1 latest progress of the boj’s xbrl project outline and some empirical feedback december, 2007...
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Latest Progress of the BOJ’s XBRL ProjectOutline and Some Empirical Feedback
December, 2007
Yoshiaki Wada Financial Systems and Bank Examination Department
Bank of Japan
© 2007 Bank of Japan
16th XBRL International Conference
in
Vancouver
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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 Office in Tokyo
Head Office in 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
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
3 . Project history
Three-phase test
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© 2007 Bank of Japan
4 . 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
© 2007 Bank of Japan
Three key factors for the better performance taxonomy;
9 . Some empirical feedback from BOJ’s XBRL Lab.(1)
Proper taxonomy size
Proper combination of Formula-Link and Dimensions
Prototyping and performance tuning with bench mark test
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© 2007 Bank of Japan
Proper taxonomy size:
9 . Some empirical feedback from BOJ’s XBRL Lab.(2)
• Within the BOJ’s reporting business model, there is a rule which limits every taxonomy volume to a certain size, for the following reasons:
Stress-free data transformation and validation using X-Port within the limited capacity of FSIs’ PC
Smooth delivery of taxonomy to the FSIs under the limited capacity of IP-VPN
⇒ Currently, the zipped file size of each taxonomy set is limited to 2 MB
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© 2007 Bank of Japan
Importance of proper combination of Formula-Link and Dimension-Link ;
9 . Some empirical feedback from BOJ’s XBRL Lab.(3)
Merits• Flexibility of taxonomy design
• Reduction of items, Presentation –Link and Definition-Link
• Easier setting of concepts
Demerits
• Complicated Formula-Link setting, caused by the unavailability of relative context ID for the item
• Increased process time for data reading and analyzing for Formula-Link
Merits & Demerits of Dimensions
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6 items
Deposit123456
Hypercube1Dimension1
ⅠⅡⅢ
Dimension2ABC:Q
**
**
**
© 2007 Bank of Japan
An example of Dimensions use case (1)
Original Reporting Form Flat Taxonomy Taxonomy with full Dimensions
9 . Some empirical feedback from BOJ’s XBRL Lab.(4)
Increase of Complexity
*
*
*
*
*
*
Deposit
A B C ・・・ QA B C ・・・ Q
A B C ・・・ Qa Aa Ba Ca ・・・ Qab Ab Bb Cb ・・・ Qbc Ac Bc Cc ・・・ Qca : : : ・・・ :b : : : ・・・ :c : : : ・・・ :
1
2
TableⅠ
TableⅡ
TableⅢ
312 items, no context
Increase of Process Time
Instant & Duration
DepositTable Ⅰ
Ⅰ1AⅠ2AⅠ3A
:Ⅰ6Q
Table ⅡⅡ1AⅡ2AⅡ3A
:Ⅱ6Q
Table ⅢⅢ1AⅢ2AⅢ3A
:Ⅲ5C
Others
102 items
312 concepts2 context
102 items
102 items
6 items
Sum of *
32 items
102 context
32 facts 17 items
17×3×2
6+17+sum of ( * & ** )
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© 2007 Bank of Japan
An example of Dimensions use case (2)
Observed Result of Taxonomy Bench-Mark Test
9 . Some empirical feedback from BOJ’s XBRL Lab.(5)
(a)
Number
of
Concepts
(b)
Number
of
Member Item other than Concepts
(c)
Number
of
Contexts
(a)×(c)
Number
of
Facts
(a+b)×(c)
Number
of
Possible
Facts
Time for Data Read to X-Port
Tome for Data
Validation by
Formula-Link
Case1*
Flat taxo 306 6 2 612 624 23 sec 3 sec
Case2*
Taxo with full DM
6 26 102 612 3264 33 sec 15 sec
Case3*
Taxo with partial DM
51 9 12 612 720 22 sec 3 sec
Test Condition;
Tool : BOJ X-Port
CPU : Pentium M 2GHz, with 2GB memory
* Case1 to 3 were build on the same reporting format. The only difference is the use of dimensions.
+ 20 items
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© 2007 Bank of Japan
9 . Some empirical feedback from BOJ’s XBRL Lab.(6)
Number of Items affects processing time
Increased dimension’s
member items affect
processing time!!
6 concept s
Deposit123456
Hypercube1Dimension1
ⅠⅡⅢ
Dimension2ABC:Q
**
**
**
*
*
*
*
*
*
Deposit
A B C ・・・ QA B C ・・・ Q
A B C ・・・ Qa Aa Ba Ca ・・・ Qab Ab Bb Cb ・・・ Qbc Ac Bc Cc ・・・ Qca : : : ・・・ :b : : : ・・・ :c : : : ・・・ :
1
2
TableⅠ
TableⅡ
TableⅢ
312 items, no context
Number of Member Items Other Than Concepts
Flat Taxo Case : 6 (=sum of * ) → Taxo with full Dimensions: 26 (=sum of * & **& 17 )
Original Reporting Form Taxonomy with full Dimensions
17 items
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© 2007 Bank of Japan
How to make an efficient Taxonomy?
9 . Some empirical feedback from BOJ’s XBRL Lab.(7)
Complexity of Taxonomy (i.e. Number of Possible Facts)
Work-load of building taxonomy
Data processing time
Optimal point !
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© 2007 Bank of Japan
How to find the optimal point?
Important 3 steps
9 . Some empirical feedback from BOJ’s XBRL Lab.(8)
1st. Measure the Number of Possible Facts of the flat taxonomy case = Basic Index
2nd. Design the structure of taxonomy with Dimensions so that the Number of Possible Facts can be small as the Basic Index level
3rd. Make a prototype, measure its performance by bench-mark test, and tune the structure
Some new treatment should be done in the Spec Level? 19
© 2007 Bank of Japan
10 . 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 Dimensions
⇒ Establish the more sophisticated tuning method
⇒ Adaptation to Windows Vista and enhancement of processing power in the core engine of the tool
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© 2007 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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© 2007 Bank of Japan
Thank you for your attention.