FERC XBRL reporting – Why data validation & a granular audit trail are quintessential
Success in the world of compliance depends upon speed – on how quickly you’re able to assimilate, record, iterate, and submit validated, error-free reports to relevant regulators. Hence, it is not surprising that organizations turn to software solutions on the cloud to streamline their reporting functions in a bid to modernize risk-ridden manual processes.
In the energy and public utilities sector, this shift is paramount now more than ever. With the XBRL mandate to submit certain forms to the FERC, several companies have already sought the help of DataTracks’ flagship platform for FERC XBRL reporting.
DataTracks’ Glacier ensures data accuracy and regulatory reporting efficiency in a single cloud platform. It uses the Data Point Model (DPM) to facilitate easy conversion of financial data into XBRL and make reports ready for submission to the FERC.
There are numerous features of Glacier that make it the preferred choice for utility companies. But perhaps the two most productive advantages are its ability to validate comprehensively with a granular audit trail.
A fundamental problem for finance professionals worldwide is that traditional desktop spreadsheets, documents, presentations, and email attachments do not match up to the reporting requirements expected in business today.
DataTrack’s Glacier has in-built tools that enhance the ability for teams to manage accessibility, usability, integrity, and security of information – also known as data governance.
Comprehensive Validation
Glacier is adept at ensuring that the final information submitted to the regulator is accurate and error-free. It can validate information to the most minute detail, including validation of formulas accepted by the regulator. Formula validation is carried out for formula output instance creation and assertions of consistency, existence, and value. Glacier also validates sequence partitioning and fall back value processing. It is also equipped with REC and CR status filters and registry functions. Glacier’s validation engine has about 5000+ business and XBRL validations which is exhaustive in the back-end but has a Light UI.
One of the main points that set Glacier apart is the rapid and automated update of taxonomy rules as and when introduced by the regulator.
Audit Trail
Data is the fulcrum of any reporting. With Glacier, you can input data from any source across your enterprise – MS Excel or ERP. This facilitates the creation of information silos through establishing links between your source data and the destination. This paves way for the critical “single source of truth.” This is integral in eliminating errors and presents an audit trail for visibility into data linking, formatting, and data changes.
When changes are made at a source, Glacier automatically mirrors this across every linked document or spreadsheet. Hence, the most up-to-date numbers are always accessible, and the need for manual updates is eliminated.
Role hierarchies provides the ability to control permissions for internal and external users, with regards to both activity performed and section access. This level of granular, automated audit trails allows users to work on their own sections of a document at the same time, from anywhere. A detailed version history report within Glacier can help track changes made – by whom, when, and where.
A team of XBRL experts at DataTracks has developed Glacier. They carry extensive experience in delivering specialized solutions for regulatory reporting requirements across the globe.
For a better understanding of how DataTracks can help enterprises in the energy business meet their regulatory reporting requirements, contact +1 (609) 257 4232 or write to enquiry@datatracks.com.
Download our software brochure and understand how you can unleash the power of automated reporting.
Learn more about DataTracks