Download BPM6 Implementation Strategies at the International level

BPM6—Update on Revision and
Implementation Strategies
Meeting of the Working Party on
International Trade in Goods and Trade in
Services Statistics
September 22-24, 2008
Major changes: Goods and services

Among the most notable changes regarding goods and
services are:


Fees for processing goods to be included in services

Major processing

In BPM5, a change of ownership of goods was imputed

Gross transactions to be recorded as supplementary items
Merchanting transactions to be treated as trade in
goods for the economy of the merchant

Purchases—negative exports

Re-sales—exports

Transactions are standard components
Major changes: Goods and services



High value goods acquired by travelers to be
recorded as merchandise rather than under
travel services (previously could be doublecounted)
Repairs on goods to be classified as services,
not goods.
The sales of research and development such
as patents and copyrights, are treated as
produced assets and included in services;
previously in the capital account as nonproduced assets.
Major changes: Goods and services

Financial intermediation services indirectly
measured (FISIM) to be recorded as a service



Margin between interest payable or receivable and
the reference rate on loans and deposits
Pure interest included in primary income
Insurance services to be calculated taking
account of the volatility of claims.

Also, premium supplements taken account in
estimating services
Major changes: Goods and services
Charges for use of intellectual property, n.i.e.
Use of intellectual property
Sale/purchase of
ownership rights
Franchises and trademarks
Charges for the use of
intellectual property
capital account
entry
Outcomes of research
and development
Charges for the use of
intellectual property
research and
development
services
Computer, audiovisual, and related
services:
License to use
excluding
reproduction and
distribution
(a) Customized all types
relevant service
item
(b) Noncustomized—downloaded
or otherwise electronically
delivered
relevant service
item
(c) Noncustomized—provided on
physical media with periodic
license fee
(d) Noncustomized—provided on
physical media with right to
perpetual use
relevant service
item
goods
License to
reproduce and/or
distribute
charges for the use
of intellectual
property n.i.e.
relevant service
item*4
Way Ahead


A revised version will be prepared for
BOPCOM’s agreement in November
2008, and then posted, subject to final
editing, by end2008.
Hardcopy publications expected during
2009
Conversion of Balance of Payments
Statistics Yearbook (BOPSY) and
International Financial Statistics (IFS)

As for BPM5, the intention is to convert the BOP data in
both publications at the same time

BOPCOM provisionally agreed on 2012/2013 as the range
of possible dates for BOPSY conversion

A firm date to be set at 2008 BOPCOM meeting

A central element of the conversion to BPM5 was the
conversion tables

IMF staff have prepared a conversion table, mapping the BPM5
to the BPM6 presentation for use by member economies
Update of written material




IMF staff to update the Compilation Guide and the Textbook to
be in line with BPM6
The update of the Compilation Guide to be undertaken
during 2009-2010
The update of the Textbook, comprising a further elaboration
of concepts and examples of particular types of transactions, is
a longer-term project:

Work could start on the Textbook once a final version of
the Guide is posted on the website
The External Debt Statistics Guide, the Guidelines for a Data
Template (Guidelines), and the Manual on Statistics of
International Trade in Services to be brought in line with BPM6
Other strategies

The Fund intends to send a questionnaire to member
countries in the course of 2009 on country
implementation—similar to that undertaken in 1994—
regarding

action plans and specific implementation strategies

issues especially difficult to implement

topics for further assistance

Such an exercise would be reported to the BOPCOM,
and possible support strategies could be proposed

BOPCOM strongly supported this proposal
Other strategies


As was the case during the implementation of
BPM5, BOPCOM supported the idea of
preparing contributions on implementationrelated issues drawn from their own
experiences
Indeed, a list of key transition issues could be
developed, perhaps drawing on the
questionnaire results, on which country
experiences would be welcome
Cooperation with SNA


At the request of the UNSC, the ISWGNA
developed a strategy paper for the
implementation of 2008 SNA
The outlines of the implementation strategy
being discussed include similar elements to
those proposed for BPM6:




training
technical assistance
dissemination of statistical guidance
and applied research (papers addressing specific
compilation issues)
Cooperation with SNA

The implementation of BPM6 and 2008 SNA
needs to be a coordinated effort, especially
for significant issues such as

Manufacturing services (goods for
processing); merchanting; and FISIM, on
which balance of payments compilers could
draw from the experience of national
accountants
Conclusion



Significant work ahead to implement BPM6
The strategy builds on the successful BPM5
experience
It is important to have close cooperation and
dialogue among international agencies and
with member countries