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 March 24-26, 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. Systrends plans 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, 3-Q, and 714 for Electric industry, as well as the Form 2, 2A, 3-Q for Gas, and Form 6 and 6Q for Oil.
Systrends will be attending the technical conference in February to ensure we obtain 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 support@systrends.com.