1 bojs xbrl project towards the next stage yoshiaki wada financial systems and bank examination...
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BOJ’s XBRL ProjectTowards the next stage
Yoshiaki Wada Financial Systems and Bank Examination Department
Bank of [email protected]
© 2008 Bank of Japan
19th XBRL International Conference
June 23-25, 2009, Paris
19th XBRL International Conference
June 23-25, 2009, Paris
Part 1
── Outline of the Project ──
© 2008 Bank of Japan
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1. Introduction of the BOJ
TokyoMaebashi
Fukushima
Sendai
Aomori
Kushiro
Sapporo
Hakodate
Akita
Niigata
Matsumoto
KanazawaOkayama
Kobe
MatsueHiroshimaShimonoseki
Kitakyushu
Fukuoka
Nagasaki
KumamotoKagoshima
OitaMatsuyama
Kochi Takamatsu
Osaka
KyotoNagoya
ShizuokaKofu
Yokohama
Naha
Central Bank of Japan, established in 1882 32 branches nationwide
© 2008 Bank of Japan
Head Office in Tokyo
Head Office in Tokyo
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© 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
･ 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
･ 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?
･ Is there any information technology which can ensure the efficiency of not only the Central Bank, but also all financial systems?
⇒ BOJ’s decision to adopt the new IT language, namely XBRL⇒ BOJ’s 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
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2003 2004 2005 2006 2007 2008
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© 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
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© 2008 Bank of Japan
6 ． Features of the BOJ’s XBRL reporting scheme
1 ． All necessary tools, taxonomy, and data communication infrastructure are supplied by the BOJ for free.
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.
⇒ 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.
2 ． FSIs can generate the XBRL instance file, without any third-party assistance.
⇒ Data security is improved.⇒ Data security is improved.
3 ． By using Formula-Link, data accuracy is improved.3 ． By using Formula-Link, data accuracy is improved.
⇒ Cost of data handling can be minimized both for FSIs and the BOJ.
⇒ Cost of data handling can be minimized both for FSIs and the BOJ.
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© 2008 Bank of Japan
10 ． The BOJ’s XBRL based reporting scheme
②D/L of necessary taxonomy set
⑤ D/L of ＸＢＲＬ data
① U/L of taxonomy set to the library
FSIs
ＸＢＲＬ③ data creation and validation
Data creation tool
Error-free data files
BOJ
Error-free data files
IP-VPN
Database Database
Post data validation
Taxonomy library
Taxonomy setting tool
Taxo2Ta xo3
Taxo1 Taxo2
Earlier data release for BOJ’s users
④ 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
XBRLXBRL
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© 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 1. No down time
2 ． All FSIs submitted monthly B/S data in XBRL format
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
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 BOJ’s data processing
4 ． Enhancement of efficiency of FSIs’ reporting work and the BOJ’s data processing
FSI’sFSI’s
BOJBOJ
IP-VPNIP-VPNData entry to the XBRL
format and validation by Formula-link
Data validationU/L to DB Statistics
Analysis
FSI’sFSI’s
BOJBOJ
Key-entry of data and U/L to DB
Data validation Telephone dialogue with FSI’s Statistics
Analysis
Filling in the paper form
Submission by mail or hand
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© 2008 Bank of Japan
6 ． Latest Progress of the project(2) ( Changes of the work flow of deposit data reporting )
Old ProcessOld Process
New ProcessNew Process
Risk of data
leakage
Risk of data
leakage
Error correctionwork load
Error correctionwork load
Improvement in the efficiency of total reporting process
Error free data
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© 2007 Bank of Japan
Changes of the BOJ’s business flow on the Monthly B/S data processing
Changes of the BOJ’s business flow on the Monthly B/S data processing
Report deadline
day X X+1 X+2~4 X+5 X+6day X X+1
X+5 X+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 costReduction 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)
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20
40
60
80
100
120
140
160
180
April May J une J uly Aug. Sept. Oct. Nov. Dec. J an. Feb. Mar.
(FY2
004=
100)
2004FY2005FY2006FY2007FY2008FY2009FY
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Reduction of the required part-time manpower in the BOJ’s database operation team
Reduction of the required part-time manpower in the BOJ’s database operation team
XBRL went live (Feb. 2006)
13 ． Example of enhancement of reporting efficiency(3)
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© 2007 Bank of Japan
14 ． Users’ evaluation of BOJ’s XBRL tools and reporting scheme (1)
Results of questionnaire on the usability of BOJ’s XBRL tools and reporting scheme, August 2008
Results of questionnaire on the usability of BOJ’s 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 BOJ’s 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 BOJ’s XBRL reporting”
── “ Data validation is very useful – we hope it is adopted for other reports”
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© 2007 Bank of Japan
14 ． Users’ evaluation of BOJ’s 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.
・ 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 …So, next step …
Part 2
── Towards the Next Stage ──
© 2008 Bank of Japan
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© 2007 Bank of Japan
1 ． Next Plan for the Project
(1) Renewal of the XBRL tools(1) Renewal of the XBRL tools
(3) Version upgrade of Formula-Link(3) Version upgrade of Formula-Link
(4) Development of new database(4) Development of new database
(2) Revision of taxonomy structure(2) Revision of taxonomy structure
© 2008 Bank of Japan
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• Increased engine power (average 18, max. 50 times faster
than current engine)
• Increased engine power (average 18, max. 50 times faster
than current engine)
2 ． Renewal of XBRL tools (1)
• Adaptation to New Formula-Link spec.• Adaptation to New Formula-Link spec.
• Improved viewing function • Improved viewing function
Reflecting users’ opinions, an improved version of X-Port with the following functions is planned:
Reflecting users’ opinions, an improved version of X-Port with the following functions is planned:
・ Automatic linking function between instance and
corresponding taxonomy
・ Automatic linking function between instance and
corresponding taxonomy
© 2008 Bank of Japan
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2 ． Renewal of the XBRL tools (2)
Image of automatic linking functionImage of automatic linking function
Current operation flow Current operation flow
Excel XBRL
Taxonomy setting tool
Taxo1 Taxo2
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 New operation flow
・ Target instance is automatically linked to the corresponding taxonomy
Excel XBRL
Taxonomy setting tool
Taxo1 Taxo2
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 BOJ’s 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 BOJ’s 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 FILECONTENTS FILEA package of necessary files, stamped with corresponding report name, date code. FSIs choose proper CONTENTS for their reporting.
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
Data mapping information between Excel and XBRL
Rendering information to display XBRL instance in the original Excel based format
Rendering information to display XBRL instance in the original Excel based format
Data for overall control of data transformation, rendering and so on
Data for overall control of data transformation, rendering and so on
Business rule data for data validation Business rule data for data validation
3 ． Revision of taxonomy structure (1)
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© 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
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3 ． Revision of taxonomy structure (3)
Image of new taxonomy structure for monthly B/S reportingImage of new taxonomy structure for monthly B/S reporting
NewPrevious
Template Instance
MappingInfo.
Formula-Link
Taxonomy common to all FSI
Taxonomy common to A ～C
Taxonomy common to A ～ C & D
Taxonomy common to domestic FSI
Taxonomy common to A ～ B
Taxonomy common to D ～E
Taxonomy for accounting item a
Taxonomy for accounting item b
Taxonomy common to B ～ C
D Taxonomy
E Taxonomy
C taxonomy
Taxonomy common to A ～ B & D
Type A１
Type A2 Type B Type C Type D１
Type D2 Type E
Common Taxonomy
Taxonomy for internal use
Taxonomy for reporting, designed for each FSI type
Type A１
Type A2 Type B Type C Type D１
Type D2Type E
Difference of elements between each taxonomy is handled by mapping information.
Dimensions
Common Prefix
Taxonomy for internal use
(Common vocabulary)
＝ Taxonomy for
reporting
Taxonomy
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• Displaying the divergence from the expected true value• 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”
“ 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”
“ 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 messageCurrent error message
New error messageNew error message
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Functional requests for the new database systemFunctional 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
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
2 ． Acceptance of more data types, such as XML, CSV, Excel and XBRL
3 ． Flexible data viewing function for RDB data and XBRL data
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
dataX1 dataX2 ･ ・ dataX(n-2)dataX(n-1)dataX(n)dataY1 dataY2 ･ ・ dataY(n-2)dataY(n-1)dataY(n)dataZ1 dataZ2 ･ ・ dataZ(n-2)dataZ(n-1)dataZ(n)
→→→→→→→ Time series data →→→→→→→
XBRL type data
Suitable for the analysis on structural comparison
dataA1 dataA2 dataA3 ↓dataB1 dataB2 dataB3 ↓dataC1 dataC2 dataC3 ↓･ ･ ･ ↓･ ･ ･ ↓･ ･ ･ ↓･ ･ ･･ ･ ･
dataU1 dataU2 dataU3dataV1 dataV2 dataV3dataW1 dataW2 dataW3 ↓dataX1 dataX2 dataX3 ↓dataY1 dataY2 dataY3 ↓dataZ1 dataZ2 dataZ3 ↓
Multi items type data
Different demand to use Time-series data and XBRL dataDifferent demand to use Time-series data and XBRL data
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Image of the new database systemImage 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
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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
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© 2008 Bank of Japan
Thank you for your attention.