERC taxonomy and accessed through simple webpages. Users don't need to understand or even be familiar with XBRL or the FERC taxonomy; XBRLworks handles the XBRL behind the scenes while you control the data and the process.
Request a PresentationNovaworks is a leading provider of XBRL and filing software for SEC compliance. The company’s suite of products includes solutions for a large range of EDGAR filers, with each application tailored to provide a wide spectrum of clients with the compliance tools they need. XBRLworks is Novaworks' answer to the FERC taxonomy: a simple and innovative tool designed to meets the needs of FERC filers.
XBRLworks is a collaborative environment with data controls and audit trails, combining data and user management tools into one simple solution.