Appendix 1. Conversion Matrix from the BPM5 to the BPM6
Comments and Explanatory Notes to the Conversion Matrix
For the balance of payments and IIP, the conversion matrix matches the standard components and additional details of the BPM5 to the standard components and selected other items of the BPM6; see:
BPM5 Balance of Payments: Standard Components, pages 43–48
BPM5 Tables 7 and 8, Balance of Payments: Standard Components and Additional Detail
BPM5 International Investment Position: Standard Components, pages 108-111
BPM5 Table 9, International Investment Position: Standard Components and Additional Detail
BPM6 Appendix 9 Standard Components and Selected Other Items
The Comments column of the conversion matrix provides further explanation and information regarding the changes between the BPM5 and BPM6. To enhance clarity, the titles of BPM5 standard components are shown in italics in the comments.
The conversion matrix follows the Standard Components and Selected Other Items of the BPM6. In a number of cases the order of the BPM5 items has been adjusted to facilitate the linking.
In the conversion matrix, the corresponding items of the BPM5 and BPM6 are linked via arrows. To reduce confusion, in cases where nonrelated arrows cross, different fonts have been selected for the crossing arrows.
In cases where the BPM5 item is broken down in the BPM6, split arrows are used to link all new items to the old one. Split arrows are also used when the BPM6 shows not only the original BPM5 item, but also an “of which” item thereof that was not included in the BPM5. For the sake of clarity, in those cases different fonts are used to distinguish the “of which” item.
BPM6 Changes in Treatment or Classification
Further detail in EBOPS, see MSITS Annex II, Extended Balance of Payments Services Classification.
Standard components for those countries that are unable (e.g., for reasons of confidentiality) to provide the full breakdown by mode of transport; otherwise supplementary, but can be derived by summing the standard components for each mode of transport.
Construction abroad—Construction (CR.); Goods and services acquired (DR.). Construction in the reporting economy—(Goods and services acquired (CR.); (Construction (DR.)
If available for publication. If not available for publication, include in other investment-interest.
Preferably assets and liabilities reported separately, but otherwise a net figure for liabilities less assets, included, by convention, under assets.
If available for publication.
Assets and liabilities combined and reported as a net figure for assets less liabilities, included under assets.
Specify sector involved and standard component in which the item is included.
Arrears related to exceptional financing. Not a transaction, but included in the “analytic” presentation; see BPM6, paragraph 14.17 and Appendix 1, paragraph A1.21.
BPM6 Changes in Treatment or Classification
BPM6 Balance of Payments: Standard Components and Selected Other Items (Items in italic are supplementary) | Remapping | BPM5 Balance of Payments: Standard Components and Additional Detail (Items in italic are supplementary) | Comments on Change in Treatment or Clarification |
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Current account | 1. Current account | ||
Goods and services (P6/P7) | A. Goods and services | ||
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a. Goods | * In BPM6, Goods for processing and Repairs on goods are recorded under Services, unlike BPM5 where these items were recorded under goods. | |
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1. General merchandise 4. Goods procured in ports by carriers |
* BPM6 includes a reconciliation table to show the relationship between merchandise trade statistics and goods on a balance of payments basis; see BPM6, Table 10.2. * In BPM6, migrants personal effects are not classified as transactions as in BPM5 and so are no longer included in goods, nor elsewhere in the international accounts; see BPM6, paragraph 10.22 (b). * In BPM6, goods bought abroad for own use or to give away that exceed customs thresholds are included in general merchandise; see BPM6, paragraph 10.20. In BPM5, these goods are recorded in travel; see BPM5, paragraphs 212 and 250. * In BPM6, general merchandise includes goods procured in ports, which in BPM5 is separately classified; see BPM6, paragraph 10.17(d). * Unlike in BPM5, re-exports, that is goods produced in other economies and previously imported, which are exported without a substantial transformation, should be separately recorded if they are a significant proportion of exports; see BPM6, paragraphs 10.37 - 10.40. |
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9. Other business services
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* Merchanting of goods is included under exports of goods (both gross/net); see BPM6, paragraphs 10.41-10.49. In BPM5, merchanting a is included in 9.1 Merchanting and other trade-related services. When these goods are kept in inventories from one period to the next, BPM5 recommends that the purchases are booked as imports, and the subsequent sales as negative imports of goods. In that case, any difference between the value of the goods when acquired and relinquished is entered under Merchanting and other trade-related services; see BPM5, paragraphs 207, 213 and 262. In BPM6, the acquisition of the good is classified as a negative goods export of the economy of the merchant, and the sale is a positive goods export, with the difference between sales and purchases recorded as ‘net exports of goods under merchanting’. |
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5. Nonmonetary gold
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Services (P72/P82) | |||||
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2. Goods for processing | * In BPM6, the fee received for the processing services rendered is included in Manufacturing services on physical inputs owned by others; gross reporting is supplementary; see BPM6, paragraphs 10.62 - 10.71. In BPM5, goods sent abroad for manufacturing services are included in Goods for processing and a simultaneous change of ownership is imputed, except under certain circumstances; see BPM5, paragraph 199. In BPM6, imputed financial account entries for trade credit required by the imputed flows for ‘goods for processing’ are no longer needed. | |||
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3. Repairs on goods
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*The BPM5 item Repairs on goods has been renamed in Maintenance and repair services n.i.e. Unlike BPM5, this item is included under services, rather than goods. It comprises Maintenance of transport equipment, which was recorded in Other transport, other in BPM5; see BPM6, paragraphs 10.72 - 10.73 and BPM5, paragraphs 200 and 240. | |||
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1. Transportation | * Transport services is renamed (BPM5: Transportation) in line with the Central Product Classification (CPC); see BPM6, paragraph 10.61. | |||
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* This supplementary item is needed for the compilation of Personal remittances; see BPM6, paragraph 12.51 (a) and Appendix 5. |
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* This supplementary item is needed for the compilation of Personal remittances; see BPM6, paragraph 12.51 (a) and Appendix 5. | |||
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* This supplementary item is needed for the compilation of Personal remittances; see BPM6, paragraph 12.51 (a) and Appendix 5. * In BPM5, 1.3.3 Other transport / Other includes maintenance of transport equipment; see BPM5, paragraph 240. In BPM6, maintenance of transport equipment is included under Maintenance and repair services n.i.e.; see BPM6, paragraph 10.72. |
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3. Communications services (partly) | * In BPM5, postal and courier services is included in Services, 3. Communication Services. In BPM6, it is included in services / transport; see BPM6, paragraphs 10.74, 10.82–10.85. | |||
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* This supplementary item is needed for the compilation of Personal remittances; see BPM6, paragraph 12.51 (a) and Appendix 5. |
Travel | 2. Travel | ||||
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* This supplementary item is needed for the compilation of Personal remittances; see BPM6, paragraph 12.51 (a) and Appendix 5. | |||
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* The recording of alternative time-share arrangements (either as direct investment or other investment / trade credit, with periodic counter flows in accommodation services in travel) is explained; see BPM6, paragraph 10.100 and Table 10.3. BPM5 does not discuss time-share arrangements, but the description in BPM6 is in line with the general principles of BPM5. * In BPM6, goods bought abroad for own use or to give away that exceed customs thresholds are included in general merchandise; see BPM6, paragraph 10.20. In BPM5, these goods are included in travel. |
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For both business and personal travel Goods
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This supplementary breakdown of travel allows for closer links with tourism satellite accounts as well as supply and use tables BPM6, paragraph 10.95. | ||||
Construction | 4. Construction services 9. Other business services (partly) |
* The separate items Construction abroad and Construction in the reporting economy are introduced as supplementary items; see BPM6, paragraphs 10.105 - 10.106. In BPM6, expenditures by nonresident construction enterprises on local supplies are included in Construction services; see BPM6, paragraph 10.102. In BPM5, they are part of Other business services (see BPM5, paragraph 254). As in BPM5, goods and services provided from the home economy of the enterprise (resident-to-resident transactions) should be excluded from general merchandise and/or services of the local economy. Other than in BPM5, goods and services acquired from third economies are recorded under general merchandise and/or services for the economy of the enterprise; see BPM6, paragraph 10.102. |
Insurance and pension services*1
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5. Insurance services | * In BPM6, premium supplements are taken into account in deriving insurance services; see BPM6, paragraph 10.111 and Appendix 6c. BPM5 accepts ignoring these flows on practical grounds; see BPM5, paragraph 257. In BPM6, reinsurance and direct insurance are treated consistently; see BPM6, paragraph 10.111, whereas BPM5 recommends recording the balance of all flows between resident insurers and nonresident reinsurers (and vice-versa) in services; see BPM5, paragraph 257. In contrast to BPM5, the estimate of insurance claims used to derive the value of insurance services may be adjusted to take account of claim volatility; see BPM6, paragraph 10.114(c). | ||
Financial services
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6. Financial services | * Financial dealers’ implicit charges via margins are included under financial services; see BPM6, paragraph 10.119. In BPM5, implicit margins are not discussed separately and may therefore be included in the financial flows. In BPM6, services of asset-holding entities to their owners, where asset management costs are taken out of income, are included in financial services; see BPM6, paragraph 10.124. In BPM5, these costs are not discussed separately and may therefore be included in investment income. | ||
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B.2 Investment income (partly) Financial intermediation charge indirectly measured | * BPM6 recognizes FISIM on loans and deposits when those loans and deposits are provided by, or deposited with, financial corporations (as defined in BPM6, paragraphs 4.63 - 4.64); see BPM6, paragraph 10.127. In BPM6, FISIM can be attributed to interest on loans and deposits in direct investment, other investment, and reserve assets, but not portfolio investment. In BPM5, FISIM is not recognized in Financial services; see BPM5, paragraph 508. | ||
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8. Royalties and license fees | * BPM6 uses the title Charges for the use of intellectual property instead of Royalties and license fees in BPM5. It includes charges for the use of (i) franchises and trademarks, like in BPM5; and (ii) the outcomes of research and development (R&D). In BPM6, as in BPM5, outright purchases/sales of franchises and trademarks are recorded in the capital account. Charges for the use of intellectual property also includes licenses to reproduce and/or distribute (i) software; and (ii) audiovisual and related services; (BPM5 is not explicit on the recording of licenses to reproduce and/or distribute). See BPM6, paragraphs 10.137-10.140 and Table 10.4. |
Telecommunications, computer, and information services*1
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3. Communications services (partly) | * In BPM6, a grouping of telecommunications, computer, and information services is introduced (see BPM6, paragraph 10.141). This includes the following BPM5 items: (i) 3. Communications services (exceptpostal and courier services, which are recorded under Transport in BPM6); and (ii) 7. Computer and information services. | |
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7. Computer and information services | * In BPM6, Computer services includes (i) licenses to use software; and (ii) outright purchases/sales of software. Computer services does not include (i) licenses to reproduce and/or distribute software (see Charges for use of intellectual property; BPM6, paragraph 10.137 (b)); and (ii) transactions in noncustomized (mass-produced) software provided on physical media with right to perpetual use, which need to be recorded under goods (the latter is not a change, but clarification to BPM5). See BPM6, paragraph 10.143 and Table 10.4. | |
Other business services*1 | 9. Other business services | ||
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2. Capital and Financial Account
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* In BPM6, the results of R&D are considered produced assets. Outright purchases and sales of the results of R&D are therefore recorded under Research and development services; see BPM6, paragraphs 10.147-10.148. In BPM5, sales and purchases of the results of R&D are recorded in the capital account / nonproduced nonfinancial assets; see BPM5, paragraph 358. In BPM6, charges for the use of the outcomes of R&D are included in Charges for the use of intellectual property. In BPM5, the provision of R&D services is included under 9.3 Miscellaneous business, professional, and technical services; see BPM5, paragraph 264. | |
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* In BPM6, merchanting is recorded under Goods / Net exports of goods under merchanting, unlike services in BPM5; see BPM6, paragraphs 10.41-10.49. |
Personal, cultural, and recreational services*1 | 10. Personal, cultural, and recreational services | ||
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* In BPM6, Audiovisual and related services, and Other personal, cultural and recreational services include (i) licenses to use the products; and (ii) outright purchases/ sales. Audiovisual and related services do not include (i) licenses to reproduce and/ or distribute (see Charges for the use of intellectual property); and (ii) transactions in non-customized (mass-produced) products provided on disks, etc., which need to be recorded under goods (this is not a change, but clarification to BPM5). See BPM6, paragraphs 10.162 - 10.166 and Table 10.4. | |
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* BPM6 describes the service charge of lotteries and gambling as the margin between the gambling charges and the winnings payable by the operator. The service charge is included under Other personal, cultural, and recreational services; see BPM6, paragraph 10.170. Winnings payable between the operator and the participants are recorded under Personal transfers; see BPM6, paragraphs 12.53 -12.54. BPM5 only discusses the recording of gambling in terms of Other current transfers; see BPM5, paragraph 303. Gambling by visitors abroad (not discussed in BPMS) is to be included in travel; see BPM6, paragraph 10.88. | |
Government goods and services n.i.e.*1
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11. Government services n.i.e. | This supplementary item allows for a link with tourism satellite accounts as well as supply and use tables BPM6, paragraph 10.95. |
Primary income: General Comments |
* The term Primary income is introduced to be consistent with the 2008 SNA; see BPM6, paragraph 11.1. Rent and Taxes/subsidies on products and production are explicitly included in primary income; see BPM6, Tables 11.1, 11.2, and 11.3. |
* Compensation of employees. The employer-employee relationship is clarified to distinguish between compensation of employees and payment for services in BPM6, paragraph 11.12. This is a clarification to BPM5 and in accordance with its general principles. Yet, it may result in reclassifications involving compensation of employees and services. |
* Dividends. In BPM6, dividends are recorded when the shares go ex dividend; see BPM6, paragraph 3.48; in BPM5: when payable; see BPM5, paragraphs 282 and 284. Withdrawals of income from quasicorporations are recorded when withdrawn, consistent with BPM5 principles; see BPM6, paragraph 11.31. BPM6 describes superdividends, which should be recorded as withdrawals of equity, not primary income; see BPM6, paragraph 11.27. The term ‘superdividends’ is not discussed in BPM5, but the treatment in BPM6 is in line with the general principals of BPM5 (notably liquidating dividends; see BPM5, paragraph 290). In BPM6, the title Income from quasicorporations replaces the BPM5 term Distributed branch profits; see BPM6, paragraph 11.26. Adjustments for transfer pricing (which may result in a counterentry in dividends or equity flows) are clarified; see BPM6, paragraphs 11.101 -11.102. This clarification is not a change from BPM5; see BPM5, paragraphs 97 - 103. |
* Interest. In BPM6, interest income is adjusted to show ‘pure’ interest, i.e. the financial intermediation services indirectly measured (FISIM) component is included in Financial services; see BPM6, paragraphs 11.74 - 75. BPM6 recognizes FISIM on loans and deposits when those loans and deposits are provided by, or deposited with, financial corporations (as defined in BPM6, paragraph 4.64); see BPM6, paragraph 10.127. FISIM can be attributed to interest on loans and deposits in direct investment income, other investment income, and reserve assets, but not portfolio investment. BPM5 does not recognize FISIM; see BPM5, paragraph 258, note 7. Nonetheless, it is included as additional detail in BPM5, Table 7 to allow reconciliation with the SNA. |
* Reserve assets. In BPM6, income on reserve assets is identified separately. If not available for publication, income from reserve assets may be included in other investment / interest; see BPM6, paragraph 11.109. In BPM5, income on reserve assets is included in other investment income; see BPM5, paragraph 281. |
* Fees on securities lending and gold loans. In BPM6, fees on securities lending and gold loans are clarified and treated as interest if the fees accrue to the owner lending these assets (see BPM6, paragraphs 11.67 - 11.68) with the counter-entry in other accounts receivable/payable; see BPM6, paragraph 5.73. BPM5 does not discuss these fees explicitly. As in BPM5, fees payable to custodians etc. for the administrative services associated with the lending are recorded in Financial services. |
Primary income | B. Income | ||
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1. Compensation of employees 2. Investment income
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* See Primary income, general comments: compensation of employees. * Unlike in BPM5, direct investment income is broken down by type of FDI relationships; see BPM6, paragraph 6.37. * See Primary income, general comments: dividends from direct investment. |
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* In BPM6, the title Reinvested earnings replaces the BPM5 term Reinvested earnings and undistributed branch profits, without changing the substance of the item. |
Interest (D41D)
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* See Primary income, general comments: interest. | |
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* In BPM6, ‘actual interest’, i.e. interest including FISIM, is a memorandum item; see BPM6, paragraph 11.74. This item corresponds with interest reported under BPM5. | |
Portfolio investment | 2.2 Portfolio investment | * See Primary income, general comments: interest. | |
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* See Primary income, general comments: dividends. | |
Reinvested earnings | * Other than in BPM5, reinvested earnings of investment funds are included in primary income for portfolio investment, with counterpart in the financial account; BPM6, paragraphs 11.37 - 11.39. |
Interest (D41P) |
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* See Primary income, general comments: interest, and fees on securities lending and gold loans. | ||
Short-term |
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Long-term |
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* Unlike in BPM6, BPM5 does not recognize FISIM; see BPM5, paragraph 258, note 7. Nonetheless, it is included as additional detail in BPM5, Table 7 to allow reconciliation with the SNA. BPM6 does not recognize FISIM on portfolio investment. * See Primary income, general comments: interest, and reserve assets. * In BPM6, income from equity not included in direct investment and not in the form of securities (i.e. D420) is separately distinguished in income from other investment; see BPM6, paragraphs 5.26 -5.27. BPM5 does not specify this kind of equity. |
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Other investment |
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Withdrawals from income of quasi-corporations (D420) | Equity income (not available in BPM5) | |||
Interest (D410) |
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Memorandum: Interest before FISIM |
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* In BPM6, ‘actual interest’, i.e. interest including FISIM, is a memorandum item; see BPM6, paragraph 11.74. This item corresponds with interest reported under BPM5. * In BPM6, premium supplements are taken into account in deriving insurance services; see BPM6, paragraph 10.111 and Appendix 6c. Thus, the total amount of investment income attributable to policyholders is classified as premium supplements; see BPM6, Appendix 6c.26. BPM5 accepts ignoring these flows on practical grounds; see BPM5, paragraph 257. |
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Investment income attributable to policyholders in insurance, pension schemes, and standardized guarantees (D4410+ D4420) |
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Reserve assets*4 | * See Primary income, general comments: interest; fees on securities lending and gold loans; and reserve assets. | |||
Income on equity and investment fund shares | ||||
Interest (D41R)*4 | ||||
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Other primary income | C. Current transfers (partly) | ||||||||
Taxes on production and imports (D2) Subsidies (D3) | ![]() |
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* In BPM6, taxes and subsidies on products and production are classified as primary income, not as secondary income (current transfers) as in BPM5; see BPM6, paragraphs 11.91 -11.94. | |||
Rent (D45) | * In BPM5, rent (D45) is not separately identified. | ||||||||
Secondary income : General Comments * The term Secondary income is introduced to be consistent with the SNA and is clarified in BPM6, paragraphs 12.1 -12.4. More detailed types of current transfers are introduced on a supplementary basis; see BPM6, paragraphs 12.21 -12.24. Refunds of taxes to taxpayers are treated as negative taxes, i.e., the amount of taxes is reduced by tax refunds; see BPM6, paragraph 12.21. In BPM5, tax refunds are recorded under government transfers; see BPM5, paragraph 299. The delineation between taxes and services is clarified. Business licenses to fish, hunt, etc. are no longer automatically treated as taxes as in BPM5, but as services, rent, taxes, or acquisition of a license asset, depending on what is supplied in return; see BPM6, paragraphs 10.179-180, 12.23; BPM5, paragraph 300. |
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Secondary income | C. Current transfers | ||||||||
General government | 1. General government | ||||||||
Current taxes on income, wealth, etc. (D5) | ![]() |
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Of which: payable by border, seasonal, and other short-term workers | * Supplementary data related to cross-border employment is used to compile personal remittances; see BPM6, paragraph 12.51. |
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* In BPM6, taxes and subsidies on products and production are classified as primary income; not as secondary income (current transfers) as in BPM5; see BPM6, paragraphs 11.90 - 11.93. | |||
Social contributions (D61)
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* Supplementary data related to cross-border employment is used to compile personal remittances; see BPM, paragraph 12.51. | ||
Social benefits (D62+D63) | 1.5 social benefits | ||||
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* Supplementary data on current transfers to NPISHs is used to compile total remittances to NPISHs; see BPM6, paragraph 12.51. | ||
Financial corporations, nonfinancial corporations, households, and NPISHs | 2. Other sectors |
Personal transfers (Current transfers between resident and nonresident households) | ![]() |
2.1 Workers’ remittances | * BPM6 introduces the concept of Personal transfers, which is broader than workers’ remittances (in both BPM5 and BPM6) because it includes all transfers between individuals, not just those of migrants who are employed in new economies and considered residents there; see BPM6, paragraphs 12.47 -12.51 and Appendix 5. | |||||
Of which: Workers’ remittances | ||||||||
Other current transfers | 2.2 Other transfers | |||||||
Current taxes on income, wealth, etc. (D5) |
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* In BPM6, taxes and subsidies on products and production are classified as primary income; not as secondary income (current transfers) as in BPM5; see BPM6, paragraphs 11.91 -11.94). | ||||||
Social contributions (D61) Social benefits (D62+D63) |
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Net nonlife insurance premiums (D71) Nonlife insurance claims (D72) |
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* In BPM6, premium supplements are taken into account in deriving insurance services; see BPM6, paragraph 10.111 and Appendix 6c. BPM5 accepts ignoring these flows on practical grounds; see BPM5, paragraph 257. In BPM6, reinsurance and direct insurance are treated consistently; see BPM6, paragraph 10.111, whereas BPM5 recommends recording the balance of all flows between resident insurers and nonresident reinsurers (and vice versa) in services; see BPM5, paragraph 257. Unlike in BPM5, the estimate of insurance claims used to derive the value of insurance services may be adjusted to take account of claim volatility; see BPM6, paragraph 10.114 (c). Unlike in BPM5, insurance claims may be treated as capital transfers in exceptional cases of catastrophic losses to be consistent with the SWA; see BPM6, paragraph 13.24. * Technical assistance that is part of or tied to capital projects (item not explicitly discussed in BPM5) is recorded as capital transfers; see BPM6, paragraph 12.43. Transfers of equipment in the form of weapons or equipment that are classified as fixed assets are considered as investment grants and thus recorded in the capital account; see BPM6, paragraph 13.26. In BPM5, these transfers are treated as current transfers; see BPM5, paragraph 349. * Supplementary data on current transfers to NPISHs is used to compile total remittances to NPISHs; see BPM6, paragraph 12.51. |
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Current international cooperation (D74) | ||||||||
Miscellaneous current transfers (D75) | ||||||||
Of which: Current transfers to NPISHs |
Adjustment for change in pension entitlements | * The treatment of pension contributions / receipts is aligned with the SNA 2008 and the adjustment item for the change in pension entitlements is introduced; see BPM6, paragraph 12.31. When crossborder flows are minor, the adjustment item may be omitted; see BPM6, paragraph 12.32. | |||||||
Capital account: General Comments * Debits and credits for the acquisition/disposal of nonproduced nonfinancial assets are to be recorded separately, not netted as in BPM5; see BPM6, paragraphs 13.7 and 3.113. * Unlike in BPM5, emission rights and internet domain names are identified as possible economic assets; see BPM6, paragraphs 13.14 and 13.18, respectively. * In BPM6, the results of R&D, such as patents and copyrights, are no longer treated as nonproduced assets. Outright purchases and sales of these products no longer appear in the capital account (as in BPM5, see paragraphs 312 and 358), but are classified as produced assets with transactions recorded in services (R&D services for patents and copyrights); see BPM6, Table 10.4 and BPM5, paragraph 358. * Capital transfers associated with the activation of one-off guarantees and other debt assumption are specified; see BPM6, paragraphs 8.42 - 8.45, 13.19, and Box 8.1. One-off guarantees are not discussed in BPM5. * Large inheritances are treated as capital transfers, instead of current transfers as in BPM5; see BPM6, paragraph 13.30. * Unlike in BPM5, insurance claims may be treated as capital transfers in exceptional cases of catastrophic losses to be consistent with the SNA; see BPM6, paragraph 13.24. |
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Capital account | A. Capital account | |||||||
Gross acquisitions (DR.) / disposals (CR.) of nonproduced nonfinancial assets (N2) | ![]() |
2. Acquisition/disposal of nonproduced, nonfinancial assets | ||||||
Capital transfers (D9) | 1. Capital transfers | |||||||
General government | 1. 1 General government | |||||||
Debt forgiveness | 1.1.1 Debt forgiveness | * A convention for distinction between write-offs and debt forgiveness is introduced; see BPM6, | ||||||
Other capital transfers | 1.1.2 Other | |||||||
Of which: Capital taxes (D91) | ||||||||
Financial corporations, nonfinancial corporations, households, and NPISHs | 1.2. Other sectors | |||||||
1.2.1 Migrants’ transfers | * The personal effects, financial assets, and liabilities of persons changing residence are no longer recorded as capital transfers; BPM6, paragraphs 13.30, 9.21-9.22 and 10.22(b); BPM5, paragraphs 352-353. | |||||||
Debt forgiveness | 1.2.2 Debt forgiveness | * A convention for distinction between write-offs and debt forgiveness is introduced; see BPM6, paragraph 9.10. |
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1.2.3 Other | This supplementary item is used to compile personal remittances; see BPM6, Paragraph 12.51. |
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* Supplementary data on capital transfers to NPISHs is needed to compile total remittances to NPISHs; see BPM6, paragraph 12.51(c) and Appendix 5. | ||
Net lending (+) / net borrowing (-) (balance from current and capital account) (B9) | The sum of the balances of the current and capital account, i.e., the sum of all credits minus the sum of all debits in these accounts, represents the net lending (surplus) or net borrowing (deficit) by the economy with the rest of the world. This is conceptually equal to the net balance of the financial account; see BPM6, paragraph 2.18 and Table 2.1. | ||
Financial account: General Comments * In BPM6, central bank replaces monetary authorities as an institutional subsector, whereas monetary authorities remains an essential concept for defining reserve assets and a supplementary subsector where relevant; see BPM6, paragraphs 4.70 and 6.66. BPM6 introduces a breakdown of other sectors into ‘other financial and nonfinancial corporations, households and NPISHs’; see BPM6, Chapter 4, Table 4.2. * In BPM6, the detailed classification of financial assets and liabilities is harmonized with the SNA and Monetary and Financial Statistics Manual 2000 in terms of detail and terminology; see BPM6, Table 5.3. In the BPM5 standard components, instruments are combined and different names for them are used in different places. * In BPM6, arrears are retained in the original asset/liability and identified as a memorandum item if related to exceptional financing (otherwise supplementary item). In BPM5, arrears are reclassified from the original asset/liability to short-term other assets / liabilities and requested as a supplementary item; see BPM6, paragraphs 5.99 - 5.102, BPM6, paragraphs 8.58 - 8.59, and BPM5, paragraphs 453, 528 - 529. * A convention for distinction between write-offs and debt forgiveness is introduced; see BPM6, paragraph 9.10. * Financial assets and liabilities of entities (migrants) changing residence are included as Other changes in volume; see BPM6, paragraphs 9.21 - 9.23, unlike as transactions in BPM5; see BPM5, paragraph 354. * The content of the Financial Derivatives Supplement 2000 is incorporated. As a consequence, the coding of the BPM5 Balance of Payments: Standard Components and Additional Detail in this conversion table is not corresponding to BPM5 1993 but rather to the revised coding of the Financial Derivatives Supplement 2000. |
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Direct investment: General Comments * In BPM6, direct investment is presented on an assets and liabilities basis, unlike on the directional principle in BPM5. In the standard components, direct investment is classified according to the relationship between the investor and the entity receiving the investment; see BPM6, paragraphs 6.37- 6.41. Thus, under ‘Direct investor in direct investment enterprises’ the reporting economy of the direct investor records the assets of the direct investor, and the reporting economy of the direct investment enterprises records the (mirror) liabilities of the direct investment enterprises (whether in an immediate or indirect relationship); see BPM6, paragraphs 6.37.(a). Under ‘Direct investment enterprises in direct investor’ (reverse investment) the reporting economy of the direct investment enterprises records the assets of the direct investment enterprises, and the reporting economy of the direct investor records the liabilities of the direct investor (whether in an immediate or indirect relationship); see BPM6, paragraphs 6.37.(b). Under the item ‘Between fellows’ the reporting economy reports assets and /or liabilities as appropriate; see BPM6, paragraphs 6.17. * Data on the directional basis are also recognized as essential for many purposes; see BPM6, paragraphs 6.44 - 6.45. The details needed to compile these data are shown in BPM6, Box 6.4. |
* In BPM6, the Framework for Direct Investment Relationships (FDIR) is adopted for identifying direct investment relationships; see BPM6, paragraphs 6.8 - 6.18 and BPM6 Box 6.1. Ownership of ordinary shares is removed from the operational definition of direct investment; see BPM6, paragraphs 6.12 and 6.19. In BPM6, the separate category of investment in fellow enterprises is included, see BPM6, paragraph 6.17 (c). The coverage of direct investment relationships due to indirect voting power and fellow enterprises is elaborated; see BPM6, paragraph 6.14. * Superdividends are treated as a withdrawals of equity; see BPM6, paragraph 8.23. The term ‘superdividends’ is not used in BPM5, but the treatment in BPM6 is in line with the general principals of BPM5 (notably liquidating dividends; see BPM5, paragraph 290). * Insurance technical reserves are potentially included in direct investment; see BPM6, paragraph 6.27. In BPM5, technical reserves of insurance enterprises are excluded from the stock of direct investment; see BPM5, paragraph 379. * The concept of pass-through funds is introduced; see BPM6, paragraphs 6.33 - 6.34. It is encouraged that compilers in economies that have large values of pass-through funds consider the compilation of supplementary data on funds in transit, based on national definitions. * In BPM6, all debt between selected types of affiliated financial corporations is excluded from direct investment, unlike in BPM5, where so-called Permanent debt was included in direct investment. The financial corporations to whom this applies are central banks, deposit-taking corporations other than the central bank, investment funds, and other financial intermediaries except insurance companies and pension funds; see BPM6, paragraph 6.28. |
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Financial account | B. Financial account | |||||||||
Net lending (+) / net borrowing (-) (balance from financial account) (B9) | The net balance of the financial account is equal to the net increase of assets minus the net increase in liabilities. This concept is conceptually equal to the net balance of the current and capital account; see BPM6, paragraphs 2.17 - 2.18 and Table 2.1. | |||||||||
Direct investment (FD) | 1. Direct investment | |||||||||
Net acquisition of financial assets Equity and investment fund shares (F5D) |
1.1 Abroad | |||||||||
Equity other than reinvestment of earnings | 1.1.1 Equity capital | |||||||||
Direct investor in direct investment enterprises | ![]() |
1.1.1.1 Claims on affiliated enterprises | * In BPM5, fellow enterprises are not explicitly mentioned. | |||||||
Direct investment enterprises in direct investor (reverse investment) | ||||||||||
Between fellow enterprises | ||||||||||
if ultimate controlling parent | 1.2 In reporting economy | |||||||||
is resident if ultimate controlling parent is |
1.2.1 Equity capital | |||||||||
if ultimate controlling parent is unknown | 1.2.1.1 Claims on direct investors |
Net acquisition of financial assets | 1.1 Abroad | |||||||
Reinvestment of earnings
|
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1.1.2 Reinvested earnings | * In BPM6, the terminology for the financial account entry is ‘reinvestment of earnings’, to distinguish it from ‘reinvested earnings’, which is continued to be used for the counterpart item in Primary income; see BPM6, paragraph 8.15. | |||||
Debt instruments | 1.1.3 Other capital | * In BPM6, the term Debt instruments replaces Other capital. | ||||||
Direct investor in direct investment enterprises | 1.1.3.1 Claims on affiliated enterprises | * As discussed above, in BPM6, all debt between selected types of affiliated financial corporations is excluded from direct investment. | ||||||
Direct investment enterprises in direct investor (reverse investment) | 1.1.3.1.1 Debt securities issued by affilia ted en terprises | |||||||
Between fellow enterprises | 1.1.3.1.2 Other claims on affiliated enterprises | * In BPM6, the item Other claims (as used in BPM5) is not classified separately. | ||||||
if ultimate controlling parent is resident if ultimate controlling parent is nonresident if ultimate controlling parent is unknown |
* In BPM5, fellow enterprises are not explicitly mentioned. | |||||||
1.2 In reporting economy | ||||||||
Of which: Debt securities (F3D) | 1.2.3 Other capital | |||||||
Direct investor in direct investment | 1.2.3.1 Claims on direct investors | * As discussed above, in BPM6, all debt between selected types of affiliated financial corporations is excluded from direct investment. | ||||||
Direct investment enterprises in direct (reverse investment) | 1.2.3.1.1 Debt securities issued by direct investors | |||||||
Between fellow enterprises | 1.2.3.1.2 Other claims on direct investors | * In BPM6, the item Other claims (as used in BPM5) is not classified separately. | ||||||
if ultimate controlling parent is resident if ultimate controlling parent is nonresident if ultimate controlling parent is unknown |
* In BPM5, fellow enterprises are not explicitly mentioned. |
Net incurrence of liabilities | ||||||||
Equity and investment fund shares (F5D) | 1.2 In reporting economy | |||||||
Equity other than reinvestment of earnings | 1.2.1 Equity capital | |||||||
Direct investor in direct investment enterprises | ![]() |
1.2.1.2 Liabilities to direct investors | ||||||
Direct investment enterprises in direct investor (reverse investment) | 1.1 Abroad | |||||||
Between fellow enterprises | 1.1.1 Equity capital | * In BPM5, fellow enterprises are not explicitly mentioned. | ||||||
if ultimate controlling parent is resident if ultimate controlling parent is if ultimate controlling parent is unknown |
1.1.1.2 Liabilities to affiliated enterprises | |||||||
Reinvestment of earnings
|
1.2.2 Reinvested earnings | * In BPM6, the terminology for the financial account entry is ‘reinvestment of earnings’, to distinguish it from ‘reinvested earnings’, which is continued to be used for the counterpart item in Primary income; see BPM6, paragraphs 8.15. |
1.2 In reporting economy | |||||||||||
Debt instruments | 1.2.3 Other capital | * In BPM6, the term Debt instruments replaces Other capital. | |||||||||
Direct investor in direct investment enterprises | ![]() |
1.2.3.2 Liabilities to direct investors | * As discussed above, in BPM6, all debt between selected types of affiliated financial corporations is excluded from direct investment. | ||||||||
Direct investment enterprises in direct investor (reverse investment) | |||||||||||
Between fellow enterprises if ultimate controlling parent is resident | 1.2.3.2.1 Debt securities issued by affiliated enterprises | * In BPM5, fellow enterprises are not explicitly mentioned. | |||||||||
if ultimate controlling parent is nonresident if ultimate controlling parent is unknown |
1.2.3.2.2 Other liabilities to direct investors | * In BPM6, the item Other claims (as used in BPM5) is not classified separately. | |||||||||
1.1 Abroad | |||||||||||
Of which: Debt securities (F3D) | 1.1.3 Other capital | ||||||||||
Direct investor in direct investment | 1.1.3.2 Liabilities to affiliated enterprises | * As discussed above, in BPM6, all debt between selected types of affiliated financial corporations is excluded from direct investment. | |||||||||
Direct investment enterprises in direct (reverse investment) | 1.1.3.2.1 Debt securities issued by direct investors | ||||||||||
Between fellow enterprises | 1.1.3.2.2 Other liabilities of | * In BPM5, fellow enterprises are not explicitly mentioned. | |||||||||
if ultimate controlling parent is resident if ultimate controlling parent is nonresident |
direct investors | ||||||||||
if ultimate controlling parent is unknown | * In BPM6, the item Other liabilities (as used in BPM5) is not classified separately. | ||||||||||
Portfolio investment (FP) | 2. Portfolio investment | ||||||||||
Net acquisition of financial assets | 2.1 Assets | ||||||||||
Equity and investment fund shares (F5P) | 2.1.1 Equity securities | ||||||||||
Central bank | 2.1.1.1 Monetary authorities | * In BPM6, the functional category of monetary authorities is supplementary, except for reserves assets. Where monetary authorities are supplementary, their transactions and positions need to be recorded as standard components under either central bank or general government, depending on the entity that holds the instrument on its books. | |||||||||
General government | 2.1.1.2 General government | ||||||||||
Monetary authorities (where relevant) |
Deposit-taking corporations, except central bank | ![]() |
2.1.1.3 Banks | |||||||
Other sectors | 2.1.1.4 Other sectors | ||||||||
Other financial corporations | ![]() |
* In BPM6, unlike BPM5, Reinvestment of earnings in investment funds is included in the financial account via the item Equity and investment fund shares, Other financial corporations. The item is not classified as a separate standard component. The counter-entry is in the Primary income account; see BPM6, paragraphs 8.28 and 11.37 - 11.39. | |||||||
Nonfinancial corporations, households, and NPISHs | |||||||||
Equity securities other than investment fund shares (F51P) | ![]() |
* A supplementary breakdown of equity securities other than investment fund shares (of which listed / nonlisted) is included unlike in BPM5; see BPM6, paragraphs 5.24 - 5.27. | |||||||
Listed (F511P) | |||||||||
Unlisted (F512P) | |||||||||
Investment fund shares or units (F52P) | * Investment fund shares and money market fund shares are separately identified as supplementary items; see BPM6, paragraphs 5.28 - 5.30. | ||||||||
Of which: Reinvestment of earnings Of which: Money market fund shares or units |
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Portfolio investment (FP) | 2.2 Liabilities | ||||||||
Equity and investment fund shares (F5P) | 2.2.1 Equity securities | ||||||||
Net incurrence of liabilities | |||||||||
Deposit-taking corporations, except central bank | ![]() |
2.2.1.1 Banks | |||||||
Other sectors | 2.2.1.2 Other sectors |
|
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* In BPM6, unlike BPM5, Reinvestment of earnings in investment funds is included in the financial account via the item Equity and investment fund shares, Other financial corporations. The item is not classified as a separate standard component. The counter-entry is in the Primary income account; see BPM6, paragraphs 8.28 and 11.37 - 11.39. * A supplementary breakdown of equity securities other than investment fund shares (of which listed / nonlisted) is included unlike in BPM5; see BPM6, paragraphs 5.24 - 5.27. |
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Equity securities other than investment fund shares (F51P) | ![]() |
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|
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Investment fund shares or units (FS2P) | * Investment fund shares and money market fund shares are separately identified as supplementary items; see BPM6, paragraphs 5.28 - 5.30. | ||||||
|
Debt securities: General Comments * The BPM5 titels Bonds and notes and Money market instruments are replaced by Long-term and Short-term debt securities in BPM6; see BPM6, paragraphs 5.44 and 5.103 - 105. * The conditions to reclassify traded loans as securities are clarified; see BPM6, paragraph 5.45. However, the impact is likely to be small. *Debt instruments with both the amount to be paid at maturity and periodic payments indexed to a foreign currency are classified and treated as if they are denominated in foreign currency. Also, the treatment of index-linked debt instruments is clarified and modified; see BPM6, paragraphs 11.50(a) - (c) and 11.59 - 11.65. BPM5 is less explicit about the treatment of this type of securities; see BPM5, paragraphs 397. |
Debt securities (F3P) | ![]() |
2.1.2 Debt securities | |||||||
Net acquisition of financial assets | |||||||||
Central bank | 2.1.2.2 Money market instruments | * In BPM6, the functional category of monetary authorities is supplementary, except for reserves assets. Where monetary authorities are supplementary, their transactions and positions need to be recorded as standard components under either central bank or general government, depending on the entity that holds the instrument on its books. | |||||||
Short-term | 2.1.2.2.1 Monetary authorities | ||||||||
2.1.2.1 Bonds and notes | |||||||||
Long-term | ![]() |
2.1.2.1.1 Monetary authorities | |||||||
General government | 2.1.2.2 Money market instruments | ||||||||
Short-term | 2.1.2.2.2 General government | ||||||||
2.1.2.1 Bonds and notes | |||||||||
Long-term | 2.1.2.1.2 General government | ||||||||
Monetary authorities (where relevant) | |||||||||
Short-term Long-term |
Deposit-taking corporations, except central bank | 2.1.2.2 Money market instruments | |||||||
Short-term | ![]() |
2.1.2.2.3 Banks | ||||||
2.1.2.1 Bonds and notes | ||||||||
Long-term | 2.1.2.1.3 Banks | |||||||
Other sectors | 2.1.2.2 Money market instruments | |||||||
Short-term | 2.1.2.2.4 Other sectors | |||||||
2.1.2.1 Bonds and notes | ||||||||
Long-term | 2.1.2.1.4 Other sectors | |||||||
Other financial corporations | ||||||||
Short-term | ||||||||
Long-term | ||||||||
Nonfinancial corporations, households, and NPISHs | ||||||||
Short-term | ||||||||
Long-term | ||||||||
Debt securities (F3P) | 2.2.2 Debt securities | |||||||
Net incurrence of liabilities | ||||||||
Central bank | 2.2.2.2 Money market instruments | * In BPM6, the functional category of monetary authorities is supplementary, except for reserves assets. Where monetary authorities are supplementary, their transactions and positions need to be recorded as standard components under either central bank or general government, depending on the entity that holds the instrument on its books. | ||||||
Short-term | 2.2.2.2.1 Monetary authorities | |||||||
2.2.2.1 Bonds and notes | ||||||||
Long-term | 2.2.2.1.1 Monetary authorities | |||||||
General government | 2.2.2.2 Money market instruments | |||||||
Short-term | 2.2.2.2.2 General government | |||||||
2.2.2.1 Bonds and notes | ||||||||
Long-term | 2.2.2.1.2 General government | |||||||
Monetary authorities (where relevant) | ||||||||
Short-term Long-term |
Deposit-taking corporations, except central bank | 2.2.2.2 Money market instruments | ||||||||
Short-term | ![]() |
2.2.2.2.3 Banks | |||||||
2.2.2.1 Bonds and notes | |||||||||
Long-term | 2.2.2.1.3 Banks | ||||||||
Other sectors | 2.2.2.2 Money market instruments | ||||||||
Short-term | 2.2.2.2.4 Other sectors | ||||||||
2.2.2.1 Bonds and notes | |||||||||
Long-term | 2.2.2.1.4 Other sectors | ||||||||
Other financial corporations | |||||||||
Short-term | |||||||||
Long-term | |||||||||
Nonfinancial corporations, households, and NPISHs | |||||||||
Short-term | |||||||||
Long-term | |||||||||
Financial derivatives (other than reserves) and employee stock options: General Comments | |||||||||
* The content of the 2000 Financial Derivatives Supplement is incorporated. As a consequence, the coding of the BPM5 Standard Components and Additional Detail in this conversion table is not corresponding to BPM5, but rather to the revised coding of the 2000 Financial Derivatives Supplement. | |||||||||
* The functional category is renamed to distinguish it from the instrument classification Financial derivatives and Employee stock options; see BPM6 6.58 - 6.60. | |||||||||
Financial derivatives (other than reserves) and employee stock options (F7F)*5 | 3. Financial derivatives | ||||||||
Net acquisition of financial assets | 3.1 Assets | ||||||||
Central bank | ![]() |
3.1.1 Monetary authorities | * In BPM6, the functional category of monetary authorities is supplementary, except for reserves assets. Where monetary authorities are supplementary, their transactions and positions need to be recorded as standard components under either central bank or general government, depending on the entity that holds the instrument on its books. | ||||||
General government | 3.1.2 General government | ||||||||
Monetary authorities (where relevant) |
Deposit-taking corporations, except central bank | ![]() |
3.2.3 Banks | ||||
Other sectors | 3.1.4 Other sectors | |||||
Other financial corporations | ||||||
Nonfinancial corporations, households, NPISHs | ||||||
Financial derivatives (other than reserves) (F71F) | * In BPM6, supplementary additional breakdowns of financial derivatives are introduced; see BPM6 5.95. | |||||
Options (F711F) Forward-type contracts (F712F) | ||||||
Employee stock options (F72) | * Employee stock options (ESOs) are included with Financial derivatives in BPM6 and recorded as a separate supplementary item if transactions in ESOs are significant; see BPM6 5.96 -5.98 and BPM6 6.58. | |||||
Net incurrence of liabilities | 3.2 Liabilities | |||||
Central bank | 3.2.1 Monetary authorities | * In BPM6, the functional category of monetary authorities is supplementary, except for reserves assets. Where monetary authorities are supplementary, their transactions and positions need to be recorded as standard components under either central bank or general government, depending on the entity that holds the instrument on its books. | ||||
General government | 3.2.2 General government | |||||
Monetary authorities (where relevant) | ||||||
Deposit-taking corporations, except central bank | 3.2.3 Banks | |||||
Other sectors | 3.2.4 Other sectors | |||||
Other financial corporations | ||||||
Nonfinancial corporations, households, NPISHs | ||||||
Financial derivatives (other than reserves) (F71F) | * In BPM6, supplementary additional breakdowns of financial derivatives are introduced; see BPM6 5.95. | |||||
Options (F711F) Forward-type contracts (F712F) | ||||||
Employee stock options (F72) 1 | * Employee stock options (ESOs) are included with Financial derivatives in BPM6 and recorded as a separate supplementary item if transactions in ESOs are significant; see BPM6 5.96 -5.98 and BPM6 6.58. |
Other investment (FO) | 4. Other investment | * BPM6 specifies all other investment instruments and does not have a residual item Other investment / other assets - other liabilities as in BPM5. * In BPM6, equity not included in direct investment and not in the form of securities is separately distinguished in Other investment / other equity; see BPM6 5.26 -5.27. BPM5 does not specify this kind of equity. In BPM6, capital subscriptions to international organizations is included in other equity, whereas BPM5 includes these subscriptions in other assets / liabilities (see items 4.1.4/4.2.4 below). |
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Other equity (F5190) | ![]() |
![]() |
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Net acquisition of financial assets | |||||||
Net incurrence of liabilities | |||||||
Currency and Deposits: General Comments * In BPM6, unlike BPM5, unallocated accounts in gold and other precious metals are included in currency and deposits, except for unallocated gold accounts held by monetary authorities for reserves purposes, for which the asset holding is included in monetary gold; see BPM6, paragraph 5.39. * The treatment of overnight deposits (or sweep accounts) is discussed; see BPM6, paragraph 7.62. In view of the fact that the positions can differ substantially depending on when these accounts are measured, it is recommended to record them consistently after the funds are moved at the end of the day and a cross-border position is created. * In BPM6, interbank positions is introduced as an ‘of which’ item to deposits; see BPM6, paragraph 5.42. |
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Currency and deposits (F20) Net acquisition of financial assets | 4.1.3 Currency and deposits / Assets | ||||||
Central banks | * In BPM6, the functional category of monetary authorities is supplementary, except for reserves assets. Where monetary authorities are supplementary, their transactions and positions need to be recorded as standard components under either central bank or general government, depending on the entity that holds the instrument on its books. | ||||||
Short-term | 4.1.3.1 Monetary authorities | ||||||
Long-term | |||||||
General government | ![]() |
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Short-term | 4.1.3.2 General government | ||||||
Long-term | |||||||
Monetary authorities (where relevant) | |||||||
Short-term | ![]() |
||||||
Long-term | |||||||
Deposit-taking corporations, except central bank | |||||||
Short-term | ![]() |
4.1.3.3 Banks | |||||
Long-term | |||||||
Of which: Interbank positions |
Other sectors | ![]() |
|||||||
Short-term | ![]() |
4.1.3.4 Other sectors | ||||||
Long-term | ||||||||
Other financial corporations | ||||||||
Short-term | ||||||||
Long-term | ||||||||
Nonfinancial corporations, house holds, NPISHs | ||||||||
Short-term | ||||||||
Long-term | ||||||||
Currency and deposits (F20) | 4.2.3 Currency and deposits / | * Unlike BPM5, BPM6 distinguishes currency and deposits liability entries for general government and other sectors / other financial corporations. | ||||||
Net incurrence of liabilities | Liabilities | |||||||
Central banks | * In BPM6, the functional category of monetary authorities is supplementary, except for reserves assets. Where monetary authorities are supplementary, their transactions and positions need to be recorded as standard components under either central bank or general government, depending on the entity that holds the instrument on its books. | |||||||
Short-term | ![]() |
4.2.3.1 Monetary authorities | ||||||
Long-term | ||||||||
General government | ||||||||
Short-term | ![]() |
|||||||
Long-term | ||||||||
Monetary authorities (where relevant) | ||||||||
Short-term | ||||||||
Long-term | ||||||||
Deposit-taking corporations, except the central | ||||||||
Short-term | ![]() |
4.2.3.2 Banks | ||||||
Long-term | ||||||||
Of which: Interbank positions |
Other sectors | |||||||||
Short-term | |||||||||
Long-term | |||||||||
Other financial corporations | |||||||||
Short-term | |||||||||
Long-term | |||||||||
Loans: General Comments * In BPM6, arrears are retained in the original asset / liability and identified as a memorandum item if related to exceptional financing (otherwise supplementary item). In BPM5, arrears are reclassified from the original asset / liability to short-term other assets / liabilities and requested as a supplementary item; see BPM6, paragraphs 5.99 - 5.102, BPM6, paragraphs 8.58 - 8.59, and BPM5, paragraphs 453, 528 - * The conditions to reclassify traded loans as securities are clarified; see BPM6, paragraph 5.45. However, the impact is likely to be small. * In BPM6, a convention for the treatment of the activation of one-off guarantees and other debt assumption is included; see BPM6, paragraphs 8.42 - 8.45, 13.12, and Box 8.1. |
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Loans (F40) | 4.1.2 Loans / Assets | ||||||||
Net acquisition of financial assets | |||||||||
Central bank | 4.1.2.1 Monetary authorities | * Guidance on positions with the IMF is provided in BPM6, Chapter 7, Annex 7.1. * In BPM5, only credit and loans from the Fund (i.e., liabilities of the reporting economy) are shown as standard components. * Under BPM6, credit and loans/ assets with the Fund can be recorded either under general government or central bank, depending on the entity that holds the asset on its books (usually central bank or ministry of finance). |
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Credit and loans with the IMF | |||||||||
(other than reserves) | ![]() |
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Other short-term | 4.1.2.1.2 Short-term | ||||||||
Other long-term | 4.1.2.1.1 Long-term | ||||||||
General government | 4.1.2.2 General government | ||||||||
Credit and loans with the IMF | |||||||||
(other than reserves) | |||||||||
Other short-term | 4.1.2.2.2 Short-term | ||||||||
Other long-term | 4.1.2.2.1 Long-term | ||||||||
Monetary authorities (where relevant) | * In BPM6, the functional category of monetary authorities is supplementary. Credits and loans with the Fund need to be recorded as standard components either under central bank or general government, depending on the entity that holds the asset on its books (usually central bank or ministry of finance). | ||||||||
Credit and loans with the IMF (other than reserves) Other short-term Other long-term |
Deposit-taking corporations, except the central | 4.1.2.3 Banks | |||||||
Short-term | ![]() |
4.1.2.3.2 Short-term | ||||||
Long-term | 4.1.2.3.1 Long-term | |||||||
Other sectors | 4.1.2.4 Other sectors | |||||||
Short-term | 4.1.2.4.2 Short-term | |||||||
Long-term | 4.1.2.4.1 Long-term | |||||||
Other financial corporations | ||||||||
Short-term | ||||||||
Long-term | ||||||||
Nonfinancial corporations, households, and NPISHs | ||||||||
Short-term | ||||||||
Long-term | ||||||||
Net incurrence of liabilities | 4.2.2 Loans / Liabilities | |||||||
Central bank | 4.2.2.1 Monetary authorities | * Guidance on positions with the IMF is provided in BPM6, Chapter 7, Annex 7.1. * Credit and loans with the Fund can be recorded either under general government or central bank, depending on the entity that holds the liability on its books (usually central bank or ministry of finance). |
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Credit and loans with the IMF | 4.2.2.1.1 Use of Fund credit and loans from the Fund | |||||||
Other short-term | 4.2.2.1.3 Short-term | |||||||
Other long-term | 4.2.2.1.2 Other long-term | |||||||
General government | 4.2.2.2 General government | |||||||
Credit and loans with the IMF | ||||||||
Other short-term | 4.2.2.2.2 Short-term | |||||||
Other long-term | 4.2.2.2.1 Long-term | |||||||
Monetary authorities (where relevant) | * In BPM6, the functional category of monetary authorities is supplementary. Credits and loans with the Fund need to be recorded as standard components either under central bank or general government, depending on the entity that holds the liability on its books (usually central bank or ministry of finance). | |||||||
Credit and loans with the IMF Other short-term Other long-term |
Deposit-taking corporations, except the central bank | 4.2.2.3 Banks | |||||||||
Short-term | ![]() |
4.2.2.3.2 Short-term | ||||||||
Long-term | 4.2.2.3.1 Long-term | |||||||||
Other sectors | 4.2.2.4 Other sectors | |||||||||
Short-term | 4.2.2.4.2 Short-term | |||||||||
Long-term | 4.2.2.4.1 Long-term | |||||||||
Other financial corporations | ||||||||||
Short-term | ||||||||||
Long-term | ||||||||||
Nonfinancial corporations, households, and NPISHs | ||||||||||
Short-term | ||||||||||
Long-term | ||||||||||
Insurance, pension, and standardized guarantee schemes: General Comments | ||||||||||
* In BPM 6, for nonlife insurance, changes in insurance technical reserves consist of prepayments of insurance premiums and changes in outstanding claims. Similarly, for life insurance, pension funds, annuity funds, and standardized guarantee schemes, the changes in technical reserves due to transactions are recorded in the financial account and consist of amounts of the estimated obligations to beneficiaries and holders that were accrued during the period; see BPM6, paragraphs 8.46 - 8.49 and Appendix 6c. BPM5’s definition of technical reserves is effectively the same as in BPM6 (see BPM5, paragraphs 257, footnote 6), with technical reserves recorded as separate additional detail in other investment / other assets/liabilities, where relevant; see BPM5, Table 7. In BPM6, provisions for calls under standardized guarantees are identified and treated similarly to insurance technical reserves; see BPM6, paragraph 5.68. Standardized guarantees are not classified as financial assets / liabilities in BPM5. | ||||||||||
Insurance, pension, and standardized guarantee schemes (F60) | 4.1.4 Other assets (partly / additional detail) | |||||||||
Net acquisition of financial assets | Prepayments of premiums and reserves against outstanding | |||||||||
Central bank | 4.1.4.1.1.1 Monetary | * In BPM6, the functional category of monetary authorities is supplementary, except for reserves assets. Where monetary authorities are supplementary, their transactions and positions need to be recorded as standard components under either central bank or general government, depending on the entity that holds the instrument on its books. | ||||||||
General government | ![]() |
4.1.4.2.1.1 General | ||||||||
Monetary authorities (where relevant) | government | |||||||||
Deposit-taking corporations, except the central | 4.1.4.3.1.1 Banks | |||||||||
Other sectors | 4.1.4.4.1.2 Other sectors | |||||||||
Other financial corporations Nonfinancial corporations, households, NPISHs |
4.1.4.4.1.1 Net equity of households in Ife insurance reserves and pension funds |
Nonlife insurance technical reserves (F610) | ||||||
Life insurance and annuity entitlements (F620) | ||||||
Pension entitlements (F630) | ||||||
Claims of pension funds on sponsors (F640) | ||||||
Entitlement to nonpension benefits (F650) | ||||||
Provisions for calls under standardized guarantees (F660) | ||||||
Net incurrence of liabilities | 4.2.4 Other liabilities (partly/additional detail) | |||||
Central bank | 4.2.4.4.1.1 Net equity of households in life insurance reserves and in pension funds | * Unlike BPM6, BPM5 does not identify this item for central bank, general government and deposit- taking corporations except central bank. | ||||
General government | ![]() |
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Monetary authorities (where relevant) | ||||||
Deposit-taking corporations except central bank | 4.2.4.4.1.2 Prepayments of premiums and reservesagainst outstanding claims | * In BPM6, the functional category of monetary authorities is supplementary, except for reserves assets. Where monetary authorities are supplementary, their transactions and positions need to be recorded as standard components under either central bank or general government, depending on the entity that holds the instrument on its books. | ||||
Other sectors | ||||||
Other financial corporations | ||||||
Nonfinancial corporations, households, NPISHs | ||||||
Nonlife insurance technical reserves (F610) Life insurance and annuity entitlements (F620) Pension entitlements (F630) Claims of pension funds on sponsors (F640) |
Entitlements to nonpension benefits (F650) | |||||||
Provisions for calls under standardized guarantees (F660) | |||||||
Trade credit and advances: General Comments * In BPM6, the term Trade credit and advances replaces Trade credits from BPM5, while the definition is unchanged; see BPM6, paragraph 5.70. * In BPM5, goods sent abroad for manufacturing services are included in Goods for processing and a simultaneous change of ownership is imputed in the financial account, except under certain conditions; see BPM5, paragraph 199. In BPM6, these imputed entries are no longer needed; see BPM6, paragraphs 10.62 - 10.71. |
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Trade credit and advances (F810) Net acquisition of financial assets | 4.1.1 Trade credits / Assets | ||||||
Central bank | |||||||
Short-term | |||||||
Long-term | |||||||
General government | 4.1.1.1 General government | ||||||
Short-term | ![]() |
4.1.1.1.2 Short-term | |||||
Long-term | 4.1.1.1.1 Long-term | ||||||
Monetary authorities (where relevant) | * In BPM5, trade credits are not requested as separate item for monetary authorities. In BPM6, monetary authorities are requested as supplementary data where relevant. | ||||||
Short-term | |||||||
Long-term | |||||||
Deposit-taking corporations, except central bank | * In BPM5, trade credits are not requested as separate items for banks. | ||||||
Short-term | |||||||
Long-term | |||||||
Other sectors | 4.1.1.2 Other sectors | ||||||
Short-term | 4.1.1.2.2 Short-term | ||||||
Long-term | 4.1.1.2.1 Long-term |
Other financial corporations | ||||||||
Short-term | ||||||||
Long-term | ||||||||
Nonfinancial corporations, households, and NPISHs | ||||||||
Short-term | ||||||||
Long-term | ||||||||
Trade credit and advances (F81O) Net incurrence of liabilities | 4.2.1 Trade credits / Liabilities | |||||||
Central bank | ||||||||
Short-term | ||||||||
Long-term | ||||||||
General government | 4.2.1.1 General government | |||||||
Short-term | ![]() |
4.2.1.1.2 Short-term | ||||||
Long-term | 4.2.1.1.1 Long-term | |||||||
Monetary authorities (where relevant) | * In BPM5, trade credits are not requested as separate item for monetary authorities. In BPM6, monetary authorities are requested as supplementary data where relevant. | |||||||
Short-term | ||||||||
Long-term | ||||||||
Deposit-taking corporations, except central bank | * In BPM5, trade credits are not requested as separate items for banks. | |||||||
Short-term | ||||||||
Long-term | ||||||||
Other sectors | 4.2.1.2 Other sectors | |||||||
Short-term | 4.2.1.2.2 Short-term | |||||||
Long-term | 4.2.1.2.1 Long-term |
Other financial corporations | |||||||||
Short-term | |||||||||
Long-term | |||||||||
Nonfinancial corporations, households, and NPISHs | |||||||||
Short-term | |||||||||
Long-term | |||||||||
Other accounts receivable / payable: General Comments | |||||||||
* The BPM5 items Other investment 1 other assets 1 other liabilities (as shown in BPM5, Table 7: Standard Components and Additional Detail) is a residual category. Additionally to the BPM6 items Other investment / other accounts receivable / payable, it includes (i) Net equity of households in life insurance reserves and in pension funds and Prepayments of premiums and reserves against outstanding claims; in BPM6, these BPM5 items are classified under Insurance, pension, and standardized guarantee schemes; (ii) Other investment / other equity; and (iii) other items that could not be classified elsewhere; under BPM6 these items are to be allocated to the appropriate financial instrument. | |||||||||
Other accounts receivable (F89O) Net acquisition of financial assets | 4.1.4 Other investment/other assets (residual) | ||||||||
Central bank | 4.1.4.1 Monetary authorities | * In BPM6, the functional category of monetary authorities is supplementary, except for reserves assets. Where monetary authorities are supplementary, their transactions and positions need to be recorded as standard components under either central bank or general government, depending on the entity that holds the instrument on its books. | |||||||
Short-term | ![]() |
4.1.4.1.2 Short-term | |||||||
4.1.4.1.1 Long-term | |||||||||
Long-term | 4.1.4.1.1.2 Other assets | ||||||||
General government | 4.1.4.2 General government | ||||||||
Short-term | 4.1.4.2.2 Short-term | ||||||||
4.1.4.2.1 Long-term | |||||||||
Long-term | 4.1.4.2.1.2 Other assets | ||||||||
Monetary authorities (where relevant) | |||||||||
Short-term Long-term |
Deposit-taking corporations, except central bank | ![]() |
4.1.4.3 Banks | ||||||||
Short-term | 4.1.4.3.2 Short-term | |||||||||
4.1.4.3.1 Long-term | ||||||||||
Long-term | 4.1.4.3.1.2 Other assets | |||||||||
Other sectors | 4.1.4.4 Other sectors | |||||||||
Short-term | 4.1.4.4.2 Short-term | |||||||||
4.1.4.4.1 Long-term | ||||||||||
Long-term | 4.1.4.4.1.3 Other assets | |||||||||
Other financial corporations | ||||||||||
Short-term | ||||||||||
Long-term | ||||||||||
Nonfinancial corporations, households, NPISHs | 4.1.4 Of which Prepayments of premiums and reserves agamst outstanding claims | ![]() |
* In BPM6, these subcomponents of BPM5, category 4.1.4, other investment / other assets are reclassified to BPM6 category insurance, pension, and standardized guarantee schemes (F60). | |||||||
Short-term | ||||||||||
Long-term | ||||||||||
4.1.4.1.1.1 Monetary authorities | ||||||||||
4.1.4.3.1.1 Banks | ||||||||||
4.1.4.2.1.1 General government | ||||||||||
4.1.4.4.1.2 Other sectors | ||||||||||
4.1.4 Of which Net equity of households in life insurance reserves and in pension funds | ||||||||||
4.1.4.4.1.1 Households | ||||||||||
Other accounts payable (F89O) Net incurrence of liabilities | 4.2.4 Other liabilities (residual) | |||||||||
Central bank | 4.2.4.1 Monetary authorities | * In BPM6, the functional category of monetary authorities is supplementary, except for reserves assets. Where monetary authorities are supplementary, their transactions and positions need to be recorded as standard components under either central bank or general government, depending on the entity that holds the instrument on its books. | ||||||||
Short-term | 4.2.4.1.2 Short-term | |||||||||
Long-term | 4.2.4.1.1 Long-term | |||||||||
General government | 4.2.4.2 General government | |||||||||
Short-term | 4.2.4.2.2 Short-term | |||||||||
Long-term | 4.2.4.2.1 Long-term |
Monetary authorities (where relevant) | ||||||||||
Short-term | ||||||||||
Long-term | ||||||||||
Deposit-taking corporations, except | 4.2.4.3 Banks | |||||||||
central bank | ||||||||||
Short-term | ![]() |
4.2.4.3.2 Short-term | ||||||||
Long-term | 4.2.4.3.1 Long-term | |||||||||
Other sectors | 4.2.4.4 Other sectors | |||||||||
Short-term | 4.2.4.4.2 Short-term | |||||||||
4.2.4.4.1 Long-term | ||||||||||
Long-term | 4.2.4.4.1.3 Other liabilities | |||||||||
Other financial corporations | 4.2.4 Of which Net equity of households in life insurance reserves and in pension funds | ![]() |
* In BPM6, these subcomponents of BPM5, category 4.1.4, other investment / other liabilities are reclassified to BPM6 category insurance, pension, and standardized guarantee schemes (F60). | |||||||
Short-term | ||||||||||
Long-term | 4.2.4.4.1.1 Households | |||||||||
Nonfinancial corporations, house- | 4.2.4 Of which Prepayments of premiums and reserves against outstanding claims | |||||||||
holds, NPISHs | ||||||||||
Short-term | ||||||||||
Long-term | 4.2.4.4.1.2 Other sectors | |||||||||
Special drawing rights (F12) Net incurrence of liabilities | * In BPM6, the allocation of SDRs to IMF members is recorded as an incurrence of a liability; see BPM6, paragraph 8.50. In BPM5, the allocation of SDRs is not recognized as a liability; see BPM5, paragraph 440. |
Reserve assets: General comments | |||||||
* Monetary gold. In BPM6, unlike BPM5, unallocated gold accounts held by monetary authorities with nonresidents for reserves purposes are included in monetary gold, which is broken down in gold bullion and unallocated gold accounts. Unallocated accounts in other precious metals held with nonresidents are included in currency and deposits; see BPM6, paragraphs 5.39 and 5.74 - 5.78. BPM6 gives an extensive explanation of the recording of gold swaps; see BPM6, paragraphs 6.82. The explanation is in line with the general principles of BPM5, although the latter is more concise; see BPM5, paragraph 434. * In BPM6, the conditions under which net creditor positions in regional payment agreements can be included in reserve assets have been brought in line with the general principles of reserve assets and have thus become more restrictive; see BPM6, paragraphs 6.112 and BPM5, paragraph 432. * Unlike in BPM5, working balances of government agencies are not included in reserve assets in BPM6; see BPM6, paragraphs 6.112 and BPM5 433. * In BPM6, the treatment of pooled assets and assets in special purpose government funds are described consistent with the general principles of reserve assets; in BPM5 they were not described. The treatment of pledged assets in reserve assets is clarified; see BPM6, paragraphs 6.93, 6.99 and 6.107 - 6.109. BPM6, paragraph 6.110 discusses the treatment of frozen assets that do not qualify as reserve assets. * Guidance on positions with the IMF is provided in BPM6, Chapter 7, Annex 7.1. |
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Reserve assets (FR) | 5. Reserve assets | ||||||
Monetary gold (F11) | ![]() |
5.1 Monetary gold | * See Reserve assets, General comments: monetary gold. | ||||
Gold bullion*6 | |||||||
Unallocated gold accounts 6 | |||||||
Special drawing rights (F12) | 5.2 Special drawing rights | ||||||
Reserve position in the IMF | 5.3 Reserve position in the Fund | ||||||
5.3.1 Deposits | |||||||
5.3.2 Loans | |||||||
Other reserve assets | 5.4 Foreign exchange |
Currency and deposits | ![]() |
5.4.1 Currency and deposits | |||||||
Claims on monetary authorities | 5.4.1.1 With monetary authorities | ||||||||
Claims on other entities | 5.4.1.2 With banks | ||||||||
Securities | 5.4.2 Securities | * BPM6 explains that securities transferred under repos can either (i) be included as reserves assets with the loan incurred (if to a nonresident) reported as other investment / liabilities / loans (and classified as a memorandum item under reserve-related liabilities); or (ii) excluded from reserve assets and reclassified as portfolio investment; see BPM6, paragraphs 6.88 - 6.90. Securities obtained as collateral under reverse repos result in legal but not in economic ownership changing hands and so should not be included in the reserves (or portfolio) assets of the securities borrower; see BPM6, paragraphs 5.54 and 7.58 - 7.59. BPM5 does not discuss the treatment of repo transactions in reserves assets. * In BPM5, Other claims is a residual that covers part of currency and deposits and securities n.i.e.; see BPM5, paragraph 443. In BPM6, Other claims includes loans to nonresident nondeposit-taking corporations, long-term loans to IMF Trust Accounts that are readily repayable, loans arising from a reverse repo (unless classified as deposits), and other financial assets not included elsewhere that fulfill the general principles of reserve assets; see BPM6, paragraph 6.92. |
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Debt securities (F3R) | |||||||||
Short-term (F31R) | 5.4.2.3 Money market instruments | ||||||||
Long-term (F32R) | 5.4.2.2 Bonds and notes | ||||||||
Equity and investment fund shares (F5R) | 5.4.2.1 Equities | ||||||||
Other claims | 5.5 Other claims (partly) | ||||||||
5.5.7 Currency and deposits | |||||||||
5.5.2 Securities | |||||||||
5.5.2.2 Debt securities | |||||||||
5.5.2.1 Equities | |||||||||
Financial derivatives (F7R)*7 | 5.4.3 Financial derivatives | ||||||||
Net errors and omissions | Net errors and omissions are derived residually as net lending / net borrowing from the financial account minus the same item derived from the current and capital accounts; see BPM6, paragraph 2.24 and Table 2.1. | ||||||||
Memorandum items - Exceptional financing | 2. Exceptional financing transactions | ||||||||
Current and/or capital transfers | 2.1 Transfers | ||||||||
Debt forgiveness | 2.1.1 Debt forgiveness | ||||||||
Other intergovernmental grants | 2.1.2 Other intergovernmental | ||||||||
Grants received from IMF subsidy accounts | 2.1.3 Grants received from IMF subsidy accounts | ||||||||
Direct investment | 2.2 Direct investment | ||||||||
Equity investment associated with debt reduction | 2.2.1 Investment associated with debt reduction | ||||||||
Debt instruments | 2.2.2 Other |
Portfolio investment—liabilities*8 | ![]() |
2.3 Portfolio investment: borrowing by authorities or by other sectors on behalf of | |||||
Other investment—liabilities*8 | 2.4 Other investment - liabilities | ||||||
Drawings on new loans by authorities or by other sectors on behalf of authorities | 2.4.1 Drawings on new loans by authorities or by other sectors on behalf of authorities | ||||||
Rescheduling of existing debt | 2.4.2 Rescheduling of existing | ||||||
Arrears*8*9 | * In BPM6, arrears are retained in the original asset/liability and identified as a memorandum item if related to exceptional financing (otherwise supplementary item). In BPM5, arrears are reclassified from the original asset/liability to short-term other assets / liabilities and requested as supplementary item; see BPM6, paragraphs 5.99 - 5.102, BPM6, paragraphs 8.58 - 8.59, and BPM5, paragraphs 453, 528 - 529. | ||||||
Accumulation of arrears | 2.4.3 Accumulation of arrears | ||||||
Principal on short-term debt | 2.4.3.1 Principal on short-term | ||||||
Principal on long-term debt | 2.4.3.2 Principal on long-term | ||||||
Original interest | 2.4.3.3 Original interest | ||||||
Penalty interest | 2.4.3.4 Penalty interest | ||||||
Repayment of arrears | 2.4.4 Repayment of arrears | ||||||
Principal | 2.4.4.1 Principal | ||||||
Interest | 2.4.4.2 Interest | ||||||
Rescheduling of arrears | 2.4.5 Rescheduling of arrears | ||||||
Principal | 2.4.5.1 Principal | ||||||
Interest | 2.4.5.2 Interest | ||||||
Cancellation of arrears | 2.4.6 Cancellation of arrears | ||||||
Principal | 2.4.6.1 Principal | ||||||
Interest | 2.4.6.2 Interest |
Further detail in EBOPS, see MSITS Annex II, Extended Balance of Payments Services Classification.
Standard components for those countries that are unable (e.g., for reasons of confidentiality) to provide the full breakdown by mode of transport; otherwise supplementary, but can be derived by summing the standard components for each mode of transport.
Construction abroad—Construction (CR.); Goods and services acquired (DR.). Construction in the reporting economy—(Goods and services acquired (CR.); (Construction (DR.)
If available for publication. If not available for publication, include in other investment-interest.
Preferably assets and liabilities reported separately, but otherwise a net figure for liabilities less assets, included, by convention, under assets.
If available for publication.
Assets and liabilities combined and reported as a net figure for assets less liabilities, included under assets.
Specify sector involved and standard component in which the item is included.
Arrears related to exceptional financing. Not a transaction, but included in the “analytic” presentation; see BPM6, paragraph 14.17 and Appendix 1, paragraph A1.21.
BPM6 Changes in Treatment or Classification
BPM6 Balance of Payments: Standard Components and Selected Other Items (Items in italic are supplementary) | Remapping | BPM5 Balance of Payments: Standard Components and Additional Detail (Items in italic are supplementary) | Comments on Change in Treatment or Clarification |
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Current account | 1. Current account | ||
Goods and services (P6/P7) | A. Goods and services | ||
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a. Goods | * In BPM6, Goods for processing and Repairs on goods are recorded under Services, unlike BPM5 where these items were recorded under goods. | |
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1. General merchandise 4. Goods procured in ports by carriers |
* BPM6 includes a reconciliation table to show the relationship between merchandise trade statistics and goods on a balance of payments basis; see BPM6, Table 10.2. * In BPM6, migrants personal effects are not classified as transactions as in BPM5 and so are no longer included in goods, nor elsewhere in the international accounts; see BPM6, paragraph 10.22 (b). * In BPM6, goods bought abroad for own use or to give away that exceed customs thresholds are included in general merchandise; see BPM6, paragraph 10.20. In BPM5, these goods are recorded in travel; see BPM5, paragraphs 212 and 250. * In BPM6, general merchandise includes goods procured in ports, which in BPM5 is separately classified; see BPM6, paragraph 10.17(d). * Unlike in BPM5, re-exports, that is goods produced in other economies and previously imported, which are exported without a substantial transformation, should be separately recorded if they are a significant proportion of exports; see BPM6, paragraphs 10.37 - 10.40. |
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9. Other business services
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* Merchanting of goods is included under exports of goods (both gross/net); see BPM6, paragraphs 10.41-10.49. In BPM5, merchanting a is included in 9.1 Merchanting and other trade-related services. When these goods are kept in inventories from one period to the next, BPM5 recommends that the purchases are booked as imports, and the subsequent sales as negative imports of goods. In that case, any difference between the value of the goods when acquired and relinquished is entered under Merchanting and other trade-related services; see BPM5, paragraphs 207, 213 and 262. In BPM6, the acquisition of the good is classified as a negative goods export of the economy of the merchant, and the sale is a positive goods export, with the difference between sales and purchases recorded as ‘net exports of goods under merchanting’. |
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5. Nonmonetary gold
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Services (P72/P82) | |||||
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2. Goods for processing | * In BPM6, the fee received for the processing services rendered is included in Manufacturing services on physical inputs owned by others; gross reporting is supplementary; see BPM6, paragraphs 10.62 - 10.71. In BPM5, goods sent abroad for manufacturing services are included in Goods for processing and a simultaneous change of ownership is imputed, except under certain circumstances; see BPM5, paragraph 199. In BPM6, imputed financial account entries for trade credit required by the imputed flows for ‘goods for processing’ are no longer needed. | |||
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3. Repairs on goods
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*The BPM5 item Repairs on goods has been renamed in Maintenance and repair services n.i.e. Unlike BPM5, this item is included under services, rather than goods. It comprises Maintenance of transport equipment, which was recorded in Other transport, other in BPM5; see BPM6, paragraphs 10.72 - 10.73 and BPM5, paragraphs 200 and 240. | |||
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1. Transportation | * Transport services is renamed (BPM5: Transportation) in line with the Central Product Classification (CPC); see BPM6, paragraph 10.61. | |||
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* This supplementary item is needed for the compilation of Personal remittances; see BPM6, paragraph 12.51 (a) and Appendix 5. |
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* This supplementary item is needed for the compilation of Personal remittances; see BPM6, paragraph 12.51 (a) and Appendix 5. | |||
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* This supplementary item is needed for the compilation of Personal remittances; see BPM6, paragraph 12.51 (a) and Appendix 5. * In BPM5, 1.3.3 Other transport / Other includes maintenance of transport equipment; see BPM5, paragraph 240. In BPM6, maintenance of transport equipment is included under Maintenance and repair services n.i.e.; see BPM6, paragraph 10.72. |
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3. Communications services (partly) | * In BPM5, postal and courier services is included in Services, 3. Communication Services. In BPM6, it is included in services / transport; see BPM6, paragraphs 10.74, 10.82–10.85. | |||
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* This supplementary item is needed for the compilation of Personal remittances; see BPM6, paragraph 12.51 (a) and Appendix 5. |
Travel | 2. Travel | ||||
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* This supplementary item is needed for the compilation of Personal remittances; see BPM6, paragraph 12.51 (a) and Appendix 5. | |||
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* The recording of alternative time-share arrangements (either as direct investment or other investment / trade credit, with periodic counter flows in accommodation services in travel) is explained; see BPM6, paragraph 10.100 and Table 10.3. BPM5 does not discuss time-share arrangements, but the description in BPM6 is in line with the general principles of BPM5. * In BPM6, goods bought abroad for own use or to give away that exceed customs thresholds are included in general merchandise; see BPM6, paragraph 10.20. In BPM5, these goods are included in travel. |
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For both business and personal travel Goods
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This supplementary breakdown of travel allows for closer links with tourism satellite accounts as well as supply and use tables BPM6, paragraph 10.95. | ||||
Construction | 4. Construction services 9. Other business services (partly) |
* The separate items Construction abroad and Construction in the reporting economy are introduced as supplementary items; see BPM6, paragraphs 10.105 - 10.106. In BPM6, expenditures by nonresident construction enterprises on local supplies are included in Construction services; see BPM6, paragraph 10.102. In BPM5, they are part of Other business services (see BPM5, paragraph 254). As in BPM5, goods and services provided from the home economy of the enterprise (resident-to-resident transactions) should be excluded from general merchandise and/or services of the local economy. Other than in BPM5, goods and services acquired from third economies are recorded under general merchandise and/or services for the economy of the enterprise; see BPM6, paragraph 10.102. |
Insurance and pension services*1
|
5. Insurance services | * In BPM6, premium supplements are taken into account in deriving insurance services; see BPM6, paragraph 10.111 and Appendix 6c. BPM5 accepts ignoring these flows on practical grounds; see BPM5, paragraph 257. In BPM6, reinsurance and direct insurance are treated consistently; see BPM6, paragraph 10.111, whereas BPM5 recommends recording the balance of all flows between resident insurers and nonresident reinsurers (and vice-versa) in services; see BPM5, paragraph 257. In contrast to BPM5, the estimate of insurance claims used to derive the value of insurance services may be adjusted to take account of claim volatility; see BPM6, paragraph 10.114(c). | ||
Financial services
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6. Financial services | * Financial dealers’ implicit charges via margins are included under financial services; see BPM6, paragraph 10.119. In BPM5, implicit margins are not discussed separately and may therefore be included in the financial flows. In BPM6, services of asset-holding entities to their owners, where asset management costs are taken out of income, are included in financial services; see BPM6, paragraph 10.124. In BPM5, these costs are not discussed separately and may therefore be included in investment income. | ||
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B.2 Investment income (partly) Financial intermediation charge indirectly measured | * BPM6 recognizes FISIM on loans and deposits when those loans and deposits are provided by, or deposited with, financial corporations (as defined in BPM6, paragraphs 4.63 - 4.64); see BPM6, paragraph 10.127. In BPM6, FISIM can be attributed to interest on loans and deposits in direct investment, other investment, and reserve assets, but not portfolio investment. In BPM5, FISIM is not recognized in Financial services; see BPM5, paragraph 508. | ||
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8. Royalties and license fees | * BPM6 uses the title Charges for the use of intellectual property instead of Royalties and license fees in BPM5. It includes charges for the use of (i) franchises and trademarks, like in BPM5; and (ii) the outcomes of research and development (R&D). In BPM6, as in BPM5, outright purchases/sales of franchises and trademarks are recorded in the capital account. Charges for the use of intellectual property also includes licenses to reproduce and/or distribute (i) software; and (ii) audiovisual and related services; (BPM5 is not explicit on the recording of licenses to reproduce and/or distribute). See BPM6, paragraphs 10.137-10.140 and Table 10.4. |
Telecommunications, computer, and information services*1
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3. Communications services (partly) | * In BPM6, a grouping of telecommunications, computer, and information services is introduced (see BPM6, paragraph 10.141). This includes the following BPM5 items: (i) 3. Communications services (exceptpostal and courier services, which are recorded under Transport in BPM6); and (ii) 7. Computer and information services. | |
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7. Computer and information services | * In BPM6, Computer services includes (i) licenses to use software; and (ii) outright purchases/sales of software. Computer services does not include (i) licenses to reproduce and/or distribute software (see Charges for use of intellectual property; BPM6, paragraph 10.137 (b)); and (ii) transactions in noncustomized (mass-produced) software provided on physical media with right to perpetual use, which need to be recorded under goods (the latter is not a change, but clarification to BPM5). See BPM6, paragraph 10.143 and Table 10.4. | |
Other business services*1 | 9. Other business services | ||
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2. Capital and Financial Account
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* In BPM6, the results of R&D are considered produced assets. Outright purchases and sales of the results of R&D are therefore recorded under Research and development services; see BPM6, paragraphs 10.147-10.148. In BPM5, sales and purchases of the results of R&D are recorded in the capital account / nonproduced nonfinancial assets; see BPM5, paragraph 358. In BPM6, charges for the use of the outcomes of R&D are included in Charges for the use of intellectual property. In BPM5, the provision of R&D services is included under 9.3 Miscellaneous business, professional, and technical services; see BPM5, paragraph 264. | |
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* In BPM6, merchanting is recorded under Goods / Net exports of goods under merchanting, unlike services in BPM5; see BPM6, paragraphs 10.41-10.49. |
Personal, cultural, and recreational services*1 | 10. Personal, cultural, and recreational services | ||
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* In BPM6, Audiovisual and related services, and Other personal, cultural and recreational services include (i) licenses to use the products; and (ii) outright purchases/ sales. Audiovisual and related services do not include (i) licenses to reproduce and/ or distribute (see Charges for the use of intellectual property); and (ii) transactions in non-customized (mass-produced) products provided on disks, etc., which need to be recorded under goods (this is not a change, but clarification to BPM5). See BPM6, paragraphs 10.162 - 10.166 and Table 10.4. | |
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* BPM6 describes the service charge of lotteries and gambling as the margin between the gambling charges and the winnings payable by the operator. The service charge is included under Other personal, cultural, and recreational services; see BPM6, paragraph 10.170. Winnings payable between the operator and the participants are recorded under Personal transfers; see BPM6, paragraphs 12.53 -12.54. BPM5 only discusses the recording of gambling in terms of Other current transfers; see BPM5, paragraph 303. Gambling by visitors abroad (not discussed in BPMS) is to be included in travel; see BPM6, paragraph 10.88. | |
Government goods and services n.i.e.*1
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11. Government services n.i.e. | This supplementary item allows for a link with tourism satellite accounts as well as supply and use tables BPM6, paragraph 10.95. |
Primary income: General Comments |
* The term Primary income is introduced to be consistent with the 2008 SNA; see BPM6, paragraph 11.1. Rent and Taxes/subsidies on products and production are explicitly included in primary income; see BPM6, Tables 11.1, 11.2, and 11.3. |
* Compensation of employees. The employer-employee relationship is clarified to distinguish between compensation of employees and payment for services in BPM6, paragraph 11.12. This is a clarification to BPM5 and in accordance with its general principles. Yet, it may result in reclassifications involving compensation of employees and services. |
* Dividends. In BPM6, dividends are recorded when the shares go ex dividend; see BPM6, paragraph 3.48; in BPM5: when payable; see BPM5, paragraphs 282 and 284. Withdrawals of income from quasicorporations are recorded when withdrawn, consistent with BPM5 principles; see BPM6, paragraph 11.31. BPM6 describes superdividends, which should be recorded as withdrawals of equity, not primary income; see BPM6, paragraph 11.27. The term ‘superdividends’ is not discussed in BPM5, but the treatment in BPM6 is in line with the general principals of BPM5 (notably liquidating dividends; see BPM5, paragraph 290). In BPM6, the title Income from quasicorporations replaces the BPM5 term Distributed branch profits; see BPM6, paragraph 11.26. Adjustments for transfer pricing (which may result in a counterentry in dividends or equity flows) are clarified; see BPM6, paragraphs 11.101 -11.102. This clarification is not a change from BPM5; see BPM5, paragraphs 97 - 103. |
* Interest. In BPM6, interest income is adjusted to show ‘pure’ interest, i.e. the financial intermediation services indirectly measured (FISIM) component is included in Financial services; see BPM6, paragraphs 11.74 - 75. BPM6 recognizes FISIM on loans and deposits when those loans and deposits are provided by, or deposited with, financial corporations (as defined in BPM6, paragraph 4.64); see BPM6, paragraph 10.127. FISIM can be attributed to interest on loans and deposits in direct investment income, other investment income, and reserve assets, but not portfolio investment. BPM5 does not recognize FISIM; see BPM5, paragraph 258, note 7. Nonetheless, it is included as additional detail in BPM5, Table 7 to allow reconciliation with the SNA. |
* Reserve assets. In BPM6, income on reserve assets is identified separately. If not available for publication, income from reserve assets may be included in other investment / interest; see BPM6, paragraph 11.109. In BPM5, income on reserve assets is included in other investment income; see BPM5, paragraph 281. |
* Fees on securities lending and gold loans. In BPM6, fees on securities lending and gold loans are clarified and treated as interest if the fees accrue to the owner lending these assets (see BPM6, paragraphs 11.67 - 11.68) with the counter-entry in other accounts receivable/payable; see BPM6, paragraph 5.73. BPM5 does not discuss these fees explicitly. As in BPM5, fees payable to custodians etc. for the administrative services associated with the lending are recorded in Financial services. |
Primary income | B. Income | ||
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1. Compensation of employees 2. Investment income
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* See Primary income, general comments: compensation of employees. * Unlike in BPM5, direct investment income is broken down by type of FDI relationships; see BPM6, paragraph 6.37. * See Primary income, general comments: dividends from direct investment. |
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* In BPM6, the title Reinvested earnings replaces the BPM5 term Reinvested earnings and undistributed branch profits, without changing the substance of the item. |
Interest (D41D)
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* See Primary income, general comments: interest. | |
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* In BPM6, ‘actual interest’, i.e. interest including FISIM, is a memorandum item; see BPM6, paragraph 11.74. This item corresponds with interest reported under BPM5. | |
Portfolio investment | 2.2 Portfolio investment | * See Primary income, general comments: interest. | |
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* See Primary income, general comments: dividends. | |
Reinvested earnings | * Other than in BPM5, reinvested earnings of investment funds are included in primary income for portfolio investment, with counterpart in the financial account; BPM6, paragraphs 11.37 - 11.39. |
Interest (D41P) |
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* See Primary income, general comments: interest, and fees on securities lending and gold loans. | ||
Short-term |
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Long-term |
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* Unlike in BPM6, BPM5 does not recognize FISIM; see BPM5, paragraph 258, note 7. Nonetheless, it is included as additional detail in BPM5, Table 7 to allow reconciliation with the SNA. BPM6 does not recognize FISIM on portfolio investment. * See Primary income, general comments: interest, and reserve assets. * In BPM6, income from equity not included in direct investment and not in the form of securities (i.e. D420) is separately distinguished in income from other investment; see BPM6, paragraphs 5.26 -5.27. BPM5 does not specify this kind of equity. |
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Other investment |
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Withdrawals from income of quasi-corporations (D420) | Equity income (not available in BPM5) | |||
Interest (D410) |
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Memorandum: Interest before FISIM |
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* In BPM6, ‘actual interest’, i.e. interest including FISIM, is a memorandum item; see BPM6, paragraph 11.74. This item corresponds with interest reported under BPM5. * In BPM6, premium supplements are taken into account in deriving insurance services; see BPM6, paragraph 10.111 and Appendix 6c. Thus, the total amount of investment income attributable to policyholders is classified as premium supplements; see BPM6, Appendix 6c.26. BPM5 accepts ignoring these flows on practical grounds; see BPM5, paragraph 257. |
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Investment income attributable to policyholders in insurance, pension schemes, and standardized guarantees (D4410+ D4420) |
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Reserve assets*4 | * See Primary income, general comments: interest; fees on securities lending and gold loans; and reserve assets. | |||
Income on equity and investment fund shares | ||||
Interest (D41R)*4 | ||||
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Other primary income | C. Current transfers (partly) | ||||||||
Taxes on production and imports (D2) Subsidies (D3) | ![]() |
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* In BPM6, taxes and subsidies on products and production are classified as primary income, not as secondary income (current transfers) as in BPM5; see BPM6, paragraphs 11.91 -11.94. | |||
Rent (D45) | * In BPM5, rent (D45) is not separately identified. | ||||||||
Secondary income : General Comments * The term Secondary income is introduced to be consistent with the SNA and is clarified in BPM6, paragraphs 12.1 -12.4. More detailed types of current transfers are introduced on a supplementary basis; see BPM6, paragraphs 12.21 -12.24. Refunds of taxes to taxpayers are treated as negative taxes, i.e., the amount of taxes is reduced by tax refunds; see BPM6, paragraph 12.21. In BPM5, tax refunds are recorded under government transfers; see BPM5, paragraph 299. The delineation between taxes and services is clarified. Business licenses to fish, hunt, etc. are no longer automatically treated as taxes as in BPM5, but as services, rent, taxes, or acquisition of a license asset, depending on what is supplied in return; see BPM6, paragraphs 10.179-180, 12.23; BPM5, paragraph 300. |
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Secondary income | C. Current transfers | ||||||||
General government | 1. General government | ||||||||
Current taxes on income, wealth, etc. (D5) | ![]() |
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Of which: payable by border, seasonal, and other short-term workers | * Supplementary data related to cross-border employment is used to compile personal remittances; see BPM6, paragraph 12.51. |
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* In BPM6, taxes and subsidies on products and production are classified as primary income; not as secondary income (current transfers) as in BPM5; see BPM6, paragraphs 11.90 - 11.93. | |||
Social contributions (D61)
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* Supplementary data related to cross-border employment is used to compile personal remittances; see BPM, paragraph 12.51. | ||
Social benefits (D62+D63) | 1.5 social benefits | ||||
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* Supplementary data on current transfers to NPISHs is used to compile total remittances to NPISHs; see BPM6, paragraph 12.51. | ||
Financial corporations, nonfinancial corporations, households, and NPISHs | 2. Other sectors |
Personal transfers (Current transfers between resident and nonresident households) | ![]() |
2.1 Workers’ remittances | * BPM6 introduces the concept of Personal transfers, which is broader than workers’ remittances (in both BPM5 and BPM6) because it includes all transfers between individuals, not just those of migrants who are employed in new economies and considered residents there; see BPM6, paragraphs 12.47 -12.51 and Appendix 5. | |||||
Of which: Workers’ remittances | ||||||||
Other current transfers | 2.2 Other transfers | |||||||
Current taxes on income, wealth, etc. (D5) |
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* In BPM6, taxes and subsidies on products and production are classified as primary income; not as secondary income (current transfers) as in BPM5; see BPM6, paragraphs 11.91 -11.94). | ||||||
Social contributions (D61) Social benefits (D62+D63) |
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Net nonlife insurance premiums (D71) Nonlife insurance claims (D72) |
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* In BPM6, premium supplements are taken into account in deriving insurance services; see BPM6, paragraph 10.111 and Appendix 6c. BPM5 accepts ignoring these flows on practical grounds; see BPM5, paragraph 257. In BPM6, reinsurance and direct insurance are treated consistently; see BPM6, paragraph 10.111, whereas BPM5 recommends recording the balance of all flows between resident insurers and nonresident reinsurers (and vice versa) in services; see BPM5, paragraph 257. Unlike in BPM5, the estimate of insurance claims used to derive the value of insurance services may be adjusted to take account of claim volatility; see BPM6, paragraph 10.114 (c). Unlike in BPM5, insurance claims may be treated as capital transfers in exceptional cases of catastrophic losses to be consistent with the SWA; see BPM6, paragraph 13.24. * Technical assistance that is part of or tied to capital projects (item not explicitly discussed in BPM5) is recorded as capital transfers; see BPM6, paragraph 12.43. Transfers of equipment in the form of weapons or equipment that are classified as fixed assets are considered as investment grants and thus recorded in the capital account; see BPM6, paragraph 13.26. In BPM5, these transfers are treated as current transfers; see BPM5, paragraph 349. * Supplementary data on current transfers to NPISHs is used to compile total remittances to NPISHs; see BPM6, paragraph 12.51. |
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Current international cooperation (D74) | ||||||||
Miscellaneous current transfers (D75) | ||||||||
Of which: Current transfers to NPISHs |
Adjustment for change in pension entitlements | * The treatment of pension contributions / receipts is aligned with the SNA 2008 and the adjustment item for the change in pension entitlements is introduced; see BPM6, paragraph 12.31. When crossborder flows are minor, the adjustment item may be omitted; see BPM6, paragraph 12.32. | |||||||
Capital account: General Comments * Debits and credits for the acquisition/disposal of nonproduced nonfinancial assets are to be recorded separately, not netted as in BPM5; see BPM6, paragraphs 13.7 and 3.113. * Unlike in BPM5, emission rights and internet domain names are identified as possible economic assets; see BPM6, paragraphs 13.14 and 13.18, respectively. * In BPM6, the results of R&D, such as patents and copyrights, are no longer treated as nonproduced assets. Outright purchases and sales of these products no longer appear in the capital account (as in BPM5, see paragraphs 312 and 358), but are classified as produced assets with transactions recorded in services (R&D services for patents and copyrights); see BPM6, Table 10.4 and BPM5, paragraph 358. * Capital transfers associated with the activation of one-off guarantees and other debt assumption are specified; see BPM6, paragraphs 8.42 - 8.45, 13.19, and Box 8.1. One-off guarantees are not discussed in BPM5. * Large inheritances are treated as capital transfers, instead of current transfers as in BPM5; see BPM6, paragraph 13.30. * Unlike in BPM5, insurance claims may be treated as capital transfers in exceptional cases of catastrophic losses to be consistent with the SNA; see BPM6, paragraph 13.24. |
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Capital account | A. Capital account | |||||||
Gross acquisitions (DR.) / disposals (CR.) of nonproduced nonfinancial assets (N2) | ![]() |
2. Acquisition/disposal of nonproduced, nonfinancial assets | ||||||
Capital transfers (D9) | 1. Capital transfers | |||||||
General government | 1. 1 General government | |||||||
Debt forgiveness | 1.1.1 Debt forgiveness | * A convention for distinction between write-offs and debt forgiveness is introduced; see BPM6, | ||||||
Other capital transfers | 1.1.2 Other | |||||||
Of which: Capital taxes (D91) | ||||||||
Financial corporations, nonfinancial corporations, households, and NPISHs | 1.2. Other sectors | |||||||
1.2.1 Migrants’ transfers | * The personal effects, financial assets, and liabilities of persons changing residence are no longer recorded as capital transfers; BPM6, paragraphs 13.30, 9.21-9.22 and 10.22(b); BPM5, paragraphs 352-353. | |||||||
Debt forgiveness | 1.2.2 Debt forgiveness | * A convention for distinction between write-offs and debt forgiveness is introduced; see BPM6, paragraph 9.10. |
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1.2.3 Other | This supplementary item is used to compile personal remittances; see BPM6, Paragraph 12.51. |
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* Supplementary data on capital transfers to NPISHs is needed to compile total remittances to NPISHs; see BPM6, paragraph 12.51(c) and Appendix 5. | ||
Net lending (+) / net borrowing (-) (balance from current and capital account) (B9) | The sum of the balances of the current and capital account, i.e., the sum of all credits minus the sum of all debits in these accounts, represents the net lending (surplus) or net borrowing (deficit) by the economy with the rest of the world. This is conceptually equal to the net balance of the financial account; see BPM6, paragraph 2.18 and Table 2.1. | ||
Financial account: General Comments * In BPM6, central bank replaces monetary authorities as an institutional subsector, whereas monetary authorities remains an essential concept for defining reserve assets and a supplementary subsector where relevant; see BPM6, paragraphs 4.70 and 6.66. BPM6 introduces a breakdown of other sectors into ‘other financial and nonfinancial corporations, households and NPISHs’; see BPM6, Chapter 4, Table 4.2. * In BPM6, the detailed classification of financial assets and liabilities is harmonized with the SNA and Monetary and Financial Statistics Manual 2000 in terms of detail and terminology; see BPM6, Table 5.3. In the BPM5 standard components, instruments are combined and different names for them are used in different places. * In BPM6, arrears are retained in the original asset/liability and identified as a memorandum item if related to exceptional financing (otherwise supplementary item). In BPM5, arrears are reclassified from the original asset/liability to short-term other assets / liabilities and requested as a supplementary item; see BPM6, paragraphs 5.99 - 5.102, BPM6, paragraphs 8.58 - 8.59, and BPM5, paragraphs 453, 528 - 529. * A convention for distinction between write-offs and debt forgiveness is introduced; see BPM6, paragraph 9.10. * Financial assets and liabilities of entities (migrants) changing residence are included as Other changes in volume; see BPM6, paragraphs 9.21 - 9.23, unlike as transactions in BPM5; see BPM5, paragraph 354. * The content of the Financial Derivatives Supplement 2000 is incorporated. As a consequence, the coding of the BPM5 Balance of Payments: Standard Components and Additional Detail in this conversion table is not corresponding to BPM5 1993 but rather to the revised coding of the Financial Derivatives Supplement 2000. |
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Direct investment: General Comments * In BPM6, direct investment is presented on an assets and liabilities basis, unlike on the directional principle in BPM5. In the standard components, direct investment is classified according to the relationship between the investor and the entity receiving the investment; see BPM6, paragraphs 6.37- 6.41. Thus, under ‘Direct investor in direct investment enterprises’ the reporting economy of the direct investor records the assets of the direct investor, and the reporting economy of the direct investment enterprises records the (mirror) liabilities of the direct investment enterprises (whether in an immediate or indirect relationship); see BPM6, paragraphs 6.37.(a). Under ‘Direct investment enterprises in direct investor’ (reverse investment) the reporting economy of the direct investment enterprises records the assets of the direct investment enterprises, and the reporting economy of the direct investor records the liabilities of the direct investor (whether in an immediate or indirect relationship); see BPM6, paragraphs 6.37.(b). Under the item ‘Between fellows’ the reporting economy reports assets and /or liabilities as appropriate; see BPM6, paragraphs 6.17. * Data on the directional basis are also recognized as essential for many purposes; see BPM6, paragraphs 6.44 - 6.45. The details needed to compile these data are shown in BPM6, Box 6.4. |
* In BPM6, the Framework for Direct Investment Relationships (FDIR) is adopted for identifying direct investment relationships; see BPM6, paragraphs 6.8 - 6.18 and BPM6 Box 6.1. Ownership of ordinary shares is removed from the operational definition of direct investment; see BPM6, paragraphs 6.12 and 6.19. In BPM6, the separate category of investment in fellow enterprises is included, see BPM6, paragraph 6.17 (c). The coverage of direct investment relationships due to indirect voting power and fellow enterprises is elaborated; see BPM6, paragraph 6.14. * Superdividends are treated as a withdrawals of equity; see BPM6, paragraph 8.23. The term ‘superdividends’ is not used in BPM5, but the treatment in BPM6 is in line with the general principals of BPM5 (notably liquidating dividends; see BPM5, paragraph 290). * Insurance technical reserves are potentially included in direct investment; see BPM6, paragraph 6.27. In BPM5, technical reserves of insurance enterprises are excluded from the stock of direct investment; see BPM5, paragraph 379. * The concept of pass-through funds is introduced; see BPM6, paragraphs 6.33 - 6.34. It is encouraged that compilers in economies that have large values of pass-through funds consider the compilation of supplementary data on funds in transit, based on national definitions. * In BPM6, all debt between selected types of affiliated financial corporations is excluded from direct investment, unlike in BPM5, where so-called Permanent debt was included in direct investment. The financial corporations to whom this applies are central banks, deposit-taking corporations other than the central bank, investment funds, and other financial intermediaries except insurance companies and pension funds; see BPM6, paragraph 6.28. |
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