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XBRL vs. Custom XML NAESB eForms Subcommittee

XBRL vs. Custom XML NAESB eForms Subcommittee. FERC – Division of Energy Market Oversight June 18, 2018. Background.

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XBRL vs. Custom XML NAESB eForms Subcommittee

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  1. XBRL vs. Custom XMLNAESB eForms Subcommittee FERC – Division of Energy Market Oversight June 18, 2018

  2. Background • On April 16, 2015, the Commission issued an order announcing its intention to replace its current electronic filing format Visual FoxPro (VFP) for many of the forms submitted by the industry. VFP is no longer supported by the developer, Microsoft Corporation. • In the order, the Commission stated it believed the best replacement format for VFP is XML.

  3. Background • There are two XML options available as the format for data submission: • Develop a custom XML submission • Develop an XBRL submission, a standard built upon the XML format • The Commission seeks input on the XBRL data format.

  4. XBRL Overview • XBRL, or eXtensible Business Reporting Language, is an XML standard for tagging business and financial reports to increase the transparency and accessibility of business information by using a uniform format. • The XBRL specification is developed and published by XBRL International, Inc. a non-profit consortium of more than 650 companies and agencies. • All publicly listed companies are required to use XBRL to submit financial reports to the SEC.

  5. CUSTOM XML VS. XBRLData Preparation XBRL pros: Data is entered once reducing time and errors, many opensource tools and off-the-shelf tools are available. XBRL Con: Filers needs to install the tool and train their staff.

  6. CUSTOM XML VS. XBRLData Validation XBRL pros: taxonomy allows full local testing before beginning a submission & no manual interpretation of the validation rules from a static PDF or document posted on a webpage.

  7. CUSTOM XML VS. XBRLData Rendering XBRL pros: Rendering info is included in taxonomy, produces both an HTML and PDF document, filer can produce the final PDF that will be in eLibrary on their own system prior to submission.

  8. CUSTOM XML VS. XBRLData Submission No significant pros/cons.

  9. CUSTOM XML VS. XBRLData storage and Retrieval XBRL pros: automatic backward compatible for refiling previous version forms and data; the filer can at any time view their previous submission on their local system according to how the FERC system would produce the final form.

  10. CUSTOM XML VS. XBRLForm/schedule management XBRL pros: one taxonomy for all forms means standard definitions, concepts, and elements across all collections.

  11. CUSTOM XML VS. XBRLMultiple relationships: Hierarchies & Dimensions XBRL pros: More efficient to manage future additions/changes to parent fields.

  12. Hierarchy relationships: Example • The Form 1 field “Total Liabilities and Stockholder Equity” is at the top of a hierarchical relationship with a total of 55 subfields. • “Total Liabilities and Stockholder Equity” is the sum of these 55 subfields. • XBRL enables all 55 subfields to share the same properties as the parent and an easy calculation of the total.

  13. Shared Definitions: Example • A single definition for “Assets” could then be applied to multiple fields, such as “Current Assets” as well as “Prior Years Assets.” • A customized XML solution requires separate definition for each of the like fields.

  14. Taxonomy Overview • A grouping of financial concepts (known as “elements”) in which each concept is defined and can have multiple labels. • The taxonomy defines relationships between the concepts within the group. • Public taxonomies have been developed by market constituents and are maintained by XBRL.

  15. Taxonomy Example • A single definition for a concept could be applied to all like concepts. For example, the definition for the concept “Assets” could be applied to multiple concepts: “Current Assets” and “Prior Years Assets.” • These three concepts (‘Assets’, ‘Current Assets’, and ‘Prior Years Assets’) are defined and presented in the taxonomy as elements. • Each concept can have its own set of labels reflecting how the concept appears in a given form.

  16. Benefits Summary • Data is managed by business users • Meta Data management is centralized • Informed filers and data users • Access to standardized validation rules • Improved Speed of Form rollout • Support for resubmissions • Allows for adding, amending, and deleting defined elements and relationships without the need for filers to update software applications • Makes implementing Commission revisions to reporting requirements easier to code and roll out to the public

  17. XBRL disadvantages • Filers can use existing available XBRL open source or off-the-shelf tools to create a submission file, however they need to install the tool and train their staff on the new tool. • Training may be required for business users, end user data analysts, and IT staff. • Implementing XBRL Solutions directly from VFP may delay the deliverable for Form 1 (but not necessarily for other forms).

  18. Illustrative list of software providers supporting XBRL instances [1]

  19. Illustrative list of software providers supporting XBRL instances

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