FERC regulatory reporting made easy with DataTracks' flagship cloud-based application, Glacier

NEW JERSEY, March 16, 2021 /PRNewswire/ -- DataTracks announced the launch of their flagship application to help Oil, Natural Gas, and Service companies comply with new regulations introduced by the Federal Energy Regulatory Commission (FERC) in the US.

The commission has decided to adopt XBRL (eXtensible Business Reporting Language) as the new reporting language for FERC filing forms 1, 1-F, 3-Q (Electric), 714, 2, 2-A, 3-Q (Natural Gas), 6, 6-Q & 60 starting from Q4 2021.

Glacier is built on a Data Point Model (DPM) to facilitate easy conversion of financial data into XBRL and make reports ready for submission to the FERC. Once the data is ready, users can quickly prepare XBRL reports using pre-filled templates with FERC taxonomy and save time.

Glacier offers:

• Direct conversion from Microsoft^® Excel to XBRL
• Easy data entry into pre-defined parameters from FERC regulations
• In-built, automated tagging
• Intuitive preparer-reviewer workflow
• Seamless taxonomy updates
• Data validation before the download of XBRL-ready file
• Direct submission to FERC
• Granular audit trail

Glacier can help:

• Quick implementation with minimum XBRL learning curve
• Save time and relieve essential resources
• Reduce human intervention and error
• Eliminate infrastructure costs
• Economize operational spending

Finance professionals need not acquire new skills to use Glacier for preparing compliance reports as it is easy to use. Users can preview, update, or comment on templates that have been built similar to FERC's requirement. The application also provides flexibility to bring multiple data sources together. Users can compare versions, set role hierarchies, and generate validated reports that are accurate and fully compliant. Glacier is a nimble application. It is hosted on a secure cloud and has a light UI, and easily accessible from an updated browser.

User-friendly and effective, Glacier is being used by many insurance companies and financial institutions in the European Union for seamless conversion and submission of their financial reports in XBRL.

Pramodh Vittal, Vice President for Product Management, said, "We are excited with the launch of Glacier for FERC regulatory reporting. It offers pre-defined templates with the scope of reporting numerous records dynamically. Glacier's DPM approach eliminates the need for tagging. Filers can focus more on data for the report and not XBRL technicalities including taxonomy updates. It only takes few minutes to complete one cycle of core operations such as input data, preview/update values, validate the report, and extract XBRL."

A team of XBRL experts with extensive experience in delivering specialized solutions for regulatory reporting requirements worldwide have developed Glacier at DataTracks.

To better understand how DataTracks can help enterprises in the energy business, meet their regulatory reporting requirements, contact 1800 937 9280 or write to [email protected].

About DataTracks

DataTracks is a global leader in disclosure management and regulatory compliance software and services. Seven of the top ten accounting firms and more than 19,400 enterprises worldwide trust our expertise of 16 years. Operating across 26 countries, DataTracks have prepared over 195,000 compliance reports worldwide, enabling enterprises across geographies to file reports compliant with the standards of regulators like the SEC (US), ESMA, EBA & EIOPA (EU), HMRC (UK), Revenue (Ireland), ACRA (Singapore), MCA (India), CIPC (South Africa) and SSM (Malaysia). To know why financial printers, accounting firms, and enterprises the world-over prefer DataTracks, please visit www.datatracks.com.

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SOURCE DataTracks