Skip to main content

My FERC XBRL Reporting Solution Needs WHAT?

Image

What to look for in XBRL software for FERC compliance
October 30, 2020

The Federal Energy Regulatory Commission (FERC) is moving away from Visual FoxPro and adopting XBRL® reporting. That’s great news because a new class of solutions will enable teams to better connect data from a single source of truth to multiple reports for more consistency and efficiency. This will also enable organizations to comply with FERC’s XBRL requirements, as well as streamline financial and operational reporting. 

While you’re looking for the solution to help you meet the new FERC reporting requirements, keep some of these key inclusions in mind to guide your decision-making.

1. XBRL expertise

Do the solutions you’re looking at have XBRL expertise built in? Because they should. The technology should help with the entire data collection, preparation, and reporting process. Can you link shared information from internal financial reports or SEC filings to your FERC report? Can certain data collection be automated using APIs or data connectors? You’ll want to make sure the solutions you are reviewing have these features AND that they meet IT security protocols.

2. Pre-built FERC starter templates

Templates, at last! Starting from scratch takes so much time—while starting with templates gets things moving and grooving so much faster. A solution with pages pre-built according to current best practices will set your team up for success immediately and will have a positive effect on time management. 

3. Collaboration embedded

Having a degree of collaboration embedded in the solution will boost you out of the siloed age. Choosing a solution that allows team members to edit the same document at the same time AND communicate in a central location will help you move the needle more efficiently. 

Check out our complete Tech Checklist: Choosing a FERC Compliance Solution for a list of all the must-haves before you choose your ideal reporting solution.

XBRL® is a trademark of XBRL International, Inc. All rights reserved. The XBRL® standards are open and freely licensed by way of the XBRL International License Agreement.

 

Online registration is currently unavailable.

Please email events@workiva to register for this event.

Our forms are currently down.

Please contact us at info@workiva.com

Our forms are currently down.

Please contact us at info@workiva.com

Thank you

A Workiva team member will follow up with you shortly.

Thank you for registering

You'll receive a confirmation email shortly.

Thank you

You are now subscribed to receive blog updates.

Thank you

Your preferences have been updated.

Back to Top