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1 BOJs XBRL Project Towards the next stage Yoshiaki Wada Financial Systems and Bank Examination Department Bank of Japan firstname.lastname@example.org © 2008 Bank of Japan 19th XBRL International Conference June 23-25, 2009, Paris
Part 1 Outline of the Project © 2008 Bank of Japan 2
3 1. Introduction of the BOJ Tokyo Maebashi Fukushima Sendai Aomori Kushiro Sapporo Hakodate Akita Niigata Matsumoto Kanazawa Okayama Kobe Matsue Hiroshima Shimonoseki Kitakyushu Fukuoka Nagasaki Kumamoto Kagoshima Oita Matsuyama Kochi Takamatsu Osaka Kyoto Nagoya Shizuoka Kofu Yokohama Naha Central Bank of Japan, established in 1882 32 branches nationwide © 2008 Bank of Japan Head Office in Tokyo
4 © 2008 Bank of Japan 2 Monitoring Coverage of Financial Service Institutions Major Banks Regional Banks Shinkin Banks Foreign Banks Securities Firms, etc. Bank of Japan Importance of efficient data gathering scheme Monitoring data from about 570 FSIs BOJ covers about 570 FSIs and gathers various daily, weekly, monthly and annual data for monitoring.
3. IT for Central Bank Accurate and speedy data gathering is an essential mission of the central bank Thus, a scheme for efficient and accurate data gathering should be constructed i.e. Data on the real economy and business conditions of FSIs However, is just the increase in the efficiency of the central bank itself enough? Is there any information technology which can ensure the efficiency of not only the Central Bank, but also all financial systems? BOJs decision to adopt the new IT language, namely XBRL Should the central bank strive to increase the efficiency of data exchange across society? © 2008 Bank of Japan 5
200320042005200620072008 6 © 2008 Bank of Japan Preparation for testing Tool and taxonomy development Live Use of XBRL Release of the Monthly B/S Taxonomy on banking a/c Release of the Taxonomy Setting Tool Release of the Monthly B/S Taxonomy on trust a/c Release of the Monthly Lending Rate Report Taxonomy Release of the Deposit Data Report Taxonomy Renewal of the XBRL tools and version upgrade of Formula-Link Release of the Monthly B/S Taxonomy on banking a/c Release of the Taxonomy Setting Tool Release of the Monthly B/S Taxonomy on trust a/c Release of the Monthly Lending Rate Report Taxonomy Release of the Deposit Data Report Taxonomy Renewal of the XBRL tools and version upgrade of Formula-Link 4 Project history Three-phase test Feb 2006
7 © 2008 Bank of Japan 6 Features of the BOJs XBRL reporting scheme 1 All necessary tools, taxonomy, and data communication infrastructure are supplied by the BOJ for free. After receiving the necessary taxonomy set, FSIs can promptly generate XBRL data and report it to the BOJ. 2 FSIs can generate the XBRL instance file, without any third-party assistance. Data security is improved. 3 By using Formula-Link, data accuracy is improved. Cost of data handling can be minimized both for FSIs and the BOJ.
8 © 2008 Bank of Japan 10 The BOJs XBRL based reporting scheme D/L of necessary taxonomy set D/L of data U/L of taxonomy set to the library FSIs data creation and validation Data creation tool Error-free data files BOJ Error-free data files IP-VPN Database Post data validation Taxonomy library Taxonomy setting tool Taxo2 Ta xo3 Taxo1Taxo2 Earlier data release for BOJs users U/L of XBRL data Select the taxonomy according to the report type Develop the taxonomy set according to the report type Excel XBRL Check for errors using the function of Formula-Link and correct the file XBRL
9 © 2007 Bank of Japan 12 Review of the last 40 months of live use (1) Our XBRL tool has worked without fatal problems. 1. No down time 2 All FSIs submitted monthly B/S data in XBRL format Although XBRL was not mandatory in our reporting scheme, all FSIs submitted data in XBRL format voluntarily. 3 Revision and re-distribution of the current taxonomy and the release of the new range of taxonomy 4 Enhancement of efficiency of FSIs reporting work and the BOJs data processing
FSIsBOJ IP-VPN Data entry to the XBRL format and validation by Formula-link Data validationU/L to DB Statistics Analysis FSIsBOJ Key-entry of data and U/L to DB Data validation Telephone dialogue with FSIs Statistics Analysis Filling in the paper form Submission by mail or hand 10 © 2008 Bank of Japan 6 Latest Progress of the project(2) ( Changes of the work flow of deposit data reporting ) Old Process New Process Risk of data leakage Error correction work load Improvement in the efficiency of total reporting process Error free data
11 © 2007 Bank of Japan Changes of the BOJs business flow on the Monthly B/S data processing Report deadline day XX+1 X+2~4 X+5X+6 day XX+1 X+5X+6 Preparation of data U/L Data U/L and validation within DB Data processing within DB Data release for BOJ users Error correction Data validation by XBRL, prior to data submission Reduction of post validation cost Reduction of post validation cost Data validation by XBRL, prior to data submission Reduction of post-validation cost Old Flow Early data release 2 to 4 days) Short cut! New Flow 13 Increased efficiency in the data reporting scheme (2)
12 © 2008 Bank of Japan Reduction of the required part-time manpower in the BOJs database operation team XBRL went live (Feb. 2006) 13 Example of enhancement of reporting efficiency(3)
13 © 2007 Bank of Japan 14 Users evaluation of BOJs XBRL tools and reporting scheme (1) Results of questionnaire on the usability of BOJs XBRL tools and reporting scheme, August 2008 Function of X-Port (XBRL data transformation tool) was appreciated by the FSIs Particularly, most FSIs highly appreciated the usefulness of the pre-validation function by Formula-Link Function of X-Port (XBRL data transformation tool) was appreciated by the FSIs Particularly, most FSIs highly appreciated the usefulness of the pre-validation function by Formula-Link Fortunately, there was no request to stop XBRL reporting. In fact, some banks want the range of XBRL based reporting to be expanded. Since XBRL seems to be becoming a major reporting scheme in society, please expand the range of BOJs XBRL reporting Data validation is very useful – we hope it is adopted for other reports Fortunately, there was no request to stop XBRL reporting. In fact, some banks want the range of XBRL based reporting to be expanded. Since XBRL seems to be becoming a major reporting scheme in society, please expand the range of BOJs XBRL reporting Data validation is very useful – we hope it is adopted for other reports
14 © 2007 Bank of Japan 14 Users evaluation of BOJs XBRL tools and reporting scheme (2) Although the pre-validation function is highly appreciated, increased efficiency of overall reporting process and tools, and reduced reporting burden are necessary. Automatic linkage between taxonomy and instance Seamless process from data transformation to transmission Faster data transformation process Clearer Formula-Link messages Expansion of the range of XBRL based reporting Integration of various regulatory reports into XBRL format Automatic linkage between taxonomy and instance Seamless process from data transformation to transmission Faster data transformation process Clearer Formula-Link messages Expansion of the range of XBRL based reporting Integration of various regulatory reports into XBRL format So, next step …
Part 2 Towards the Next Stage © 2008 Bank of Japan 15
16 © 2007 Bank of Japan 1 Next Plan for the Project (1) Renewal of the XBRL tools (3) Version upgrade of Formula-Link (4) Development of new database (2) Revision of taxonomy structure
© 2008 Bank of Japan 17 Increased engine power (average 18, max. 50 times faster than current engine) 2 Renewal of XBRL tools (1) Adaptation to New Formula-Link spec. Improved viewing function Reflecting users opinions, an improved version of X-Port with the following functions is planned: Automatic linking function between instance and corresponding taxonomy
© 2008 Bank of Japan 18 2 Renewal of the XBRL tools (2) Image of automatic linking function Current operation flow Excel XBRL Taxonomy setting tool Taxo1Taxo2 Data transformation tool Therefore, according to the type and version of target instance, system user must select and set the corresponding taxonomy to the data transforming tool After setting the necessary taxonomy, transform the Excel formatted original data into XBRL instance Target instance is not automatically linked to the corresponding taxonomy. New operation flow Target instance is automatically linked to the corresponding taxonomy Excel XBRL Taxonomy setting tool Taxo1Taxo2 Data transformation tool System user can simply transform the Excel formatted data into XBRL instance, without taxonomy setting
© 2007 Bank of Japan© 2008 Bank of Japan Basic structure of BOJs taxonomy set All the necessary information for each report, such as taxonomy, mapping information, rendering information and Formula-Link is packaged in a contents file. Basic structure of BOJs taxonomy set All the necessary information for each report, such as taxonomy, mapping information, rendering information and Formula-Link is packaged in a contents file. Mapping information Taxonomy Formula-Link Template instance Excel based style sheet information Manifest file CONTENTS FILE A package of necessary files, stamped with corresponding report name, date code. FSIs choose proper CONTENTS for their reporting. Data mapping information between Excel and XBRL Rendering information to display XBRL instance in the original Excel based format Data for overall control of data transformation, rendering and so on Business rule data for data validation 3 Revision of taxonomy structure (1) 19
© 2007 Bank of Japan© 2008 Bank of Japan Improvement in the maintainability of CONTENTS Case of Monthly B/S reporting CONTENTS Improvement in the maintainability of CONTENTS Case of Monthly B/S reporting CONTENTS 3 Revision of taxonomy structure (2) Combination of 1 common taxonomy and 12 differential taxonomy Necessary combination of taxonomies should be imported to construct 7 different reporting taxonomies (i.e. CONTENTS) for monthly end base and monthly average base. Combination of 1 common taxonomy and 12 differential taxonomy Necessary combination of taxonomies should be imported to construct 7 different reporting taxonomies (i.e. CONTENTS) for monthly end base and monthly average base. Using 1 master taxonomy, make clones and edit them to form necessary reporting taxonomy. As for Formula-Link, also use 1 master and edit. Using 1 master taxonomy, make clones and edit them to form necessary reporting taxonomy. As for Formula-Link, also use 1 master and edit. Workload of maintaining taxonomy is reduced to 1/14! Workload of maintaining taxonomy is reduced to 1/14! 20
© 2008 Bank of Japan 21 3 Revision of taxonomy structure (3) Image of new taxonomy structure for monthly B/S reporting
© 2008 Bank of Japan 22 Displaying the divergence from the expected true value 4 Version upgrade of Formula-Link This value of the instance could be wrong This value of the instance could be wrong. Inputted value of the Item [assets] is 900, but expected value by automatic calculation is 800 and the divergence between the two values is 100 Current error message New error message
© 2008 Bank of Japan 23 Functional requests for the new database system 5 Development of new database (1) 1 Larger data capacity than current RDB which can handle 20 million data series 2 Acceptance of more data types, such as XML, CSV, Excel and XBRL 3 Flexible data viewing function for RDB data and XBRL data
© 2009 Bank of Japan 5 Development of new database (2) Traditional RDB data Suitable for the analysis on long- term structural changes dataX1dataX2 dataX(n-2)dataX(n-1)dataX(n) dataY1dataY2 dataY(n-2)dataY(n-1)dataY(n) dataZ1dataZ2 dataZ(n-2)dataZ(n-1)dataZ(n) Time series data Different demand to use Time-series data and XBRL data
© 2008 Bank of Japan 25 Image of the new database system 5 Development of new database (3) FSIs BOJ Monitoring Data IP-VPN Database Meta Data for DB operation XBRL Instance and Taxonomy Relational Time Series Data Data Conversion (if necessary) Data Monitoring Statistics
© 2008 Bank of Japan 26 6 Schedule of the Project 2009 Mar 2010 Mar 2011 Sept Renewal of XBRL tools Revision of taxonomy structure Version upgrade of Formula-Link Development of new database
27 © 2008 Bank of Japan For further information, contact email@example.com
28 © 2008 Bank of Japan Thank you for your attention.
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