32 Fixed Capital Formation by Owner and User


The United Nations' A System of National Accounts (SNA) and the Provisional Guidelines (M 60)1 do not distinguish between the concepts of owner and user when allocating fixed capital formation or fixed assets to investing sectors (producers). It seems to be obvious that in the SNA fixed assets have to be attributed to the owner.2 For many purposes of the data, this way of recording should indeed be given priority and be included as the predominant concept in the revised SNA. In particular, the owner concept should be used for recording the financing of fixed capital formation, calculating the operating surplus (allocation of fixed capital consumption), and drawing up property balance sheets recording the net worth.

Author: Vicente Galbis