FERC Pass XBRL Proposal
In January 2019 the US Federal Energy Regulatory Commission (FERC) published a proposal to swap from Visual FoxPro based e-forms to an XBRL-based data collection system. After a comment period, FERC have now announced that the proposal has passed.
The switch recognizes that XBRL is purpose built for reporting, and will make filing easier, more accurate and more consistent for both filers and the regulator. The next step is to develop a FERC taxonomy in line with guidelines that have been developed by XBRL US.
This is a great example of the potential the XBRL standard has for use well beyond financial regulation. The implementation should increase transparency, improve analysis and also reduce the cost of compliance. Congratulations to everyone involved in working with FERC to realise this proposal.
Read more here.
