Table of contents

• List of tables

• List of figures

• Preface

• List of abbreviations and acronyms

• Chapter 1: Introduction

• A. What is the System of National Accounts?

• B. The conceptual elements of the SNA

• 1. Activities and transactions

• 2. The institutional sectors of the economy

• 3. Accounts and their corresponding economic activities

• The goods and services account

• The sequence of accounts

• Current accounts

• Accumulation accounts

• Balance sheets

• Other accounts of the SNA

• Supply and use tables

• Accounts in volume terms

• C. Uses of the SNA

• 1. Monitoring the behaviour of the economy

• 2. Macroeconomic analysis

• 3. International comparisons

• D. The boundaries of the SNA

• 1. Non-monetary transactions

• 2. The production boundary

• Household production

• Other production boundary problems

• 3. The consumption boundary

• 4. The asset boundary

• 5. National boundaries

• 6. Final consumption, intermediate consumption and gross fixed capital formation

• Human capital

• Repairs, maintenance and gross fixed capital formation

• E. The SNA as a coordinating framework for statistics

• 1. Harmonization between different statistical systems

• 2. The use of microdata for macroeconomic accounting

• F. Links with business accounting

• 1. International accounting standards

• G. Expanding the scope of the SNA

• H. The SNA and measures of welfare

• 1. Qualifications to treating expenditure as a welfare measure

• 2. Unpaid services and welfare

• 3. The impact of external events on welfare

• 4. The impact of externalities on welfare

• 5. Non-economic impacts on welfare

• 6. Welfare indicators and macroeconomic aggregates

• Chapter 2: Overview

• A. Introduction

• 1. Analysing flows and stocks

• 2. Recording flows and stocks

• B. The conceptual elements of the SNA

• 1. Institutional units and sectors

• Institutional sectors

• Delimitation of the total economy and the rest of the world

• 2. Transactions and other flows

• Main types of transactions and other flows

• Characteristics of transactions in the SNA

• 3. Assets and liabilities

• 4. Products and producing units

• Products

• Producing units

• 5. Purposes

• C. Rules of accounting

• 1. Introduction

• Terminology for the two sides of the accounts

• Change of ownership and the recording of transactions in goods and services

• Double entry or quadruple entry accounting

• 2. Time of recording

• 3. Valuation

• General principles

• Methods of valuation

• Volume measures and measures in real terms

• 4. Consolidation and netting

• Consolidation

• Netting

• The use of “net”

• D. The accounts

• 1. Introduction

• 2. The full sequence of accounts

• The three sections of the sequence of accounts

• The production account

• The distribution of income accounts

• The primary distribution of income account

• The secondary distribution of income account

• The redistribution of income in kind account

• The use of income accounts

• The accumulation accounts

• The capital account

• The financial account

• The other changes in the volume of assets account

• The revaluation account

• Balance sheets

• 3. An integrated presentation of the accounts

• The rest of the world accounts

• The goods and services account

• The aggregates

• Gross domestic product (GDP)

• Net and gross measures

• Gross national income (GNI)

• National disposable income

• Accounts in volume terms

• 4. The other parts of the accounting structure

• The central supply and use table and other input-output tables

• The tables of financial transactions and financial assets and liabilities

• Complete balance sheets and assets and liabilities accounts

• Functional analysis

• Population and labour inputs tables

• E. The integrated central framework and flexibility

• 1. Applying the central framework in a flexible way

• 2. Introducing social accounting matrices

• 3. Introducing satellite accounts

• Chapter 3: Stocks, flows and accounting rules

• A. Introduction

• 1. Stocks and flows

• 2. Balancing items

• 3. Grouping stocks and flows into accounts

• 4. Accounting rules

• B. Stocks

• 1. Benefits

• 2. Ownership

• 3. The definition of an asset

• 4. Financial assets and liabilities

• 5. The asset boundary and the first-level classification of assets

• Contingent liabilities and provisions

• 6. Entry and exit of assets from the balance sheet

• 7. Exclusions from the asset boundary

• C. Flows

• 1. Transactions

• Monetary transactions

• Transactions with and without a recompense

• Rearrangements of transactions

• Rerouting transactions

• Partitioning transactions

• Units facilitating a transaction on behalf of other parties

• Non-monetary transactions

• Barter transactions

• Remuneration in kind

• Payments in kind other than remuneration in kind

• Transfers in kind

• Internal transactions

• Externalities and illegal actions

• Externalities

• Illegal actions

• 2. Other flows

• Other changes in the volume of assets

• Holding gains and losses

• D. Balancing items

• Balancing items in the flow accounts

• Balancing items in the balance sheets

• E. Accounting rules

• 1. Quadruple-entry accounting

• 2. Valuation

• General rules

• Valuation of transactions

• Agricultural products sold from the farm

• Barter

• Quotation prices

• Valuation of transfers inkind

• Transfer pricing

• Concessional pricing

• Valuation at cost

• Valuation of assets

• Business accounting valuation

• Valuation of partitioned flows

• Special valuations concerning products

• Valuation of other flows

• Other changes in the volumes of assets

• Holding gains and losses

• Valuation of positions of financial assets and liabilities

• 3. Time of recording

• Choice of time of recording

• Choice for recording on an accrual basis

• Time of recording of acquisitions of goods and services

• Time of recording of redistributive transactions

• Time of recording of transactions in financial assets and liabilities

• Time of recording of output and intermediate consumption

• Time of recording of changes in inventories and consumption of fixed capital

• Time of recording of composite transactions and balancing items

• Time of recording of other flows

• Time of recording of holding gains and losses

• Timing adjustments for international transactions

• Balance sheet items

• 4. Aggregation, netting, consolidation

• Aggregation

• Netting

• Consolidation

• Chapter 4: Institutional units and sectors.

• A. Introduction

• 1. Institutional units

• 2. Residence

• 3. Sectoring and economic behaviour

• 4. The total economy

• 5. An overview of institutional sectors

• 6. Subsectors

• Public and foreign control

• Non-profit institutions

• Other subsectoring

• 7. The rest of the world

• B. Corporations in the SNA

• 1. Types of corporations

• Legally constituted corporations

• Cooperatives, limited liability partnerships, etc

• Quasi-corporations

• Branches

• Notional resident units

• 2. Special cases

• Groups of corporations

• Head offices and holding companies

• Special purpose entities

• Captive financial institutions

• Artificial subsidiaries of corporations

• Special purpose units of general government

• 3. Ownership and control of corporations

• Subsidiary and associate corporations

• Subsidiary corporations

• Associate corporations

• Government control of corporations

• Control by a non-resident unit

• C. Non-profit institutions

• 1. The characteristics of NPIs

• 2. NPIs engaged in market production

• Market NPIs serving enterprises

• 3. NPIs engaged in non-market production

• Government control of non-profit institutions

• NPIs serving households (NPISHs)

• D. The non-financial corporations sector and its subsectors

• E. The financial corporations sector and its subsectors

• 1. Central bank

• 2. Deposit-taking corporations except the central bank

• 3. Money market funds (MMFs)

• 4. Non-MMF investment funds

• 5. Other financial intermediaries, except insurance corporations and pension funds (ICPFs)

• 6. Financial auxiliaries

• 7. Captive financial institutions and money lenders

• 8. Insurance corporations (ICs)

• 9. Pension funds (PFs)

• F. The general government sector and its subsectors

• 1. Government units as institutional units

• Government units as producers

• Social security schemes and social security funds

• 2. The general government sector

• 3. Subsectors of the general government sector

• Central government

• State government

• Local government

• Social security funds

• 4. The alternative method of subsectoring

• G. The households sector and its subsectors

• 1. Households as institutional units

• 2. Unincorporated enterprises within households

• 3. The household sector and its subsectors

• Subsectoring according to income

• Subsectoring according to characteristics of a reference person

• Subsectoring according to household size and location

• H. The non-profit institutions serving households sector

• I. The rest of the world

• 1. International organizations

• 2. Central banks of currency unions

• Chapter 5: Enterprises, establishments and industries

• A. Introduction

• B. Productive activities

• 1. The classification of activities in the SNA

• 2. Principal and secondary activities

• Principal activities

• Secondary activities

• 3. Ancillary activities

• C. Partitioning enterprises into more homogeneous units

• 1. Types of production units

• Kind-of-activity units

• Local units

• Establishments

• 2. Data and accounts for establishments

• 3. Application of the principles in specific situations

• Establishments within integrated enterprises

• Establishments owned by general government

• D. Ancillary activities

• Recording (or not) the output of ancillary activities

• The role of ancillary activities in the SNA

• E. Industries

• 1. Market, own account and non-market producers

• 2. Industries and products

• F. Units of homogeneous production

• Chapter 6: The production account

• A. Introduction

• B. The concept of production

• 1. Production as an economic activity

• Goods

• Services

• Knowledge-capturing products

• 2. The production boundary

• The general production boundary

• The production boundary in the SNA

• The production boundary within households

• The exclusion of most services produced for own use by households

• Own-account production of goods

• Services of owner-occupied dwellings

• Production of domestic and personal services by employing paid domestic staff

• “Do-it-yourself” decoration, maintenance and small repairs

• The use of consumption goods

• The “non-observed” economy

• C. Basic, producers’ and purchasers’ prices

• 1. Basic and producers’ prices

• VAT and similar deductible taxes

• Gross and net recording of VAT

• 2. Purchasers’ prices

• 3. Basic, producers’ and purchasers’ prices – a summary

• D. Value added and GDP

• 1. Gross and net value added

• 2. Alternative measures of value added

• Gross value added at basic prices

• Gross value added at producers’ prices

• Gross value added at factor cost

• 3. Gross domestic product (GDP)

• 4. Domestic production

• E. The measurement of output

• 1. Production versus output

• 2. Time of recording

• 3. Valuation of output

• 4. Market output, output for own final use and non-market output

• Market output

• Recording of sales

• Recording of barter

• Recording of compensation in kind or other payments in kind

• Recording of intra-enterprise deliveries

• Changes in inventories of finished goods

• Changes in inventories of work-in-progress

• Output for own final use

• Goods produced by households

• Services of domestic staff

• Services of owner-occupied dwellings

• Own gross fixed capital formation

• Changes in inventories

• Own intermediate consumption

• Valuation of output for own final use

• Non-market output

• Market and non-market producers

• F. The output of particular industries

• 1. Introduction

• 2. Agriculture, forestry and fishing

• 3. Machinery, equipment and construction

• 4. Transportation and storage

• Transportation

• Storage

• 5. Wholesale and retail distribution

• 6. Output of the central bank

• Borderline cases such as supervisory services

• Provision of non-market output

• Provision of market output

• 7. Financial services other than those associated with insurance and pension funds

• Financial services provided in return for explicit charges

• Financial services provided in association with interest charges on loans and deposits

• Financial services associated with the acquisition and disposal of financial assets and liabilities in financial markets

• 8. Financial services associated with insurance and pension schemes

• Non-life insurance

• Life insurance

• Reinsurance

• Social insurance schemes

• Standardized guarantee schemes

• 9. Research and development

• 10. The production of originals and copies

• G. Intermediate consumption

• 1. Coverage of intermediate consumption

• 2. The timing and valuation of intermediate consumption

• 3. The boundary between intermediate consumption and compensation of employees

• 4. The boundary between intermediate consumption and gross fixed capital formation

• Small tools

• Maintenance and repairs

• Research and development

• Mineral exploration and evaluation

• Military equipment

• 5. Services provided by government to producers

• 6. Social transfers in kind

• 7. Services of business associations

• 8. Outsourcing

• 9. Leasing fixed assets

• H. Consumption of fixed capital

• 1. The coverage of consumption of fixed capital

• 2. Consumption of fixed capital and rentals on fixed assets

• 3. The calculation of consumption of fixed capital

• 4. The perpetual inventory method

• Calculation of the gross capital stock

• Relative efficiencies

• Rates of consumption of fixed capital

• Values of consumption of fixed capital

• Annex to chapter 6: Separating output due to storage from holding gains and losses

• A. Introduction

• 1. Storage costs and holding gains and losses

• B. Goods whose real value changes over time

• 1. Goods with a long production period

• 2. Goods whose physical characteristics change

• 3. Goods with seasonal patterns of supply and demand

• 4. Who benefits from the increase in value of goods in storage?

• 5. When is output due to storage recorded?

• 1. Some examples

• Example 1

• Example 2

• Example 3

• Chapter 7: The distribution of income accounts

• A. Introduction

• 1. The generation of income account

• Operating surplus and mixed income

• 2. The allocation of primary income account

• The balancing items and national income

• Net national income and gross national income

• 3. The entrepreneurial income account

• 4. The allocation of other primary income account

• B. Compensation of employees

• 1. Identifying employees

• The employment relationship

• Employers and own-account workers

• Outworkers

• 2. The components of compensation of employees

• Wages and salaries

• Wages and salaries in cash

• Wages and salaries in kind

• Stock options

• Employers’ social contributions

• Employers’ actual contributions to social insurance schemes

• Employers’ imputed contribution to social insurance schemes

• Employers’ imputed pension contributions

• Employers’ imputed non-pension contributions

• C. Taxes on production and on imports

• 1. Recording of taxes on production and on imports

• The recording of taxes on production and on imports in the accounts

• Taxes versus fees

• Links with the IMF and OECD tax classifications

• The accrual basis of recording

• Interest, fines or other penalties

• Taxes and subsidies within the primary distribution of income accounts

• 2. Taxes on products

• Value added type taxes

• Taxes and duties on imports, excluding VAT

• Import duties

• Taxes on imports, excluding VAT and duties

• Export taxes

• Taxes on products, excluding VAT, import and export taxes

• 3. Other taxes on production

• D. Subsidies

• 1. Subsidies on products

• Import subsidies

• Export subsidies

• Exclusions from export subsidies

• Other subsidies on products

• 2. Other subsidies on production

• E. Property incomes.

• 1. Defining property income

• 2. Interest

• The accrual basis of recording

• Interest payable and receivable on loans and deposits

• Interest payable on debt securities

• Further elaboration

• Nominal and real interest

• The special case of interest rates set by the central bank

• Below market rates on reserve deposits

• Above market rates for currency support

• Below market rates to priority industries

• 3. Distributed income of corporations

• Dividends

• Time of recording

• Super-dividends

• Withdrawals of income from quasi-corporations

• Reinvested earnings on foreign direct investment

• Retained earnings of domestic enterprises

• 4. Investment income disbursements

• Investment income attributed to insurance policyholders

• Investment income payable on pension entitlements

• Investment income attributed to investment fund shareholders

• 5. Rent

• Rent distinguished from rentals

• Rent on natural resources

• Rent on land

• Rent on subsoil assets

• Chapter 8: The redistribution of income accounts

• A. Introduction

• 1. The secondary distribution of income account

• Current taxes on income, wealth, etc

• Social contributions and benefits

• Other current transfers

• 2. Disposable income

• Links with economic theoretical concepts of income

• National disposable income

• 3. The redistribution of income in kind account

• 4. Adjusted disposable income

• B. Current transfers

• 1. The distinction between current and capital transfers

• 2. The recording of transfers

• Transfers in cash

• Provisions of goods and services by enterprises

• Social transfers in kind

• C. Current taxes on income, wealth, etc

• 1. Taxes in general

• Taxes versus fees

• Links with the IMF and OECD tax classifications

• The accrual basis of recording

• Interest, fines or other penalties

• 2. Taxes on income

• 3. Other current taxes

• Current taxes on capital

• Miscellaneous current taxes

• D. Social insurance schemes

• 1. The extent of social benefits

• 2. The organization of social insurance schemes

• Social security schemes

• Other employment-related social insurance schemes

• E. Net social contributions

• 1. Components of social contributions

• 2. Employers’ actual social contributions

• 3. Employers’ imputed social contributions

• 4. Households’ actual social contributions

• 5. Households’ social contribution supplements

• F. Social benefits other than social transfers in kind

• 1. Institutional arrangements

• Social insurance schemes or social assistance

• Social security and social assistance

• 2. Types of social benefits

• Pensions

• Non-pension benefits payable in cash

• Receivables by households that are not social benefits

• Non-pension benefits payable in kind

• Benefits provided in kind by government

• 3. Social benefits recorded in the secondary distribution of income account

• G. Other current transfers

• 1. Insurance-related transactions

• Net non-life insurance premiums

• Non-life insurance claims

• Net reinsurance premiums and claims

• Fees and calls under standardized guarantees

• 2. Current transfers within general government

• 3. Current international cooperation

• 4. Miscellaneous current transfers

• Current transfers between the central bank and general government

• Current transfers to NPISHs

• Current transfers between households

• Fines and penalties

• Lotteries and gambling

• Payments of compensation

• H. Social transfers in kind

• 1. The redistribution of income in kind account

• 2. Social transfers in kind paid to non-residents

• Chapter 9: The use of income accounts

• A. Introduction

• 1. The use of disposable income account

• 2. The use of adjusted disposable income account

• 3. The relationship between the two versions of the use of income account

• 4. Adjustment for the change in pension entitlements

• 5. Saving

• 6. Calculating savings ratios

• B. Expenditures, acquisitions and consumption of goods and services

• 1. Expenditures

• The timing of expenditures on goods and services

• 2. Acquisitions

• 3. Consumption of goods and services

• Durable versus non-durable goods

• Consumption as the using up of goods and services

• C. Measuring the value of non-monetary transactions indirectly

• 1. Barter transactions

• 2. Expenditures on goods and services received as income in kind

• 3. Expenditure on goods and services produced on own account

• D. Household final consumption expenditure

• 1. Introduction

• 2. Expenditures by households owning unincorporated enterprises

• 3. Expenditures on particular types of goods and services

• Expenditures on financial services

• Financial services, except insurance and pension fund services

• Insurance and pension fund services

• Services of dwellings, repairs and improvements

• Services of owner-occupied dwellings

• Decoration, minor repairs and maintenance

• Major improvements

• The repair and maintenance of durables

• Licences and fees

• 4. Classification of household final consumption expenditure

• 5. Timing and valuation of household final consumption expenditure

• Timing

• Valuation

• Valuation of purchases on credit

• 6. Expenditures by resident and non-resident households

• E. Household actual final consumption

• F. Consumption expenditures incurred by general government

• 1. Expenditures on the outputs of market and non-market producers

• Expenditures on the outputs of non-market producers

• Expenditures on consumption goods and services produced by market producers

• Government output and final consumption expenditure

• 2. Expenditures on individual and collective goods and services

• Individual goods and services

• Individual consumption by type of producer

• Collective services

• The borderline between individual and collective services

• The classification of individual and collective government expenditures

• Non-market services to enterprises

• G. Actual final consumption of general government

• H. Consumption expenditures incurred by NPISHs

• Individual consumption by type of producer

• I. Actual final consumption of NPISHs

• J. Final consumption expenditure and actual final consumption: summary

• 1. Final consumption expenditure

• 2. Actual final consumption

• 3. Total final consumption in the economy

• Chapter 10: The capital account.

• A. Introduction

• 1. The definitions of ownership and assets

• 2. Non-financial assets

• Produced assets

• Non-produced assets

• 3. The structure of the capital account

• Saving

• Capital transfers

• Changes in net worth due to saving and capital transfers

• Acquisitions less disposals of non-financial assets

• Net lending

• B. Gross capital formation

• 1. Gross fixed capital formation

• The asset boundary

• Existing fixed assets

• Improvements to existing assets

• Costs incurred on acquisition and disposal of assets

• Time of recording

• Ownership of assets

• Valuation

• Transactions in fixed assets

• Dwellings

• Other buildings and structures

• Buildings other than dwellings

• Other structures

• Land improvements

• Machinery and equipment

• Transport equipment

• ICT equipment

• Other machinery and equipment

• Weapons systems

• Cultivated biological resources

• Animal resources yielding repeat products

• Tree, crop and plant resources yielding repeat products

• Costs of ownership transfer on non-produced assets

• Intellectual property products

• Research and development

• Mineral exploration and evaluation

• Computer software and databases

• Computer software

• Databases

• Entertainment, literary and artistic originals

• Other intellectual property products

• 2. Changes in inventories

• Storage and stocks of inventories

• Valuation

• Valuation of work-in-progress

• Transactions in inventories

• Materials and supplies

• Work-in-progress

• Work-in-progress on cultivated biological resources

• Other work-in-progress

• Finished goods

• Military inventories

• Goods for resale

• 3. Acquisitions less disposals of valuables

• The asset boundary

• Valuation

• Transactions in valuables

• Precious metals and stones

• Antiques and other art objects

• Other valuables

• C. Consumption of fixed capital

• 1. Costs of ownership transfer

• 2. Terminal costs

• D. Acquisitions less disposals of non-produced non-financial assets

• 1. Natural resources

• The asset boundary

• Ownership

• Valuation

• Transactions in natural resources

• Land

• Mineral and energy resources

• Non-cultivated biological resources

• Water resources

• Other natural resources

• 2. Contracts, leases and licences

• The asset boundary

• Types of assets included in contracts, leases and licences

• Marketable operating leases

• Permits to use natural resources

• Permits to undertake specific activities

• Entitlement to future goods and services on an exclusive basis

• 3. Goodwill and marketing assets

• E. Capital transfers

• 1. Capital versus current transfers

• 2. Transfers in cash and in kind

• Valuation

• 3. Capital taxes

• 4. Investment grants

• 5. Other capital transfers

• Chapter 11: The financial account

• A. Introduction

• 1. Financial assets and liabilities

• 2. Quadruple-entry accounting

• 3. Counterparts of non-financial transactions

• 4. Exchanges of financial assets and liabilities

• 5. Net lending

• 6. Contingencies

• B. Transactions in financial assets and liabilities

• 1. The classification of financial assets and liabilities

• 2. Negotiability

• 3. Valuation of transactions

• 4. Time of recording

• 5. Netting and consolidation

• Netting

• Consolidation

• C. Recording of individual financial instruments

• 1. Monetary gold and SDRs

• Monetary gold

• SDRs

• 2. Currency and deposits

• Currency

• Transferable deposits

• Inter-bank positions

• Other transferable deposits

• Other deposits

• 3. Debt securities

• Supplementary classifications of debt securities

• 4. Loans

• Supplementary classifications of loans

• 5. Equity and investment fund shares

• Equity

• Investment fund shares or units

• Money market fund shares or units

• Other investment fund shares or units

• Supplementary classifications of investment fund shares

• 6. Insurance, pension and standardized guarantee schemes

• Non-life insurance technical reserves

• Life insurance and annuities entitlements

• Pension entitlements

• Claims of pension funds on pension manager

• Provisions for calls under standardized guarantees

• 7. Financial derivatives and employee stock options

• Financial derivatives

• Options

• Forwards

• Credit derivatives

• Margins

• Employee stock options (ESOs)

• 8. Other accounts receivable or payable

• Trade credit and advances

• Other

• 9. Memorandum items

• Foreign direct investment

• Non-performing loans

• Chapter 12: The other changes in assets accounts

• A. Introduction

• B. The other changes in the volume of assets account

• 1. Functions of the other changes in the volume of assets account

• 2. Appearance and disappearance of assets other than by transactions

• Economic recognition of produced assets

• Public monuments

• Valuables

• Entry of natural resources into the asset boundary

• Discoveries and upwards reappraisals of subsoil resources

• Natural growth of uncultivated biological resources

• Transfers of other natural resources to economic activity

• Quality changes in natural resources due to changes in economic uses

• Exit of natural resources from the asset boundary

• Extractions and downwards reappraisals of subsoil resources

• Harvesting of uncultivated biological resources

• Transfers of other natural resources out of economic activity

• Quality changes in natural resources due to changes in economic uses

• Initiation and cancellation of contracts, leases and licences

• Changes in the value of goodwill and marketing assets

• Appearance and disappearance of financial assets and liabilities

• Debt operations

• Creation and exhaustion of financial derivatives

• 3. The effect of external events on the value of assets

• Catastrophic losses

• Uncompensated seizures

• Other changes in volume n.e.c

• Fixed assets

• Exceptional losses in inventories

• Life insurance and annuities entitlements

• Pension entitlements

• Provisions for calls under standardized guarantee schemes

• 4. Changes in classifications

• Changes in sector classification and structure

• Changes in classification of assets and liabilities

• Sale and reclassification of land and buildings

• Changes of classification involving inventories

• 5. Summarizing other volume changes

• C. The revaluation account

• 1. Different holding gains and losses concepts

• Nominal holding gains

• Neutral holding gains

• Real holding gains

• 2. Holding gains and losses on specific assets

• Fixed assets

• Inventories

• Valuables

• Financial assets and liabilities

• Monetary gold and SDRs

• Currency

• Deposits and loans

• Debt securities

• Equity and investment fund shares

• Insurance, pension and standardized guarantee schemes

• Financial derivatives and employee stock options

• Other accounts receivable or payable

• Assets denominated in foreign currency

• Chapter 13: The balance sheet

• A. Introduction

• 1. Balance sheets

• 2. Asset accounts

• 3. Structure of the balance sheet

• 4. Structure of asset accounts

• B. General principles of valuation

• 1. Value observed in markets

• 2. Values obtained by accumulating and revaluing transactions

• 3. Present value of future returns

• 4. Assets denominated in foreign currencies

• C. The entries in the balance sheet

• 1. Produced assets

• Fixed assets

• Inventories

• Valuables

• 2. Non-produced assets

• Natural resources

• Land

• Mineral and energy resources

• Non-cultivated biological resources, water resources and other natural resources

• Contracts, leases and licences

• Goodwill and marketing assets

• 3. Financial assets and liabilities

• Monetary gold and SDRs

• Currency and deposits

• Debt securities

• Loans

• Non-performing loans

• Equity and investment funds

• Equity

• Investment fund shares or units

• Insurance, annuities, pension and standardized guarantee schemes

• Non-life insurance technical reserves

• Life insurance and annuities entitlements

• Pension entitlements

• Provisions for calls under standardized guarantees

• Financial derivatives

• Options

• Forwards

• Employee stock options

• Other accounts receivable or payable

• 4. Net worth

• 5. Memorandum items

• Consumer durables

• Foreign direct investment

• Chapter 14: The supply and use tables and goods and services account

• A. Introduction

• 1. Product balances

• 2. The goods and services account

• 3. Supply and use tables

• 4. The industry dimension

• 5. A numerical example

• B. The supply table

• 1. Products and producing units

• 2. Accounting rules

• 3. Production

• 4. Imports

• Classification

• Goods for processing

• 5. Valuation

• Trade margins

• Transport margins

• Domestic transport charges

• International transport charges

• Products not included in customs documentation

• Products covered by customs documentation

• Transport on merchanted goods

• Transport on goods sent abroad for processing

• Recording transport margins in the supply and use tables

• Taxes and subsidies on products

• C. The use table

• 1. The use of products by producing units

• 2. The use of products for final consumption

• 3. The use of products for capital formation

• Gross fixed capital formation

• Resale of existing goods

• Changes in inventories

• Valuables

• 4. Exports

• 5. Introducing value added

• 6. Expanding value added

• 7. Adding other variables

• D. Further elaboration of the use table

• 1. Cross-classification by industry and institutional sectors

• 2. A use table at basic prices

• Trade margins

• Transport margins

• Taxes on products

• Subsidies on products

• Separating imports from domestic production

• 3. Expressing the use table in volume terms

• Deflating which tables?

• Homogeneity

• The applicability of CPIs

• Imports and exports

• Trade and transport margins

• Taxes less subsidies on products

• Value added

• E. Numerical example

• 1. The full supply and use table

• 2. Margins and taxes

• 3. A use table at basic prices

• 4. The imports matrix

• Chapter 15: Price and volume measures.

• A. Introduction

• 1. Index number theory

• 2. Inter-temporal price and volume series

• 3. International price comparisons

• 4. Further information

• B. An overview of index number theory

• 1. Quantities, prices and values

• Additivity of quantities, prices and values

• Volume, quantity, price and unit value indices

• 2. Inter-temporal index numbers of prices and volumes

• Laspeyres and Paasche indices

• Deflation and volume series using Laspeyres and Paasche formulae

• The relationship between Laspeyres and Paasche indices

• Other index number formulae

• Desirable index number characteristics

• Index numbers in practice

• 3. Chain indices

• The rebasing and linking of indices

• Chaining each period

• Chain Laspeyres and Paasche indices

• Annually chained quarterly Laspeyres-type indices

• Chain Laspeyres or chain superlative indices?

• Annually chained quarterly Fisher-type indices

• Chaining and data coverage

• Additivity and chaining

• Variables that change sign

• Contributions to growth

• 4. Causes of price variation

• Price variation due to quality differences

• Price variation without quality differences

• Price discrimination

• The existence of parallel markets

• 5. The measurement of changes in quality over time

• Direct methods

• Hedonics

• Indirect methods

• Rapidly changing differentiated product markets

• Further elaboration

• 6. Practical advantages of compiling chain indices

• C. Derivation of volume measures in the national accounts

• 1. Introduction

• Terminology for volume estimates

• 1. Price deflation vs. quantity revaluation

• 2. Available price indices

• 3. The supply and use tables as the basis for volume measures of GDP

• 4. Volume measures of the output estimate of GDP

• Market output

• Non-market output of government and NPISHs

• Output for own final use

• Intermediate consumption

• Gross domestic product and gross value added

• 5. Volume measures of the expenditure estimate of GDP

• Household final consumption expenditure

• Final consumption expenditure by government and NPISHs

• Gross fixed capital formation

• Changes in inventories

• Acquisition less disposal of valuables

• Exports and imports

• 6. Volumes and prices for stocks of fixed assets and consumption of fixed capital

• 7. Components of value added

• Compensation of employees

• Taxes and subsidies on products

• Net operating surplus and net mixed income

• 8. Quarterly and annual estimates

• 9. Summary recommendations

• D. Measures of real income for the total economy

• 1. The concept of real income

• 2. Trading gains and losses from changes in the terms of trade

• 3. The interrelationship between volume measures of GDP and real income aggregates

• E. International price and volume comparisons

• 1. Introduction

• 2. Index number issues

• Representativity versus comparability

• Aggregation

• Binary comparisons

• Multilateral comparisons

• Transitivity

• The block approach

• The binary approach

• Ring comparisons

• 3. Practical considerations for national accountants

• PPPs and the national accounts

• Why ICP growth rates differ from national growth rates

• Non-market services

• Conclusion

• Chapter 16: Summarizing and integrating the accounts

• A. Introduction

• B. Integrating the accounts

• 1. Summarizing the current accounts

• The production account

• The generation of income account

• The allocation of primary income account

• The secondary distribution of income account

• The use of income accounts

• 2. Summarizing the accumulation accounts

• The capital account

• The financial account

• 3. The goods and services account

• 4. The accounts for the rest of the world

• 5. Integration of stock and flow data

• Linking the opening and closing balance sheets

• Net worth

• Asset accounts

• 6. Consolidating the accounts

• Consolidating the current accounts

• Consolidating the accumulation accounts

• Consolidating the rest of the world account

• C. The macroeconomic aggregates in the SNA

• 1. The GDP identities

• 2. A note on the valuation of output

• 3. Gross and net domestic product

• 4. Gross and net national income

• 5. National disposable income

• D. An example set of integrated economic accounts

• 1. Institutional sector accounts

• Current accounts

• The use of income account

• The accumulation accounts

• The balance sheets

• 2. The rest of the world account

• 3. The goods and services account

• 4. The total economy column

• Chapter 17: Cross-cutting and other special issues.

• Part 1: The treatment of insurance

• A. Introduction

• 1. Direct insurance

• 2. Reinsurance

• 3. The units involved

• B. Output of direct insurance

• 1. Premiums earned

• 2. Premium supplements

• 3. Claims and benefits

• Non-life insurance claims

• Life insurance benefits

• 4. Reserves

• 5. Defining insurance output

• Non-life insurance

• Life insurance

• Reinsurance

• C. All the transactions associated with non-life insurance

• 1. Net premiums and consumption of insurance services

• 2. Recording non-life insurance claims

• 3. Insurance services provided to and from the rest of the world

• 4. The accounting entries

• D. All the transactions associated with life insurance

• 1. Annuities

• E. All transactions associated with reinsurance

• F. Annuities

• 1. How an annuity works

• 2. The output associated with an annuity

• 3. All the transactions associated with annuities

• Part 2: Social insurance schemes.

• G. Introduction

• H. Basic definitions

• 1. Social benefits

• 2. Social benefits provided by general government

• 3. Social benefits provided by other institutional units

• 4. Social insurance schemes

• Multiemployer schemes

• 5. Individual insurance policies qualifying as social insurance

• 6. Benefits payable under social insurance schemes

• I. Accounting for non-pension contributions and benefits

• 1. Non-pension benefits payable under social security

• 2. Unfunded non-pension benefits other than from social security

• 3. Funded social insurance other than pensions

• J. Accounting for pension contributions and pensions

• 1. Social security pensions

• 2. Employment-related pension schemes other than social security

• Defined contribution pension schemes

• Transactions recorded for a defined contribution pension scheme

• Defined benefit pension schemes

• Differences between a defined benefit and a defined contribution pension scheme

• Transactions recorded for a defined benefit pension scheme

• Defined benefit pension schemes operated by other than employers

• The relationship between the employer and the pension fund

• A numerical example

• Transactions for a defined benefit schemes

• Defined contribution pension schemes

• Other flows for a defined benefit pension scheme

• The issue of promotions

• 3. Transferring pension entitlements

• 4. A note on the tables

• K. The special case of government providing pensions via social security

• Part 3: The treatment of standardized guarantees in the SNA

• L. Types of guarantees

• 1. Standardized guarantee schemes

• 2. Guarantees provided by government

• 3. Balance sheet implications

• Part 4: The recording of flows associated with financial assets and liabilities

• M. Introduction

• 1. The characteristics of financial institutions

• 2. Charging for financial services

• 3. Investment income associated with financial instruments

• 4. Holding gains and losses on financial instruments

• N. Recording flows in financial instruments

• 1. Monetary gold

• 2. SDRs

• 3. Currency

• 4. Deposits and loans

• 5. Debt securities

• Service charges associated with securities.

• Interest on discounted securities

• Determining interest flows on bills and bonds

• Interest on bills and similar instruments

• Interest on bonds and debentures

• Zero-coupon bonds

• Other bonds, including deep-discounted bonds

• Index-linked securities

• 6. Equity and investment fund shares

• 7. Financial derivatives

• 8. Employee stock options

• 9. Other accounts receivable or payable

• Part 5: Contracts, leases and licences

• O. Introduction

• P. Leases

• 1. Operating leases

• 2. Financial leases

• 3. Resource leases

• Q. Licences and permits to use a natural resource

• 1. The “mobile phone” treatment of licences or permits to use a natural resource

• 2. Radio spectra

• 3. Land

• 4. Timber

• 5. Fish

• 6. Water

• 7. Mineral resources

• R. Sharing assets

• S. Permits to undertake a specific activity

• 1. Permits issued by government

• An example

• Case 1: Government does not offer a refund and A keeps the permit for 3 years

• Case 2: Government does not offer a refund and A sells the permit to B after one year

• Case 3: Government does offer a refund and A keeps the permit for 3 years

• Case 4: Government does offer a refund and A sells the permit to B after one year

• Government permits as assets

• 2. Permits issued by other units

• Non-government permits as assets

• 3. Permits to use natural resources as sinks

• T. Contracts for future production

• U. Leases as assets

• Marketable operating leases as assets

• V. Other considerations

• 1. Time-share arrangements

• 2. Lost deposits

• Part 6: Employee stock options

• W. Introduction

• 1. Terminology

• 2. Valuation

• 3. ESOs as a financial asset

• 4. Recording ESOs in the account of the SNA

• 5. Variations in the use of ESOs

• Chapter 18: Elaborating and presenting the accounts

• A. Introduction

• B. Time series, revisions and discrepancies

• 1. Time series

• 2. Revisions

• 3. Discrepancies

• Discrepancy in net lending or net borrowing

• C. Accounts in volume terms

• 1. The expenditure components of GDP

• 2. The production components of GDP

• 3. Supply and use tables in volume terms

• 4. Capital stock

• D. Quarterly and other high frequency accounts

• 1. Conceptual issues

• Time of recording

• Definitions involving a year or more

• Seasonality

• 2. Data quality

• Inventories

• 3. Quarterly accounts in volume terms

• 4. Coverage of quarterly accounts

• E. Regional accounts

• F. Presentational issues

• 1. Production measures of GDP

• Key industries

• 2. Expenditure measures of GDP

• 3. Income aggregates

• 4. Accounts in volume terms

• 5. Quarterly accounts

• 6. Sector accounts

• 7. Integrated accumulation accounts

• Chapter 19: Population and labour inputs

• A. Introduction

• 1. International standards on labour force statistics

• 2. The structure of the chapter

• B. Population

• 1. Per capita estimates of volume growth

• 2. Absolute levels of GDP per capita

• C. Measuring the labour force

• 1. Employees

• 2. Self-employed persons

• 3. Unemployment

• 4. Boundary problems

• Jobs and employees

• Residence

• 5. The non-observed economy

• 6. Labour in NPISHs

• 7. Volunteer labour

• D. Standardized measures of labour inputs

• 1. Employment measured on a full-time equivalent basis

• 2. Hours worked

• Defining hours actually worked

• 3. Quality-adjusted labour input

• 4. Employee labour input at constant compensation

• E. Estimating labour productivity

• 1. Labour productivity and MFP

• 2. Employment estimates for productivity estimation

• 3. Data consistency

• 4. International comparisons

• F. A note on source data

• Chapter 20: Capital services and the national accounts

• A. Introduction

• 1. The basic ideas of capital services

• B. Valuing capital stock

• 1. Knowing the contribution to production

• 2. Knowing the value at any time

• 3. Age-efficiency and age-price profiles

• 4. The special case of geometrically declining profiles

• 5. Practical considerations

• C. Interpreting the flows

• 1. Capital services and gross operating surplus

• 2. Prices and volumes

• D. Applying the capital service model

• 1. Land

• 2. Valuing natural resources

• 3. Mixed income

• 4. Assets with a residual value

• 5. Costs of ownership transfer on acquisition

• 6. Terminal costs

• 7. Major repairs and renovations

• 8. Work-in-progress for long term projects

• 9. Owner-occupied dwellings

• 10. A financial lease

• E. A supplementary table on capital services

• Chapter 21: Measuring corporate activity

• A. Introduction

• 1. A note on terminology

• B. The demography of corporations

• 1. The creation of corporations

• 2. The dissolution of corporations

• 3. Nationalization and privatization

• 4. Mergers and acquisitions

• C. Subsectors

• D. Relations between corporations in different economies

• 1. Foreign direct investment

• 2. FDI and globalization

• 3. The role of “pass through funds”

• 4. Ultimate investing country

• 5. Multinational enterprises

• 6. Outsourcing

• E. The contribution of assets to production

• F. The consequences of financial distress

• 1. Bad debts

• 2. Concessional lending and debt rescheduling

• G. Links to commercial accounting

• Chapter 22: The general government and public sectors

• A. Introduction

• 1. Data sources

• 2. Consolidation

• B. Defining the general government and public sectors

• 1. Government units

• 2. NPIs controlled by government

• 3. Corporations controlled by government

• 4. Economically significant prices

• Suppliers of goods and services to government

• Definition of sales and costs

• 5. A decision tree for public units

• 6. Subsectors of the general government sector

• 7. Subsectors of the public sector

• 8. Borderline cases

• Quasi-corporations

• The case of restructuring agencies

• Special purpose entities

• Joint ventures

• Supranational authorities

• C. The government finance presentation of statistics

• 1. Introduction

• 2. Revenue

• 3. Expense

• 4. Outlays

• 5. Net operating balance

• 6. Net lending or net borrowing

• 7. Consolidation

• 8. Classification of the functions of government

• D. Accounting issues particular to the general government and public sectors

• 1. Clarification of the recording of taxes

• Government issued permits

• Accrual recording of taxes

• Tax credits

• 2. Transactions with other national, international and supranational organizations

• International membership dues

• International assistance

• 3. Debt and related operations

• Debt

• Debt reorganization

• Debt forgiveness (or debt cancellation)

• Debt rescheduling and refinancing

• Debt conversion

• Debt assumption

• Other issues related to debt re-organization

• Government guarantees

• Securitization

• Government assumption of pension liabilities

• 4. Relations of general government with corporations

• Earnings from equity investment

• Dividends versus withdrawal of equity

• Disposal of assets

• Acquisition of equity, capital transfers and subsidies

• Privatization

• Nationalization

• Bailouts

• Restructuring, mergers and reclassifications

• Transactions with the central bank

• Public-private partnerships

• E. The public sector presentation of statistics

• Chapter 23: Non-profit institutions

• A. Introduction

• 1. Non-profit institutions in the SNA

• 2. The accounting rules for NPIs in the SNA

• 3. A satellite account for NPIs

• B. The units included in the NPI satellite account

• 1. Determining characteristics of units for the satellite account

• 2. Examples of units included

• 3. Borderline cases

• 4. Classification of NPIs

• C. Accounts for non-profit institutions in the satellite account

• D. Other SNA considerations concerning NPIs

• 1. NPISHs and government

• 2. Informal and temporary NPISHs

• 3. The output of NPISHs

• Chapter 24: The households sector

• A. Introduction

• 1. Unincorporated enterprises

• 2. The problems associated with subsectoring households

• 3. Structure of the chapter

• B. Household composition and sectoring

• 1. Definition of a household

• 2. Residence

• 3. Determining subsectors

• 4. Household surveys

• C. Subsectoring households

• 1. The production perspective

• 2. The consumption perspective

• 3. The income perspective

• 4. Using a reference person

• 5. The consequences of demographic change

• 6. Other considerations

• D. Households as producers

• 1. Households and the informal sector

• 2. Agriculture

• 3. Housing

• 4. Domestic staff

• E. Households as consumers

• 1. Consumption goods and services provided in kind

• 2. Expenditure by tourists

• 3. Consumption expenditure by type of product

• F. Household income

• G. Household wealth and associated income flows

• 1. Household balance sheets

• 2. Family trusts

• 3. The distribution of wealth

• 4. Pension considerations

• 5. Consumer durables

• Chapter 25: Informal aspects of the economy

• A. Introduction

• 1. The policy interest in measuring activity undertaken by informal enterprises

• 2. Structure of the chapter

• B. Characteristics of units acting informally

• C. The non-observed economy

• D. The informal sector as defined by the ILO

• 1. The ILO concept of the informal sector

• 2. Defining the sector

• Exclusion of units producing purely for own final use

• Exclusion of units with formal characteristics

• Two categories of informal enterprises

• Exclusions on grounds of activity

• 3. Clarifying the use of familiar terminology

• Sector

• Enterprise

• Subsectoring production

• Formal sector, informal sector and households

• E. Informal employment

• 1. Informal employment

• 2. Employment in the informal sector

• F. Work of the Delhi Group

• G. Deriving data on activities of informal enterprises from the SNA accounts

• 1. Candidate households

• 2. Adjustments for national practices

• 3. Disaggregation by type of activity

• 4. Presenting the data on the informal sector and informal employment

• Production

• Employment

• H. Approaches to measuring activities undertaken in the informal economy

• 1. Household surveys

• 2. Establishment surveys

• 3. Mixed household-enterprise surveys

• I. Guidelines, studies and handbooks on the informal economy

• Chapter 26: The rest of the world accounts and links to the balance of payments.

• A. Introduction

• 1. The rest of the world account in the SNA

• Current accounts

• Accumulation accounts

• 2. The international accounts in BPM6

• 3. The structure of the chapter

• B. Accounting principles

• 1. Comparison with SNA accounting principles

• Valuation

• Time of recording and change of ownership

• Netting

• 2. Units

• Economic territory

• Institutional units

• Branches

• Notional resident units

• Multiterritory enterprises

• 3. Residence

• Residence of households

• Residence of enterprises

• Residence of other entities

• C. A comparison between the international accounts and the SNA rest of the world accounts

• 1. Goods and services account

• 2. The primary income account

• Income of direct investment enterprises

• 3. Secondary income account

• 4. Balancing items in the current accounts of the international accounts

• 5. The capital account

• 6. The financial account and IIP

• 7. The other changes in assets accounts

• D. International accounts functional categories

• 1. Direct investment

• 2. Portfolio investment

• 3. Financial derivatives (other than reserves) and employee stock options

• 4. Other investment

• 5. Reserve assets

• E. Special international accounts considerations

• 1. Global imbalances

• 2. Exceptional financing

• 3. Debt instruments

• 4. Debt reorganization

• 5. Regional arrangements, including currency unions

• 6. Currency conversion, including multiple exchange rates

• Chapter 27: Links to monetary statistics and the flow of funds

• A. Introduction

• 1. Monetary statistics

• 2. Financial statistics

• 3. Flow of Funds

• A. Monetary statistics

• 1. Defining depository corporations

• 2. Presentation of monetary statistics

• B. Financial statistics

• C. Flow of funds

• 1. Flow accounts

• The format of the account

• Analytical uses

• 2. Stock accounts

• Chapter 28: Input-output and other matrix-based analyses.

• A. Introduction

• 1. Input-output tables

• 2. Social accounting matrices

• 3. The structure of the chapter

• B. Flexibility in the supply and use tables

• 1. The treatment of margins on imports

• 2. Goods processed by a unit not assuming economic ownership

• 3. Supply and use tables and sector accounts

• C. Deriving an input-output table

• 1. What is an input-output table?

• 2. Analytical potential of an input-output matrix

• 3. Secondary products

• 4. Reallocating secondary products

• Product by product tables

• Industry technology assumption

• Product technology assumptions

• Industry by industry tables

• Fixed product sales structure

• Fixed industry sales structures

• The choice of approach to be used

• Hybrid approaches

• The database required for the transformation

• D. Social accounting matrices

• 1. Expressing the sequence of accounts in matrix form

• 2. Expanding the matrix

• 3. Disaggregating households

• 4. A SAM for labour accounts

• Chapter 29: Satellite accounts and other extensions

• A. Introduction

• 1. Functional classifications

• 2. Key sector accounts

• 3. Satellite accounts

• B. Functional classifications

• 1. COICOP

• 2. COFOG

• 3. COPNI

• 4. COPP

• C. Satellite accounts for key sector and other special sector accounts

• D. Satellite accounts; options for conceptual variations

• 1. Production and products

• 2. Income

• Primary incomes

• Transfers and disposable income

• 3. Uses of goods and services

• 4. Assets and liabilities

• 5. Purposes

• 6. Aggregates

• E. Possible tables for a satellite account

• 1. Scoping a functionally orientated account

• 2. Determining the products of interest

• 3. Measuring production

• 4. Components of uses/national expenditure

• Consumption

• Capital formation

• Transfers

• Total uses and national expenditure

• 5. Users or beneficiaries

• 6. Financing

• 7. Production and products

• 8. Physical data

• F. Examples of satellite accounts

• 1. Tourism satellite accounts

• Defining visitors and tourists

• Definition and scope of tourism expenditure

• Definition and scope of tourism consumption

• Characteristic products

• Tourism industries

• Main aggregates

• 2. Environmental accounting

• The different parts of the SEEA

• Physical and hybrid supply and use tables

• Identifying environmental aspects of the central framework

• Environmental taxes, property income and property rights

• A set of accounts for environmental protection expenditure

• Asset accounts

• Integrating environmental adjustments in the flow accounts

• Depletion

• Defensive expenditure

• Accounting for environmental degradation

• 3. Health satellite accounts

• Functional classification of health care

• Health care provider units

• Expenditure on health care

• Funding of health care

• Converting the SHA to health satellite accounts

• 4. Unpaid household activity

• Unpaid household services

• Consumer durables

• Volunteer labour

• Annex 1:The classification hierarchies of the SNA and associated codes

• A. Introduction

• B. The classification hierarchies of the SNA

• 1. Sectors (S codes)

• 2. Classifications of transactions

• Transactions in products (P codes)

• Transactions in non-produced assets (NP codes)

• Distributive transactions (D codes)

• Transactions in financial assets and liabilities (F codes))

• 3. Other flows

• Entries in the other changes in assets account (K codes)

• Balancing and net worth items (B codes)

• 4. Entries related to stocks of assets and liabilities

• Balance sheet entries (L codes)

• Non-financial assets (AN codes)

• Financial assets (AF codes)

• C. Supplementary items

• 1. Non-performing loans

• 2. Capital services

• 3. Pensions table

• Columns

• Rows

• 4. Consumer durables

• 5. Foreign direct investment

• 6. Contingent positions

• 7. Currency and deposits

• 8. Classification of debt securities according to outstanding maturity

• 9. Listed and unlisted debt securities

• 10. Long-term loans with outstanding maturity of less than one year and long-term loans secured by a mortgage

• 11. Listed and unlisted investment shares

• 12. Arrears in interest and repayments

• 13. Personal and total remittances

• Annex 2: The sequence of accounts

• Annex 3: Changes from the 1993 System of National Accounts

• A. Introduction

• B. Further specifications of statistical units and revisions in institutional sectoring

• 1. Producer unit undertaking ancillary activities to be recognized as a separate establishment in certain cases

• 2. Artificial subsidiaries not regarded as institutional units unless resident in an economy different from that of their parents

• 3. Branch of a non-resident unit recognized as an institutional unit

• 4. Residence of multiterritory enterprises clarified

• 5. Special purpose entities recognized

• 6. Holding company allocated to the financial corporations sector

• 7. Head office to be allocated to the institutional sector of the majority of its subsidiaries

• 8. Subsector for non-profit institutions introduced

• 9. Definition of financial services enlarged

• 10. Subsectoring of the financial corporation sector revised to reflect new developments in financial services, markets and instruments

• C. Further specifications of the scope of transactions including the production boundary

• 1. Research and development is not an ancillary activity

• 2. Method for calculating financial intermediation services indirectly measured (FISIM) refined

• 3. Output of central bank clarified

• 4. Recording of the output of non-life insurance services improved

• 5. Reinsurance similarly treated as direct insurance

• 6. Valuation of output for own final use by households and corporations to include a return to capital

• D. Extension and further specification of the concepts of assets, capital formation and consumption of fixed capital

• 1. Change of economic ownership introduced

• 2. Asset boundary extended to include research and development

• 3. Revised classification of assets introduced

• 4. Extension of the assets boundary and government gross capital formation to include expenditure on weapons systems

• 5. The asset category “computer software” modified to include databases

• 6. Originals and copies recognized as distinct products

• 7. The concept of capital services introduced

• 8. Treatment of costs of ownership transfer elaborated

• 9. Mineral exploration and evaluation

• 10. Land improvements

• 11. Goodwill and marketing assets

• 12. Water resources treated as an asset in some cases

• 13. Consumption of fixed capital to be measured at the average prices of the period with respect to a constant-quality price index of the asset concerned

• 14. Definition of cultivated biological resources made symmetric to uncultivated resources

• 15. Intellectual property products introduced

• 16. Concept of resource lease for natural resources introduced

• 17. Changes in the items appearing in the other changes in the volume of assets account introduced

• E. Further refinement of the treatment and definition of financial instruments and assets

• 1. Treatment of securities repurchase agreement clarified

• 2. Treatment of employee stock options described

• 3. Treatment of non-performing loans elaborated

• 4. Treatment of guarantees elaborated

• 5. Treatment of index-linked debt securities elaborated

• 6. Treatment of debt instruments indexed to a foreign currency revised

• 7. Flexibility on valuation of unlisted equity

• 8. Unallocated gold accounts treated as financial assets and liabilities

• 9. Definition of monetary gold and gold bullion revised

• 10. Liability in special drawing rights recognized

• 11. Distinction made between deposits and loans

• 12. Fees payable on securities lending and gold loans

• 13. Financial asset classification

• 14. Distinction between financial leasing and operating leasing based on economic ownership

• 15. Changes in recommendations for recording pension entitlements

• F. Further specifications of the scope of transactions concerning government and public sector

• 1. The boundary between private/public/government sectors clarified

• 2. Treatment of restructuring agencies elaborated

• 3. Treatment of government issued permits clarified

• 4. Exceptional payments from public corporations should be recorded as withdrawals from equity

• 5. Exceptional payments from government to public quasi-corporations should be treated as capital transfers

• 6. Accrual recording of taxes

• 7. Tax credits

• 8. Treatment of ownership of fixed assets created through public-private partnerships clarified

• 9. Taxes on holding gains continue to be shown as current taxes on income and wealth

• G. Harmonization between concepts and classifications of the SNA and BPM6

• 1. Centre of predominant economic interest as the basic criterion for determining the residence of the unit

• 2. Individuals changing residence

• 3. Goods sent abroad for processing are recorded on change of ownership basis

• 4. Merchanting

• H. A check-list of changes in each chapter

• 1. Introduction

• Chapter 3: Stocks and flows and accounting rules

• Chapter 4: Institutional units and sectors

• Chapter 5: Enterprises establishments and industries

• Chapter 6: The production account

• Chapter 7: The distribution of income accounts

• Chapter 8: The redistribution of income accounts

• Chapter 9: The use of income accounts

• Chapter 10: The capital account

• Chapter 11: The financial account

• Chapter 12: The other changes in assets accounts

• Chapter 13: The balance sheet

• Chapter 14: The supply and use tables and goods and services account

• Chapter 15: Price and volume actions

• Chapter 16: Summarizing and integrating the accounts

• Chapter 17: Cross-cutting and other special issues

• Chapter 18: Elaborating and presenting the accounts

• Chapter 19: Population and labour inputs

• Chapter 20: Capital services and the national accounts

• Chapter 21: Measuring corporate activity

• Chapter 22: The general government and public sectors

• Chapter 23: Non-profit institutions

• Chapter 24: The household sector

• Chapter 25: Informal aspects of the economy

• Chapter 26: The rest of the world accounts and links to the balance of payments

• Chapter 27: Links to monetary statistics and the flow of funds

• Chapter 28: Input-output and other matrix-based analysis

• Chapter 29: Satellite accounts and other extensions

• 2. Annexes and other items

• Annex 4: Research Agenda

• A. Introduction

• B. Basic accounting rules

• 1. The relationship of SNA and IASB

• 2. Consolidation of enterprise groups

• 3. Trusts

• 4. Final consumption of corporations

• 5. Measuring the output of government services

• 6. The treatment of social transfers in kind to the rest of the world

• 7. Output of central banks: taxes and subsidies on interest rates applied by central banks

• 8. The treatment of establishments in the SNA

• 9. The inclusion of international organizations in the SNA

• C. The concept of income

• 1. Clarification of income concept in the SNA

• 2. GDP at basic prices

• 3. The role of taxes in the SNA

• 4. Life insurance

• 5. Reinvested earnings

• 6. Accruing interest in the SNA

• 7. Calculation of FISIM

• 8. High inflation

• 9. The measurement of neutral and real holding gains and losses

• 10. Income arising from assets

• 11. Income from activities undertaken on an informal basis

• D. Issues involving financial instruments

• 1. Issues arising from a financial crisis

• 2. Recognition of social security entitlements as liabilities

• 3. Wider use of fair value for loans

• 4. Provisions

• 5. Debt concessionality

• 6. Equity valuation and its implications

• 7. Reverse transactions

• E. Issues involving non-financial assets

• 1. Tradable emission permits

• 2. Leases to use or exploit natural resources

• 3. Broadening the fixed asset boundary to include other intellectual property assets

• Innovation

• Marketing assets

• Human capital

• 4. Costs of ownership transfer of valuables and non-produced assets

• 5. Distinction between current maintenance and capital repairs

• 6. Treatment of Private-Public Partnerships

• 7. Transfer of ownership of an asset during its life

• References

• Glossary

• Index

• List of tables

• Table 2.1:The production account

• Table 2.2:The generation of income account

• Table 2.3:The allocation of primary income account

• Table 2.4:The secondary distribution of income account

• Table 2.5:The redistribution of income in kind account

• Table 2.6:The use of disposable income account

• Table 2.7:The use of adjusted disposable income account

• Table 2.8:The capital account

• Table 2.9:The financial account

• Table 2.10:The other changes in the volume of assets account

• Table 2.11:The revaluation account

• Table 2.12:The opening balance sheet, changes in assets and liabilities and closing balance sheet

• Table 2.13:The integrated presentation of the full sequence of the current accounts

• Table 2.14:The integrated presentation of the full sequence of the accumulation accounts and balance sheets

• Table 2.15:The goods and services account

• Table 4.1:Subsectors of the non-financial corporations sector

• Table 4.2:Subsectors of the financial corporations sector

• Table 6.1:The production account – uses

• Table 6.1 (cont): The production account – resources

• Table 7.1:The generation of income account – concise form – uses

• Table 7.1 (cont): The generation of income account – concise form – resources

• Table 7.2:The allocation of primary income account – concise form – uses

• Table 7.2 (cont): The allocation of primary income account – concise form – resources

• Table 7.3:The entrepreneurial income and allocation of other primary income accounts – uses

• Table 7.3 (cont): The entrepreneurial income and allocation of other primary income accounts – resources

• Table 7.4:The generation of income account – compensation of employees – uses

• Table 7.5:The allocation of primary income account – compensation of employees – resources

• Table 7.6:The generation of income account – taxes and subsidies on production – uses

• Table 7.7:The allocation of primary income account – taxes and subsidies on production – resources

• Table 7.8:The allocation of primary income account – property income – uses

• Table 7.8 (cont): The allocation of primary income account – property income – resources

• Table 8.1:The secondary distribution of income account – concise form – uses

• Table 8.1 (cont): The secondary distribution of income account – concise form – resources

• Table 8.2:The redistribution of income account – uses

• Table 8.2 (cont): The redistribution of income account – resources

• Table 8.3:The secondary distribution of income account – with details for taxes and social contributions – uses

• Table 8.3 (cont): The secondary distribution of income account – with details for taxes and social contributions – resources

• Table 8.4:The secondary distribution of income account – with details of social benefits – uses

• Table 8.4 (cont): The secondary distribution of income account – with details of social benefits – resources

• Table 8.5:The secondary distribution of income account – with details of current transfers – uses

• Table 8.5 (cont): The secondary distribution of income account – with details of current transfers – resources

• Table 9.1:The use of disposable income account – uses

• Table 9.1 (cont): The use of disposable income account – resources

• Table 9.2:The use of adjusted disposable income account – uses

• Table 9.2 (cont): The use of adjusted disposable income account – resources

• Table 10.1: The capital account – concise form – changes in assets

• Table 10.1 (cont): The capital account – concise form – changes in liabilities and net worth

• Table 10.2:The capital account – the classification of fixed assets

• Table 10.3:The capital account – changes in inventories and valuables

• Table 10.4:The capital account – non-produced non-financial assets

• Table 10.5:The capital account – capital transfers – changes in liabilities and net worth

• Table 11.1:The financial account – concise form – changes in assets

• Table 11.1 (cont): The financial account – concise form – changes in liabilities and net worth

• Table 11.2:The financial account – full detail – changes in assets

• Table 11.2 (cont): The financial account – full detail – changes in liabilities and net worth

• Table 12.1:The other changes in the volume of assets account – concise form – transactions in assets

• Table 12.1 (cont): The other changes in the volume of assets account – concise form – transactions in liabilities and net worth

• Table 12.2:The other changes in the volume of assets accounts – changes in assets due to economic appearance and disappearance

• Table 12.2 (cont): The other changes in the volume of assets accounts – changes in liabilities and net worth due to economic appearance and disappearance

• Table 12.3:The other changes in the volume of assets account – changes in assets due to external events

• Table 12.3 (cont): The other changes in the volume of assets account – changes in liabilities due to external events

• Table 12.4:The other changes in the volume of assets account – changes in assets due to changes in classifications

• Table 12.4 (cont): The other changes in the volume of assets account – changes in liabilities and net worth due to changes in classifications

• Table 12.5:The other changes in the volume of assets account – changes in asset by type of asset

• Table 12.5 (cont): The other changes in the volume of assets account – changes in liabilities and net worth by type of liability

• Table 12.6:The revaluation account – changes in assets

• Table 12.6 (cont): The revaluation account – changes in liabilities and net worth

• Table 13.1:Opening and closing balance sheets with changes in assets

• Table 13.1 (cont): Opening and closing balance sheets with changes in liabilities and net worth

• Table 13.2:Asset accounts for the total economy

• Table 14.1: Abbreviated version of the production part of the supply table

• Table 14.2: An example of the entries to adjust supply to include trade and transport margins

• Table 14.3:Example of the impact on prices of transport charges

• Table 14.4: An example of imports entries in the supply table with the global CIF-to-FOB adjustment

• Table 14.5: An example of the entries to adjust supply to include taxes less subsidies on products

• Table 14.6:Abbreviated version of the intermediate consumption part of the use table

• Table 14.7:The final consumption part of a use table

• Table 14.8:The capital formation part of a use table

• Table 14.9:The value added part of a use table

• Table 14.10:The imports content of the use matrix

• Table 14.11: Breakdown of use by producing units into the five elements making up purchasers’ price valuation

• Table 14.12:Supply and use tables at purchasers’ prices

• Table 14.12 (cont): Supply and use tables at purchasers’ prices

• Table 14.13:Supply and use table: trade and transport margins, taxes and subsidies on intermediate and final use of products

• Table 14.14:Supply and use table: Final and intermediate uses at basic prices, ISIC breakdown

• Table 14.15:Imports used for intermediate consumption and final demand

• Table 16.1:Summary of the current accounts in the sequence of accounts

• Table 16.2:Summary of the accumulation accounts and balance sheets

• Table 16.3:Entries for the rest of the world using the BPM6 structure of accounts

• Table 16.4:Summary current account with sector details – uses

• Table 16.4 (cont): Summary current account with sector details – resources

• Table 16.5: Summary of the accumulation accounts and balance sheets with sector details – assets and changes in assets

• Table 16.5 (cont): Summary of the accumulation accounts and balance sheets with sector details – liabilities, net worth and changes in them

• Table 17.1:Accounts for non-life insurance – uses

• Table 17.1 (cont): Accounts for non-life insurance – resources

• Table 17.2:Accounts for life insurance – uses

• Table 17.2 (cont): Accounts for life insurance – resources

• Table 17.3:Accounts for non-pension benefits paid through social security – uses

• Table 17.4:Accounts for non-pension social insurance benefits from unfunded other employment-related schemes – uses

• Table 17.5:Accounts for non-pension social insurance benefits from funded other employment-related schemes – uses

• Table 17.3 (cont): Accounts for non-pension benefits paid through social security – resources

• Table 17.4 (cont): Accounts for non-pension social insurance benefits from unfunded other employment-related schemes- resources

• Table 17.5 (cont): Accounts for non-pension social insurance benefits from funded other employment-related schemes -resources

• Table 17.6:Accounts for pension benefits paid through social security – uses

• Table 17.6 (cont): Accounts for pension benefits paid through social security – resources

• Table 17.7:Accounts for pension benefits payable under a defined contribution scheme – uses

• Table 17.7 (cont): Accounts for pension benefits payable under a defined contribution scheme – resources

• Table 17.8:Accounts for pension benefits payable under a defined benefit scheme – uses

• Table 17.8 (cont): Accounts for pension benefits payable under a defined benefit scheme – resources

• Table 17.9:Detailed transactions concerning social insurance

• Table 17.10:A supplementary table showing the extent of pension schemes included and excluded

• Table 18.1:High-level SNA/ISIC aggregation (A*10)

• Table 18.2: Industry level headings for a country with a large subsistence economy

• Table 18.3: GDP by expenditure

• Table 23.1:ICNPO groups

• Table 26.1:Selected effects of a household’s residence status on the statistics of the host economy

• Table 26.2:Selected effects of the residence status of an enterprise on the statistics of the host economy

• Table 26.3:Overview of the balance of payments

• Table 26.4: Balancing items in the international accounts in relation to the SNA sequence of accounts

• Table 26.5:Overview of Integrated International Investment Position Statement

• Table 26.6: Link between Financial Assets Classification and Functional Categories

• Table 27.1:Subsectors of the financial corporations sector

• Table 27.2:The classification of financial assets and liabilities

• Table 27.3:The financial account – concise form – changes in assets

• Table 27.3 (cont): The financial account – concise form – changes in liabilities and net worth

• Table 27.4:Format for detailed flow of funds table or stocks of financial assets analysed by debtor and creditor

• Table 28.1:An example of imports entries in the supply table with the global CIF to FOB adjustment

• Table 28.2:Options for recording goods not changing economic ownership

• Table 28.3:The use table from table 14.12

• Table 28.3 (cont): The use table from table 14.12

• Table 28.4:Intermediate consumption and value added cross-classified by industry and institutional sector

• Table 28.4 (cont): Intermediate consumption and value added cross-classified by industry and institutional sector

• Table 28.5:A numerical example of reallocating products from construction to manufacturing

• Table 28.6:Example of a product by product input-output matrix

• Table 28.7:Example of an industry by industry input-output matrix

• Table 28.8:The goods and services account in matrix form

• Table 28.9:The supply and use table in matrix form

• Table 28.10:The flow accounts in the sequence of accounts in matrix form

• Table 28.11:The sequence of accounts including the balance sheets in matrix form

• Table 29.1:Table 6 from the Tourism Satellite Accounts

• Table 29.2:Example of a hybrid supply and use table from the SEEA

• Table 29.3:Example of a combined supply and use table for environmental protection goods and services

• Table 29.4:Example of a supply and use table from the System of Health Accounts

• Table 29.4 (cont): Example of a supply and use table from the System of Health Accounts

• List of figures

• Figure 2.1:Diagram of the integrated accounts for the total economy

• Figure 2.2:Summary of the main accounts, balancing items and main aggregates

• Figure 4.1:Illustrative allocation of units to institutional sectors

• Figure 6.1:Basic, producers’ and purchasers’ prices

• Figure 17.1:Example of an annuity

• Figure 17.2:Indications of the flows associated with different financial instruments

• Figure 22.1:The public sector and its relation to institutional sectors

• Figure 25.1:The non-observed economy and the informal sector

• Figure 25.2:Identifying units in the ILO informal sector

• Figure 25.3:Informal employment and employment in the informal sector

• Figure 25.4:Identifying units for the ILO informal sector from within the SNA institutional sectors

Preface

List of abbreviations and acronyms