FERC extends filing deadlines for Q3 2021
Earlier in March 2021, the Federal Energy Regulatory Commission (FERC) issued a notice granting an extension of time to file third-quarter reports for electric utility companies, natural gas, and oil pipeline companies. This was done in order to address the possibility that some entities may not be equipped and ready to make the transition toward facilitating an XBRL output for reports mandated by the FERC a year ago.
To provide ample time necessary for the transition, FERC has revised the deadlines as follows:
Deadlines extended from November 29 to December 31, 2021:
- 3-Q (electric) for Major Electric Utilities and Others
- 3-Q (natural gas) for Major Natural Gas Companies
Deadlines extended from December 9 to December 31, 2021:
- 3-Q (electric) for Non-major Public Utilities and Licensees
- 3-Q (natural gas) for Non-major Natural Gas Companies
- 6-Q (oil) for Oil Pipeline Companies
FERC also announced that on April 15, 2021, the XBRL taxonomies, validation rules, and rendering files needed to file FERC Form Nos. 1, 1-F, 3-Q (electric), 2, 2-A, 3-Q (natural gas), 6, 6-Q (oil), 60, and 714 will be updated to Release 1.5 and will be made available in the Yeti viewer. Over the last decade, XBRL has been adopted around the globe as the reporting standard for financial and operational data submitted to regulators for its opportunity to make reporting more accurate and more efficient. As energy companies prepare for the old VisualFoxPro based system to be unavailable for submission from September 2021, these new deadlines, albeit a few days, represent a substantial boon for the energy industry. FERC’s aggressive implementation timeline, combined with the pandemic’s continuing repercussions, poses pressure for an efficient, robust, and economical solution that can handle the transition seamlessly.
At DataTracks, we have a flagship software custom-built application for energy companies to comply with FERC’s XBRL mandate called Glacier.
Glacier uses the Data Point Model (DPM) to facilitate easy conversion of financial data into XBRL and make reports ready for submission to the FERC.
- Direct conversion from Microsoft® Excel to XBRL
- Easy data entry into pre-defined parameters from FERC
- In-built, automated tagging
- Comprehensive Audit-trail
- Prompt taxonomy updates
- Data validation before the download of XBRL-ready file
- Direct submission to FERC
Glacier can help:
- Save time and relieve key resources
- Reduce human intervention and error
- Eliminate infrastructure costs
- Economize operational spending
The conversion of financial data to an XBRL-ready file can be easy both on the pocket and on operations. Provided, one chooses to invest in a dedicated software rather than building an in-house tool or deciding to pay exorbitantly to outsource the task. Investing in robust, safe, and easy-to-use software is not a compliance cost. Instead, it is a strategic aide to the process of compliance reporting for your company. With Glacier, all you need to do is focus on the efficient business process using the intuitive collaboration that the software offers. The grunt work of numbers, layout, validations, and other operational factors, are all taken care of.
With Glacier, invest your valuable time in the numbers, not in the process. Want more information about Glacier and how it can be that one missing piece of your XBRL puzzle? Schedule a free demo to view Glacier in action, send an email to firstname.lastname@example.org. Feel like you need more guidance on transitioning effectively? Our team of XBRL experts can help you navigate through this change. Schedule a discussion with our team, send an email to email@example.com or call +1 (609) 257 4232.
DataTracks offers multiple other premium solutions that can automate, streamline and manage your compliance reporting processes. Click here to explore our products and learn more about us and what we do.
Read the announcement from FERC