Download Terms of Reference of ISWGNA Task Force on FISIM

Draft Handbook on National Accounting
“Financial Production, Flows and Stocks in the
System of National Accounts”
OECD WP on National Accounts
25-28 October 2011,
Paris, France
Herman Smith
UNSD/DESA
Outline of the presentation
•
Context and purpose of the handbook
•
Structure
•
Comments on the handbook
•
Way forward
Context and purpose (i)
•
Joint publication of the UNSD and the Directorate
General Statistics of the ECB
•
Drafting of the Handbook was initiated in 2004 as part of
the United Nations series of handbooks on national
accounts
•
Work on the Handbook was delayed by further
discussions on the measurement of financial services.
•
A draft of the Handbook was only circulated in May 2011
to a number of experts for a first review
Context and purpose (ii)
•
Aims to provide a comprehensive guide on the
compilation of the full set of the sequence of integrated
economic accounts for all sub-sectors of the financial
corporations sector, and where applicable also
guidance on estimating financial production for
moneylenders in the household sector.
•
The Handbook includes guidance on the compilation of
the interrelationship of the financial stocks and flows for
all the institutional sectors and rest of the world (FromWhom-to-Whom approach).
Context and purpose (iii)
•
Intended audiences:
•
National statistical offices,
•
National central banks,
•
International organisations,
•
Other institutions engaged in collecting, compiling and
disseminating national accounts data on financial
corporations, and
•
Users who require a better understanding of these
data
Structure (i)
Chapter 1 (The SNA architecture)
• Overview of the 2008 SNA accounting framework
• Valuation and recording principles
• Sequence of accounts by institutional sector
Structure (ii)
Chapter 2 (Financial corporations within the SNA
framework)
• Description of sub-sectors of financial corporations
sector within 2008 SNA framework
• Guidance on other ways to group sub-sectors
•
Monetary policy purposes
•
Financial intermediaries, financial auxiliaries, and
other financial institutions
•
Control (public, private, and foreign controlled)
Structure (iii)
Chapter 3 (Financial production and income)
• Nature of financial services and measurement of
output
• Four main ways in which financial services are
provided and charged
a.
b.
c.
d.
Explicit charges
Interest charges on loans and deposits
Acquisition and disposal of financial assets and liabilities in
financial markets
Insurance and pension schemes
• A number of worked examples to illustrate (b), (c), and
(d), and computation of price and volume measures
• Property income of financial corporations
Structure (iv)
Chapter 4 (Financial assets and liabilities)
• Conceptual treatment of financial assets, claims, and
liabilities
• Classification of financial assets and liabilities by
•
Type of financial instrument
•
Negotiability
•
Type of income
•
Type of interest rate
•
Maturity
•
Currency
Structure (v)
Chapter 5 (Valuation and accrued interest)
• Valuation of financial assets and liabilities in 2008 SNA
•
Valuation of stocks
•
Revaluations
•
Other changes in volume of assets and liabilities
•
Valuation of financial transactions
• Accrued interest
•
Debtor approach and creditor approach of recording
• Worked examples
Structure (vi)
Chapter 6 (From a table on financing and investment
to from-whom-to-whom accounts)
• Basics and principles of three-dimensional “fromwhom-to-whom” framework
• Allows full articulation of accounts
• Counterparties of transactions can be identified
Structure (vii)
Chapter 7 (Data sources for compiling financial
accounts and balance sheets by institutional
sector)
• Existing data sources as building blocks
• Need for new data sources
• Compilation of institutional sector accounts
Structure (viii)
Chapter 8 (Presentation of the accounts)
• Tables and charts to present accounts under “fromwhom-to-whom” framework
• Presentation of two types of tables on assets and
liabilities
a.
Without any counterpart information
b.
With full counterpart information
• Presentation of data in flow charts or networks
Structure (ix)
Chapter 9 (Use of institutional financial account and
balance sheets)
• Use of accounts under “from-whom-to-whom”
framework for policy and other purposes including
•
Monetary and financial analysis
•
Analysis of financial structures
•
Macro-prudential and financial stability analysis
• Examples of quarterly sector accounts
Structure (x)
Chapter 10 (Financial corporations within an
economic or a monetary union)
• Compilation of accounts under “from-whom-to-whom”
framework within an economic or a monetary union
• Moving from national accounts to economic or
monetary union accounts
• Compilation of rest of the world accounts
Meeting in July 2011
• Constructive comments were received from the
reviewers of the Handbook and from the participants
at the meeting
• Confirmed the need for compilation guidance on the
topics covered by the Handbook.
• The importance of consistency between the guidance
provide in the Handbook and the recommendations
of the 2008 SNA, BPM6, MFSM, GFSM and related
manuals was stressed
• More examples and references to source material
were requested.
• The outcome of the ISWGNA Task Force on FISIM
should also be included in the Handbook
Way forward
• Incorporate the comments on the Handbook and to
circulate the revised draft by the end of 2011.
• Set up mechanism for ensuring consistency in the
guidance provided in the areas where the Handbook
and the MFSM overlap
• The ISWGNA to monitor the updating of the MFSM
and the finalisation of the Handbook.
• To incorporate the recommendations of the FISIM
Task Force when they become available during 2012.
• To finalise Handbook by the end of 2012
Thank you