What is FERC?
The Federal Energy Regulatory Commission (FERC), is an independent agency that regulates the interstate transmission of electricity, natural gas, and oil. FERC administers accounting and financial reporting regulations and conduct of FERC regulated companies. Learn more
FERC adopts XBRL for utilities reporting
FERC has decided to implement XBRL (eXtensible Business Reporting Language) from 2021. Filing starts from November 2021 for quarterly reports and from April 2022 for annual reports. XBRL will make financial reporting easier for filers and help investors analyze financial and business information better. FERC’s transition to a standardized machine-readable reporting language is expected to decrease the costs involved in financial statement submission.
DataTracks’ solution for FERC reporting
DataTracks extends its flagship Data Point Model (DPM) based product ‘Glacier’ for FERC reporting. Glacier is extensively used by insurance companies and financial institutions in the European Union for preparing their regulatory compliance reports in XBRL.
DataTracks’ solution offers
- Seamless transition from Microsoft® Excel (any spreadsheet) to XBRL
- Ease of working with FERC templates
- User friendly and self intuitive work flow
- Collaborative environment
- Information security
- Easy integration of multiple data sources
Glacier for FERC
- Spreadsheet based UI
Glacier incorporates the digital spreadsheets that is similar to the structure of FERC templates enabling easy navigation and quick adaptability.
- Role based access
An administrator can limit access to a subset of user functions and accounts. This enables an additional level of security.
- Version compare
Users can compare two versions or reports within the same reporting period and between two reporting periods, saving review time significantly.
- Inbuilt comprehensive validation
Glacier can process thousands of FERC validation rules quickly and display the results online; results can also be exported for offline review. Users can filter and search hyperlinked validation results and navigate to relevant templates easily for a seamless experience.
- Audit trail of changes at data point level
Comprehensive audit trail captures user details along with date and time stamp for changes made at data cell level . Users can also export the audit trail report into excel for offline review.
- Pass comments at data point level
Users can discuss with each other through comments at each data point. An Excel version of the output is made available for offline references.
- Direct submission to FERC
Glacier’s filing module enables authorized users connect with the FERC portal and submit XBRL reports directly, ensuring integrity of filing data.
- Timely updates to taxonomies
New taxonomy versions and validation rules are updated automatically without the need for complex download or installation processes.
- Hosted on a secure cloud
Glacier is designed on a scalable architecture hosted on a secure cloud that assures high availability and keeps the application’s performance intact.
FERC forms covered by the XBRL mandate
Glacier works on a 5-step process to prepare your XBRL report.
Do not worry if your source is a simple spreadsheet, Glacier is just what you need for an easy XBRL submission to FERC.