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The Federal Energy Regulatory Commission (FERC), is an independent agency that regulates the interstate transmission of electricity, natural gas, and oil in the US.
On June 20, 2019, the commission adopted XBRL or eXtensible Business Reporting Language as its preferred format to receive annual and quarterly reports. The Federal Energy Regulatory Commission (FERC) is revising its electronic filing format to make it easier for filers to submit in XBRL which will help increase efficiency in regulatory filings and processing of business information, further enhancing transparency and decreasing the costs over time. XBRL will enhance system compatibility and security and allow efficient sharing of data across different information systems.
Starting in November 2021, energy companies reporting to the U.S. FERC are required to file select annual and quarterly reports in XBRL replacing the current PDF-based forms.
FERC will adopt the XBRL standard for all filers submitting Forms 1, 1-F, 2, 2-A, 3-Q, 6, 6-Q, 60, and 714, starting in November 2021.
|FERC Form No. 1||Annual Report of Major Electric Utilities, Licensees, and Others|
|FERC Form No. 1-F||Annual Report of Non-major Public Utilities and Licensees|
|FERC Form No. 3-Q||Quarterly Financial Report of Electric Utilities, Licensees|
|FERC Form No. 714||Annual Electric Balancing Authority Area and Planning Area Report|
|FERC Form No. 2||Annual Report for Major Natural Gas Companies|
|FERC Form No. 2A||Annual Report for Non-major Natural Gas Companies|
|FERC Form No. 3-Q||Quarterly Financial Report of Natural Gas Companies|
|FERC Form No. 6||Annual Report of Oil Pipeline Companies|
|FERC Form No. 6-Q||Quarterly Report of Oil Pipeline Companies|
|FERC Form No. 60||Annual Report of Centralized Service Companies|
Ez-XBRL provides cloud-based disclosure management and collaboration platforms as well as fully outsourced services to enable all energy companies to comply with these standards as mandated.
You can use our highly intuitive and easy to use solution to either self-file or engage our highly experienced team to do the filing for you
Cloud-Based Inline XBRL Platform - Integix
Calling all Public utilities, Electric utilities, Natural gas companies, Oil pipeline companies and Centralized service companies to leverage our next-generation system, Integix to submit your quarterly and annual forms in XBRL.
Integix is Ez-XBRL’s cloud-based XBRL authoring platform. It offers a comprehensive solution that enables the conversion and creation of XBRL documents using a variety of source document formats including Microsoft Word, Microsoft Excel, and Adobe Acrobat (PDF).
With its built-in powerful set of features and functionality, Integix is the ideal choice for filers looking for a solution that meets all the FERC compliance needs.
Benefits of our filing software:
- Simple, Easy-to-use Flexible Interface: Flexible workflow, create your forms in a user-friendly Interface.
- Better Control and Efficiency: Eliminate any risk of errors and manage the entire process with better control and less time.
- Accessibility and Convenience: Our web-based solution allows users to create and access their data from anywhere at any time of the day.
- Real-time Proofs: Review and distribute proofs to concerned stakeholders for further collaboration and approvals.
- Timely Updates: Any future, new taxonomy versions and validation rules are updated automatically without the need for any download or installation processes.
- Filing Module: Our filing module enables authorized users to connect with the FERC portal and directly submit XBRL reports ensuring security and integrity of filing data.
Managed XBRL Services
Energy Companies are required to submit XBRL compliant quarterly and annual financial reports starting November 29th 2021.
Ez-XBRL’s services team has significant credentials in providing fully managed XBRL conversion services to meet FERC’s XBRL requirements
- 10+ years of XBRL experience helping some of the world’s largest corporations to file their annual, semi-annual, and quarterly disclosures, position us as your ideal partner for XBRL FERC compliance
- Deep knowledge of the US-GAAP & IFRS accounting standard
- Extensive technical expertise in XBRL/iXBRL standards help in converting your forms to XBRL compliant documents
- The well-defined delivery process and workflow management for preparing valid and accurate XBRL/iXBRL documents
- Identifying and selecting the most appropriate XBRL concepts (tags) that meet your requirement, by applying the full set of tags available with the published FERC taxonomies
- Finalizing and validating the output to meet the FERC’s validation criteria
- All our services customers are provided access at no additional charge to XOR, our acclaimed online reviewing & collaboration portal for XBRL and iXBRL documents.
XOR – The Defacto Standard In XBRL Review And Validation Tools
XOR is the defacto standard for cloud-based XBRL reviewing tools. Combining a powerful set of features, with an elegant and intuitive user interface, XOR’s reviewing, commenting, reporting, validation, and workflow features have been used to review and finalize 1000s of XBRL filings since its introduction in 2013.
With the XBRL collaborative capabilities and support for the latest validation rules applicable to FERC filers, XOR offers a compelling set of features that make it an invaluable tool for companies seeking to file high-quality, valid, and standards-compliant XBRL documents.
To learn more about our FERC Solutions, contact us.