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JFSA XBRL Project

JFSA XBRL Project. Dec 3, 2007 Hirofumi Gomi. T he role of J FSA. Planning and policymaking in relation to the financial system Inspection and supervision of private sector financial institutions Establishment of rules for trading and disclosure in securities markets

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JFSA XBRL Project

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  1. JFSA XBRL Project Dec 3, 2007 Hirofumi Gomi

  2. The role of JFSA • Planning and policymaking in relation to the financial system • Inspection and supervision of private sector financial institutions • Establishment of rules for trading and disclosure in securities markets • Surveillance of compliance of rules in securities markets, etc. The role of “watchdog” to ensure the sound development of the financial and securities markets

  3. Measures to ensure confidence of the market • Introduction of an administrative civil money penalty system • Enhancement of framework for reviewing statutory disclosure documents • Enhancement of audit system • Expansion of information disclosure system

  4. Revitalization of the marketby disclosure system Disclosure System Information in sufficient quantity and high quality －Development of disclosure regulations and accounting standards fair, transparent and vibrant market Valuable and circulative information －Establishment of technological environment XBRL

  5. XBRL-based Disclosure Companies Investors XBRL Interactive effect through disclosed information －Enabling companies to directly provide management information to market －Enabling investors to directly utilize the disclosed information

  6. Impact of XBRL From “Readable Information”To ”Usable Information” Paradigm Shift Bringing information on the 5-trillion-dollar Japanese market to the world

  7. Outline of EDINET Electronic Disclosure for Investors’ NETwork • Electronic disclosure system under the Financial Instruments and Exchange Act • Used for Annual Reports, Semi-annual Reports, Quarterly Reports, Securities Registration Statements, etc. • Launched in June 2001 • Number of issuers (Annual Report): • About 5,000 companies (mainly listed companies) • About 3,000 investment funds

  8. Issues of current EDINET No function for downloading reusable data Investors can browse information on Web browsers but need to retype data when conducting analysis thereof. HTML format Companies Current EDINET Investors Retype HTML HTML Browse Analysis

  9. EDINET Renovation Project By introducing the XBRL download function, investors can analyze the financial information efficiently. XBRLformat Companies New EDINET Investors Browse HTML XBRL Analysis XBRL

  10. New EDINET –(1) Schedule Apr 2008Launch new system Jul 2008Start XBRL filing Scope of XBRL Financial Statements contained in (1st quarter of FY 2008 (Apr - Mar)) • Annual Reports • Semi-annual Reports • Quarterly Reports • Securities Registration Statements

  11. New EDINET –(2) XBRL filing of financial statements will be mandated in principle. - Financial statements of all 5,000 companies and all 3,000 investment funds will be XBRLized One of the largest XBRL system in the world

  12. Introduction Process This council has beenestablished to make collaborative efforts with EDINET stakeholders. Members: industry, CPA, analysts, stock exchanges and others. Many industry groups and companies cooperated to review the draft taxonomy. Two pilot programs were held in January and July 2007. • EDINET Advancement Council (2004-) • Cooperation with industry • Pilot Program

  13. XBRLPilot Program The 2nd voluntary pilot program was held in July 2007 in order to facilitate the introduction of full-fledged XBRL. ＜Overview＞ • Term of program： • July - August 2007 • Number of participants: • about 1,200companies

  14. Expectation for XBRL–(1) As “Usable Information”, XBRL should make all market stakeholders’ activities more efficient. increase the transparency of companies Companies: Investors: - Improvingefficiency of their disclosure process- Reflecting corporate value to the markets dynamically- Innovating management strategy Improvingthe efficiency and effectiveness of their analysis Regulators: Improvingthe efficiency and effectiveness of their functions

  15. Expectation for XBRL–(2) As a global language, XBRL should enable the global use of financial information. Foreign Markets Foreign Investors Japanese companies can easily participate in foreign markets Foreign investors can easily use information from Japanese market JapaneseMarket

  16. To make XBRL a truly global infrastructure –(1) To establish a global market, corporate financial information in all countries should be used in a cross-border fashion Differences in data formats for financial information among countries may interferewith global usage. Are there any problems in introducing XBRL in any specific countries?

  17. To make XBRL a truly global infrastructure –(2) To maximize the benefits of XBRL as global infrastructure, It is necessary to ensure interoperability and comparability of XBRL through global cooperation. Cooperation among JFSA, SEC, IASCFhas begun.

  18. We are ready to share the knowledge that we have gained from our leading project. We will promote international cooperation aimed at global interoperability. Thank you.

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