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BOJ’s XBRL Based Reporting SchemeOutline and Some Empirical Feedback

November 6-7, 2007

　 Yoshiaki Wada　 Financial Systems and Bank Examination Department

　 Bank of Japan

© 2007 Bank of Japan

Ⅷ 　 European Supervisors XBRL Workshop

in

Amsterdam

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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

© 2007 Bank of Japan

Head Officein Tokyo

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© 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.

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© 2007 Bank of Japan

3 ． Purpose of the BOJ’s 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 BOJ’s use of it

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© 2007 Bank of Japan

2003 2004 2005 2006 2007

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

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© 2007 Bank of Japan

5 ． 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 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

5 ． Features of the BOJ’s 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.

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© 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.

⇒ FSI’s degree of recognition of the new reporting scheme increased steadily.

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© 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 BOJ’s 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 BOJ’s data users.

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© 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-LinkFormula-Link

Error check

Error correction

From BOJ

To BOJ

Error- free XBRL

Taxonomy –set B

Taxonomy –set C

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© 2007 Bank of Japan

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

8 ． Increased efficiency in the data reporting scheme (2)

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© 2007 Bank of Japan

Reduction of the required part-time manpower in the BOJ’s database team

8 ． Increased efficiency in the data reporting scheme (3)

020406080

100120140160180

April

MayJ u

ne J uly

Aug.

Sept.

Oct.

Nov.

Dec.

J an.

Feb.

Mar.

(FY2

004=

100)

2004FY2005FY2006FY2007FY

XBRL went live (Feb. 2006)

Dotted line : Before XBRL

Solid line : After XBRL

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© 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

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© 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)

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© 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

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© 2006 Bank of Japan

BOJ’s XBRL Team

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© 2006 Bank of Japan

All-Star Cast of my Data Center Section !

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© 2006 Bank of Japan

For further information, contact

yoshiaki.wada@boj.or.jp

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© 2006 Bank of Japan

Thank you for your attention.