On February 2nd, FERC released a new 2.0 Taxonomy in draft format, meaning it is now open and available for review and comment. In the update posted to the FERC e-forms refresh website, FERC states the taxonomy will be final and made available for test and live filing in their eCollection portal on February 17, 2022. Most importantly, FERC also directly states that all Annual Form Types (Form 1, 1-F, 2, 2-A, 6, 60, and 714) MUST be filed using this new 2.0 Taxonomy. This means that every Annual Form you are interacting with in the Workiva platform today will be required to migrate to the new FERC 2.0 taxonomy in order to submit your form to FERC.
As a result of this update the Workiva teams are already actively analyzing the updates provided by FERC to support this new taxonomy within the Workiva Platform as soon as possible. That stated, it is important to understand some critical points around this update to ensure you understand the risks that exist should you have timelines to file with FERC in late February/early March. Specifically:
- This is not a simple task and will require time to analyze the changes made to the taxonomy and also implement those updates within the Workiva Platform.
a. Workiva has provided hundreds of comments to FERC around issues with the current taxonomy and therefore need to analyze what was or was not incorporated correctly within the current taxonomy to ensure the XBRL generated aligns with what is expected and desired for your Forms.
- FERC states the 2.0 taxonomy will be ready to use on February 17th, but understand this means the final 2.0 taxonomy version will not be available to fully implement and test until after that date, since what is released today is a draft format open to continual commenting and editing.
- FERC has yet to provide revised Rendering code or Validation rules to correspond with the taxonomy updates provided. Each of these will require testing and if the prior quarterly filing history is an indicator will likely have bugs/issues that will require FERC to provide continual updates well after February 17th to resolve.
In addition to the above guidance, Workiva will be hosting a one-hour webinar on Friday, February 11th at 1:00 p.m. CST to discuss these updates as well as other key updates related to your Annual Forms. You may register for that event here.
As more information around timelines are gathered, additional communication and updates will be provided. That stated, do understand that the Workiva Team is committed to your success and despite the last minute challenges created from this FERC update, we will be here to ensure your migration to the new taxonomy and review of your XBRL for your Annual Forms go as smoothly as possible!