My FERC XBRL Reporting Solution Needs WHAT?
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.