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1 BOJs XBRL Based Reporting Scheme Outline and Some Empirical Feedback November 6-7, 2007 Yoshiaki Wada Financial Systems and Bank Examination Department Bank of Japan © 2007 Bank of Japan European Supervisors XBRL Workshop in Amsterdam
2 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 branches nationwide © 2007 Bank of Japan Head Office in Tokyo
3 © 2007 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.
4 © 2007 Bank of Japan 3 Purpose of the BOJs XBRL Project 1 For the BOJ itself Enhancement of efficiency of gathering data reported to the BOJ from FSIs 2 For the society Enhancement of efficiency of data exchange in the financial industry i.e. Reduction in data processing manpower, Earlier release of data i.e. Accelerated use of XBRL triggered by BOJs use of it
5 © 2007 Bank of Japan Preparation for testing Tool and taxonomy development Live Use Release of the Monthly B/S Taxonomy on banking a/c Revision of the Monthly B/S Taxonomy 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 4 Project history Three-phase test
6 © 2007 Bank of Japan 5 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 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
7 © 2007 Bank of Japan 5 Features of the BOJs XBRL reporting scheme (1) 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 © 2007 Bank of Japan 6 Review of the last 20 months of live use (1) Our XBRL tool has worked without fatal problems. 1. No down time The reliability of the tool and availability of the total reporting workflow were confirmed. 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. FSIs degree of recognition of the new reporting scheme increased steadily.
9 © 2007 Bank of Japan 7 Review of the last 20 months of live use (2) 3 Revision and re-distribution of the current taxonomy and the release of the new range of taxonomy The taxonomies have been revised several times due to revisions to Japanese company law or the requirement for new data. A new range of taxonomies, such as those for monthly B/S of trust accounts and lending rate reports, was released. 4 Enhancement of efficiency of FSIs reporting work and the BOJs data processing Decrease in manpower required for data reporting in the FSIs and for database operation in the BOJ Earlier release of the accurate data to the BOJs data users.
10 © 2007 Bank of Japan 8 Increased efficiency in the data reporting scheme (1) No more post data correction via telephone Excel Template for data input XBRL Taxonomy –set A Taxonomy setting tool Data conversion tool (X-Port) Formula-Link Error check Error correction From BOJ To BOJ Error- free XBRL Taxonomy –set B Taxonomy –set C
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 8 Increased efficiency in the data reporting scheme (2)
12 © 2007 Bank of Japan Reduction of the required part-time manpower in the BOJs database team 8 Increased efficiency in the data reporting scheme (3) XBRL went live (Feb. 2006) Dotted line : Before XBRL Solid line : After XBRL
13 © 2006 Bank of Japan 9 Next steps (1) Advancement in taxonomy design Version-up of current XBRL data conversion tool Design of new XBRL database New version of taxonomy with Formula-Link and Dimension-Link Result of performance test will be reported at the upcoming 16th XBRL International Conference in Vancouver Adaptation to Windows Vista and enhancement of processing power in the core engine of the tool
14 © 2006 Bank of Japan Design of XBRL Database Issues to be solved How to manage the relation of XBRL instance and taxonomy How to generate consistent time-series data from different instances and taxonomies How to utilize the XBRL meta-data for efficient data analysis How to reduce the cost of database operations 9 Next steps (2)
15 © 2006 Bank of Japan Three key factors for smooth implementation: 10 Some empirical feedback Taxonomy with high maintainability User-friendly tool Well-designed reporting scheme
16 © 2006 Bank of Japan BOJs XBRL Team
17 © 2006 Bank of Japan All-Star Cast of my Data Center Section !
18 © 2006 Bank of Japan For further information, contact
19 © 2006 Bank of Japan Thank you for your attention.
1 BOJs XBRL Project Towards the next stage Yoshiaki Wada Financial Systems and Bank Examination Department Bank of Japan © 2008.
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