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May 10, 2021 HData Team

FERC XBRL mandate compliance simplified with IRIS CARBON®


Ever since the Federal Energy Regulatory Commission (FERC) adopted the XBRL standard for receiving and processing U.S. energy sector data, the companies under its ambit have been evaluating various XBRL reporting solutions. FERC Pro’s Filing Solution is IRIS CARBON® — a cloud based, collaborative XBRL report creation platform, tailor-made for your compliance with the FERC’s new XBRL mandate. In this article, we list several features through which IRIS CARBON® can bring ease to your compliance process.

✅ No XBRL expertise required

Clients of IRIS CARBON® get access to a turnkey filing solution loaded with features. Most useful among those features is one that asks for no knowledge of XBRL from users. XBRL tags are embedded in the FERC forms, which means users of IRIS CARBON® needn’t learn to map their data to the right element of the FERC XBRL taxonomy. We’ve got that part covered.

✅ A collaborative platform

With the onset of the pandemic and the subsequent moving of workplaces to homes, having a platform that allows for a seamless, collaborative, and secure work environment is invaluable. Multiple users can collaborate simultaneously on an FERC XBRL mandate compliance document using IRIS CARBON®. You can even assign different tasks to designated personnel within the platform.

✅ User management

In companies with large FERC compliance teams, IRIS CARBON® lets you define roles for each user as a creator or reviewer. It allows a creator to restrict access to certain parts of the FERC forms being worked upon, either schedule-wise or function-wise. This allows companies to compartmentalize filing efforts as they see fit.

✅ Single sign-on

We allow you to integrate your company’s active directory to facilitate a single sign-on. You could access all enterprise resources with just one set of credentials. This saves a great deal of time for the organization and improves productivity manifold.

✅ Multiple ways to populate data into FERC forms

With IRIS CARBON®, you get unparalleled flexibility when it comes to working with large amounts of data. You can upload data from an MS Excel workbook or pull data automatically from your internal systems, or simply key-in your data (that should be your last option!). No matter what shape or form your data is in, we can ensure it works inside our platform.

✅ Version management and audit trail

All modifications made to data in your FERC forms get recorded against each user. This record facilitates the ability to maintain a complete audit trail. Version management also allows you to go back to an older version that you saved and may want to work with. This makes rolling back changes a lot quicker and enhances tracking inside your report.

✅ Filing Calendar updates

You can exert complete control over all your e-form submissions and be notified in time to complete the FERC XBRL mandate compliance process. We also provide you with the ability to define target dates for completion and trigger off-standard notification emails. This allows you to plan, organize and streamline your entire filing process well in advance.

✅ Rendering and output formats

Rendering pertains to the process by which an XBRL software translates an instance document into a human-readable format. You can use the FERC’s rendering component to review your XBRL file before submission. XBRL files can be rendered in PDF and MS Excel outputs for offline review and record purposes.

✅ Reviews made easy

Our platform simplifies the review process. An internal or external reviewer can approve, reject, or sign off on schedules either on the platform or using file formats that facilitate such a review.

✅ Commenting

The ability to leave a note against a particular data point on your report works wonders to explain or highlight certain things when dealing with your team internally. Our proven FERC XBRL software lets you add comments to a form, schedule, or any specific data. These comments can either get directed to all the users or a particular subset of them. Emails are triggered if the user is not logged in to the platform.

✅ Supporting documents

Supporting documents are usually reference documents that are used while preparing certain schedules or forms. With IRIS CARBON®, you can upload supporting documents to facilitate a review and retain it for internal purposes.

✅ Validated error-free filings

Having an in-built validator that pre-validates a filing even before it reaches your auditor is useful to say the least. A validator helps you run calculation checks, spell-checks, cross-validation both within and between schedules, business rules, and taxonomies, as well as XBRL standard checks to ensure smooth and error-free filings.

✅ Applicable taxonomy

When the FERC publishes a new version of the taxonomy, IRIS CARBON® allows the end-user to have control over which taxonomy version to use and decide the applicable taxonomy based on the filing. This feature is especially useful in cases where the company is filing an amendment. All new taxonomy versions will be introduced in IRIS CARBON®.

✅ Dashboards

IRIS CARBON® gives you a complete snapshot — a birds-eye view of the status of your entire project. You can track schedules and check activities pending closure as well as track open and closed comments and identify what tasks remain with which user among a host of other things.

✅ Product upgrades

Every product requires constant upgrades to introduce state-of-the-art features and functionalities. With that in mind, IRIS CARBON® brings in quarterly upgrades that maintain the platform’s competitive edge, keeping it consonance with regulatory requirements, as well as with the latest XBRL rules, specifications, and guidelines.

✅ 24/7 Support

We take pride in our ability to serve the needs of our diverse client base with relative ease and persistent dedication. For us, the customer really is king. As soon as you sign up with IRIS CARBON®, an engagement manager is assigned to you, who is available 24/7 for any escalation and support that you may require. Dedicated support is available as part of a complete package that ensures a smooth and effortless FERC XBRL mandate compliance.

Published by HData Team May 10, 2021