COMING SOON eForms - FERC Docket RM19-12 (Order 859)

FERC Acts to Modernize Process for Filing Commission Forms (RM19-12, Order 859)
The Federal Energy Regulatory Commission (FERC) is revising its electronic filing format for certain data collections and Forms to make it easier for filers to submit and data users to analyze information.

The rule adopts eXtensible Business Reporting Language (XBRL), a nonproprietary, open technology standard, as the new filing format. XBRL will enhance system compatibility and security, and allow efficient sharing of data across different information systems. Industry groups broadly supported the move to the new standard.

Systrends will be developing software for the new FERC eFORMS requirement for all the forms.

FERC has started the process to replace the current electronic filing format for the Commission Forms to XBRL format. They have scheduled a technical conference for February 4-6, 2020 to discuss the final rule in establishing the new format. Af­ter the technical conference, FERC will allow for industry members and other in­terested parties to submit comments. Then after review of any submitted com­ments, FERC will issue an order adopting the final taxonomy, implementation guide and establish a schedule for the roll out. FERC has posted a draft XBRL taxonomy, which Systrends has already begun testing. The plan for Systrends is to develop a software application with FERC specifications and validations for in­dustry members to utilize for their Form filings.

Systrends anticipates the new software to be a web-based enterprise application that will allow you to manage your form financial data and possibly import various information from other financial applications to help generate the Commission Form reports more efficiently and accurately.

The application will generate the Form 1, 1-F, Q3 and 714 for Electric industry, as well as the Form 2, 2A and 3Q for Gas, and Form 6 and 6Q for Oil.

Systrends will be attending the technical conference in March to make sure we obtain all the necessary information to develop the most comprehensive tool for this requirement.

In the meantime, we will continue to test the current draft taxono­my and work on potential design. A complete software application can not be com­pleted until we have all the requirements from FERC which will be made available in the final rule.

If you are interested in assisting Systrends with ideas for the application and providing input as to what features would be best utilized in the software contact Renee Feeney by email at renee.feeney@systrends.com