FERC Form 1 2023Q4 Taxonomy Now Available
Great news! The Form 1 taxonomy update announced on the FERC eForms Refresh page on November 16, 2023 is now available in the Workiva Platform and has been enabled on all FERC related Workspaces. This new taxonomy is effective for filing fourth quarter 2023 forms. You will find the new taxonomy named FERC Form 1 2023Q4.
This update corrects errors in the taxonomy for the Energy Storage Operations (Large Plants) and Energy Storage Operations (Small Plants) schedules and makes the requisite updates in the related codesets. Specifically, new elements were created to differentiate the facts submitted on these two schedules.
Should you have a service engagement with Workiva, your professional services manager will discuss migrating your Annual FERC Form 1 to the latest 2023Q4 version in the near future. Should you want to migrate yourself, please refer to the following Help article for additional support on performing this migration.
As a reminder, in order to successfully file to FERC, the updated 2023Q4 Taxonomy is required for ALL Annual FERC Form 1 filings beginning with the Annual forms for 2023 only. Any resubmissions must continue to use the FERC 2.0 or FERC 2023 Taxonomy for the given form, as provided by the FERC Taxonomy History page.
We are excited to release the latest taxonomy updates from FERC and are committed to the success of your Annual Form filings. Please do not hesitate to contact Workiva Customer Support, your Professional Services Manager, or post questions/comments here in the Community should you have any additional questions or concerns around this new taxonomy update.
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We rolled forward our Form 1 and migrated to the updated 2023Q4 Taxonomy but we're not able to generate XBRL. We get a failed message indicated "Profile period and year selected are not valid for the chosen taxonomy." Any ideas how to resolve this issue?
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Hi - in your "Identification and Certification" outline section, be sure this shows as Form Type 1 and Q4 2023 for the date. Your taxonomy profile should also be Q4 2023. Hope that helps!
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Maria Balandran - we have a new article available that contains several tips & FAQs for items to check with your filing to make sure you are able to generate XBRL. The community post is titled FERC Annual Filing Tips - we hope this helps!
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