The path to achieving full automation in FERC XBRL Reporting
If you work at or own an energy company in the US, you probably spend substantial time, resources, and money complying with regulatory mandates and reporting requirements. To ease the compliance process, improve accuracy, and speed up analysis of financial data, the US Federal Energy Regulatory Commission (FERC) decided to swap Visual FoxPro-based e-forms with an XBRL-based data collection system. Which means, utility companies regulated by FERC must submit and file their financial reports in the XBRL format.
Is your company prepared and fully equipped for the transition?
DataTracks has the ideal mix of XBRL experts, technology, and solution to ensure that your transition is seamless, hassle-free, and most cost-effective. Here is how.
The current process calls for manual entry of data or a spreadsheet to feed data into Visual FoxPro.
Even when upgrading to Glacier, DataTracks’ flagship software for XBRL conversion, there is no change in this process.
Similar to the spreadsheet used for Visual FoxPro can be easily integrated into Glacier by a simple file-to-file formula linking or a macro that transports your data to Glacier’s Excel, which means:
- Zero additional effort or preparation to enter source data into Glacier
- Time-saving and easy-to-use method to hit the ground running with Glacier
Glacier is a driver to achieve complete automation of data input. FERC’s decision to adopt XBRL as reporting language of choice was relatively recent. This bodes the possibility of frequent taxonomy updates over the next 12 months.
Therefore, at DataTracks, we believe that complete automation of the process should be achieved in phases to ensure maximum ROI. We suggest a simple approach in phase 1 with easy integration of current processes. As the FERC taxonomy stabilizes in a year, other APIs for detailed integration can be installed to achieve complete automation.
To streamline your FERC reporting and compliance, you will need the help of experts who can instill confidence in your ability to meet regulatory compliance mandates through the support of a robust application.
DataTracks, with a presence in 26 countries, has had over 16 years of experience in the field of compliance reporting. Having generated close to 200,000 reports, we have ensured the quality and assurance of accurate reporting support at competitive prices. Our data confidentiality and efficient working have earned us 19,900 happy clients.
Our flagship Data Point Model (DPM) based application Glacier – for FERC reporting is also extensively used by Financial Institutions and Insurance companies in the European Union to prepare their compliance reports in XBRL with respective taxonomies. To learn more and start your compliance journey, schedule a call with our XBRL experts.
