Title
Copyright
Contents
Foreword
Preface
Chapters
1. Introduction
Purpose of the Manual
The Evolution of International Statistical Guidelines on GFS
History
The Update of the GFSM 2001
Uses of the GFS Framework
Structure and Features of the GFS Framework
Methodological Differences with the GFSM 1986
Coverage
Basis of Recording Economic Events
Valuation
Balance Sheets
Integration of Flows and Stock Positions
The Analytic Framework
Harmonization with Other Methodologies
Implementation of the GFS Framework
Structure of the Manual
2. Institutional Units and Sectors
Introduction
Residence
Institutional Units
Definition of an Institutional Unit
Types of Institutional Units
Households
Legal and social entities
Corporations
Nonprofit institutions (NPIs)
Government units
Application of the Definition of an Institutional Unit to Government
Institutional Sectors
Defining Institutional Sectors
Nonfinancial corporations sector
Financial corporations sector
General government sector
Households sector
Nonprofit institutions serving households (NPISHs) sector
The Use of Subsectors
Institutional Coverage and Sectorization of the Public Sector
Delineating General Government and Public Corporations
The General Government Sector and Its Subsectors
Central government
State governments
Local governments
Social security funds
The Public Corporations Sector and Its Subsectors
The public corporations subsector
Government control of corporations
Types of public corporations
Public nonfinancial corporations subsector
Public financial corporations subsector
Public deposit-taking corporations
The central bank
Public deposit-taking corporations except the central bank
Other public financial corporations
Other groupings of public sector units
Decision Tree for Sector Classification of the Public Sector
Practical Application of Sector Classification Principles
Identifying Quasi-corporations
Distinguishing Head Offices and Holding Companies
Restructuring Agencies
Financial Protection Schemes
Special Purpose Entities
Joint Ventures
Sinking Funds
Pension Schemes
Provident Funds
Sovereign Wealth Funds
Market Regulatory Agencies
Development Funds and/or Infrastructure Companies or Entities
3. Economic Flows, Stock Positions, and Accounting Rules
Introduction
Economic Flows
Transactions
Monetary transactions
Nonmonetary transactions
Two-party nonmonetary transactions
Internal transactions
Rearrangements of some transactions
Rerouting
Partitioning
Reassignment
Other Economic Flows
Holding gains and losses
Other changes in the volume of assets/liabilities
Stock Positions
Economic Benefits
Ownership
Definition of Assets and Liabilities
Financial assets and liabilities
Nonfinancial assets
Accounting Rules
Type of Accounting System
Time of Recording Flows
Alternative recording bases
Using the accrual basis of recording in the Statements of Operations and Other Economic Flows, and Balance Sheet of the GFS framework
Application of the accrual principles
Time of recording and measurement of taxes and other compulsory transfers
Time of recording dividends
Time of recording transactions in goods, services, and nonfinancial assets
Time of recording transactions in financial assets and liabilities
Time of recording other economic flows
Using the cash basis of recording in the Statement of Sources and Uses of Cash
Valuation
General rule
Valuation of transactions
Valuation of stock positions
Valuation adjustments in special cases
Valuation of other economic flows
Holding gains and losses
Other changes in the volume of assets
Currency
Unit of account
Currency conversion
Domestic and foreign currency
Currency of denomination and currency of settlement
Derived Measures
Netting of Flows and Stock Positions
Consolidation
Definitions
Reasons for consolidation
Conceptual guidelines
Implementing consolidation
Consolidation in other datasets
2008 System of National Accounts
Financial statements
4. The Government Finance Statistics Analytic Framework
Introduction
Analytic Objectives
Construction of the Analytic Framework: Relation to the GFSM 1986
Components and Concepts of the Analytic Framework
The Statement of Operations
Revenue and Expense
Transactions in Nonfinancial Assets
Transactions in Financial Assets and Liabilities
The Statement of Sources and Uses of Cash
The Statement of Other Economic Flows
The Balance Sheet
Assets
Liabilities
The Statement of Total Changes in Net Worth
The Summary Statement of Explicit Contingent Liabilities and Net Implicit Obligations for Future Social Security Benefits
Annex: Using GFS for Fiscal Analysis
Introduction
Fiscal Indicators Available from the GFS Framework
Fiscal Indicators Requiring Additional Data
5. Revenue
Defining Revenue
Time of Recording and Measurement of Revenue
The Classification of Revenue
Taxes (11)
GFS tax classifications in comparison with other statistical databases
Treatment of tax refunds and tax relief
Tax attribution
Tax categories
Taxes on income, profits, and capital gains (111)
Taxes on payroll and workforce (112)
Taxes on property (113)
Taxes on goods and services (114)
General taxes on goods and services (1141)
Value-added taxes (11411)
Sales taxes (11412)
Turnover and other general taxes on goods and services (11413)
Taxes on financial and capital transactions (11414)
Excises (1142)
Profits of fiscal monopolies (1143)
Taxes on specific services (1144)
Taxes on use of goods and on permission to use goods or perform activities (1145)
Boundary with administrative fees
Boundary with taxes on business activities levied on different bases
Boundaries with other tax categories
Boundary with the acquisition or use of an asset
Other taxes on goods and services (1146)
Taxes on international trade and transactions (115)
Other taxes (116)
Social Contributions [GFS] (12)
The boundary between social contributions and other categories of taxes
Social security contributions [GFS] (121)
Other social contributions [GFS] (122)
Grants (13)
Other Revenue (14)
Property income [GFS] (141)
Interest [GFS] (1411)
Dividends (1412)
Withdrawals of income from quasi-corporations (1413)
Property income from investment income disbursements (1414)
Rent (1415)
Rent on land
Rent on subsoil assets
Boundary with rental of produced assets
Boundary with taxes
Reinvested earnings on foreign direct investment (1416)
Sales of goods and services (142)
Fines, penalties, and forfeits (143)
Transfers not elsewhere classified (144)
Premiums, fees, and claims receivable related to nonlife insurance and standardized guarantee schemes (145)
6. Expense
Defining Expense
Time of Recording Expense
The Economic Classification of Expense
Compensation of Employees [GFS] (21)
Wages and salaries [GFS] (211)
Wages and salaries in cash [GFS] (2111)
Wages and salaries in kind [GFS] (2112)
Employers' social contributions [GFS] (212)
Actual employers' social contributions [GFS] (2121)
Imputed employers' social contributions (2122)
Imputed employers' social contributions related to nonpension benefits
Imputed employers' social contributions to employment-related pension benefits
Use of Goods and Services (22)
The boundary between use of goods and services and compensation of employees
The boundary between use of goods and services and transfers
The boundary between use of goods and services and the acquisition of nonfinancial assets
Other boundaries related to use of goods and services
Consumption of Fixed Capital [GFS] (23)
Interest [GFS] (24)
Indexation of the coupon payments only
Indexation of the amount to be paid at maturity
Subsidies (25)
Grants (26)
Social Benefits [GFS] (27)
Other Expense (28)
Property expense other than interest (281)
Dividends (2811)
Withdrawals of income from quasi-corporations (2812)
Property expense for investment income disbursements (2813)
Rent (2814)
Reinvested earnings on foreign direct investment (2815)
Transfers not elsewhere classified (282)
Current transfers not elsewhere classified (2821)
Capital transfers not elsewhere classified (2822)
Premiums, fees, and claims payable related to nonlife insurance and standardized guarantee schemes (283)
Annex: Classification of the Functions of Government
Introduction
Structure of COFOG Classifications
Uses of COFOG
Individual versus Collective Goods and Services
Units of Classification
Problems in Identifying Functions of Government
Shared Expenditure
Administrative Expenditure
Subsidies
Consumption of Fixed Capital
Cross-Classification of Expenditure
Detailed Classification of the Functions of Government
General Public Services
Defense
Public Order and Safety
Economic Affairs
Environmental Protection
Housing and Community Amenities
Health
Recreation, Culture, and Religion
Education
Social Protection
7. The Balance Sheet
Introduction
Defining Assets and Liabilities
Ownership and the Asset Boundary
Deriving Definitions for Assets and Liabilities
Valuation of Assets and Liabilities
Value Observed in Markets
Value Obtained by Accumulating and Revaluing Transactions
Present Value of Future Returns
Classification of Assets and Liabilities
Nonfinancial Assets (61)
Fixed assets (611)
Buildings and structures (6111)
Dwellings (61111)
Buildings other than dwellings (61112)
Other structures (61113)
Land improvements (61114)
Machinery and equipment (6112)
Transport equipment (61121)
Machinery and equipment other than transport equipment (61122)
Information, computer, and telecommunications equipment (ICT) (611221)
Machinery and equipment not elsewhere classified (611222)
Other fixed assets (6113)
Cultivated biological resources (61131)
Intellectual property products (61132)
Weapons systems (6114)
Inventories (612)
Materials and supplies (61221)
Work in progress (61222)
Finished goods (61223)
Goods for resale (61224)
Military inventories (61225)
Valuables (613)
Nonproduced assets (614)
Land (6141)
Mineral and energy resources (6142)
Other naturally occurring assets (6143)
Intangible nonproduced assets (6144)
Contracts, leases, and licenses (61441)
Marketable operating leases (614411)
Permits to use natural resources (614412)
Permits to undertake specific activities (614413)
Entitlement to future goods and services on an exclusive basis (614414)
Goodwill and marketing assets (61442)
Financial Assets (62) and Liabilities (63)
Monetary gold and Special Drawing Rights (SDRs) (6201, 6221, 6301, 6321)
Monetary gold (62011, 62211)
Special Drawing Rights (SDRs) (62012, 62212, 63012, 63212)
Currency and deposits (6202, 6212, 6222, 6302, 6312, 6322)
Debt securities (6203, 6213, 6223, 6303, 6313, 6323)
Loans (6204, 6214, 6224, 6304, 6314, 6324)
Equity and investment fund shares (6205, 6215, 6225, 6305, 6315, 6325)
Equity (62051, 62151, 62251, 63051, 63151, 63251)
Investment fund shares or units (62052, 62152, 62252, 63052, 63152, 63252)
Insurance, pension, and standardized guarantee schemes [GFS] (6206, 6216, 6226, 6306, 6316, 6326)
Nonlife insurance technical reserves (62061, 62161, 62261, 63061, 63161, 63261)
Life insurance and annuities entitlements (62062, 62162, 62262, 63062, 63162, 63262)
Pension entitlements [GFS] (62063, 62163, 62263, 63063, 63163, 63263)
Claims of pension funds on pension manager (62064, 62164, 62264, 63064, 63164, 63264)
Provisions for calls under standardized guarantee schemes (62065, 62165, 62265, 63065, 63165, 63265)
Financial derivatives and employee stock options (6207, 6217, 6227, 6307, 6317, 6327)
Financial derivatives (62071, 62171, 62271, 63071, 63171, 63271)
Options
Forward-type contracts
Other issues associated with financial derivatives
Swap contracts
Credit derivatives
Margins
Employee stock options (62072, 62172, 62272, 63072, 63172, 63272)
Other accounts receivable/payable (6208, 6218, 6228, 6308, 6318, 6328)
Net Worth
Memorandum Items
Net Financial Worth (6M2)
Debt
Gross debt
Gross debt at market value (6M3)
Gross debt at nominal value (6M4)
Gross debt at face value (6M35)
Net debt
Concessional loans
Arrears (6M5)
Explicit Contingent Liabilities (6M6)
Overview
One-off guarantees
Net Implicit Obligations for Future Social Security Benefits (6M7)
Nonperforming Loan Assets at Fair Value (6M8)
Classification of the Counterparty of Financial Assets and Liabilities by Institutional Sector
Classification of Debt Liabilities and Financial Assets Corresponding to Debt Instruments by Maturity
8. Transactions in Nonfinancial Assets
Introduction
Costs of Ownership Transfer
Valuation
Time of Recording
Consumption of Fixed Capital
Netting of Transactions
Classification and Recording of Transactions in Nonfinancial Assets
Fixed Assets (311)
Major improvements versus maintenance and repair
Buildings and structures (3111)
Machinery and equipment (3112)
Other fixed assets (3113)
Cultivated biological resources (31131)
Intellectual property products (31132)
Costs of ownership transfer on nonproduced assets other than land (31133)
Weapons systems (3114)
Inventories (312)
Valuables (313)
Nonproduced Assets (314)
Land (3141)
Mineral and energy resources (3142)
Other naturally occurring assets (3143)
Intangible nonproduced assets (3144)
9. Transactions in Financial Assets and Liabilities
Introduction
Valuation
Time of Recording
Netting and Consolidation of Flows
Netting
Consolidation
Arrears
Classification of Transactions in Financial Assets and Liabilities by Type of Financial Instrument and Residence
Monetary Gold and Special Drawing Rights (SDRs) (3201, 3221, 3301, 3321)
Monetary gold (32011, 32211)
Special Drawing Rights (SDRs) (32012, 32212, 33012, 33212)
Currency and Deposits (3202, 3212, 3222, 3302, 3312, 3322)
Debt Securities (3203, 3213, 3223, 3303, 3313, 3323)
Debt securities issued at par
Debt securities issued at a discount or premium
Index-linked debt securities
Debt securities with embedded derivatives
Loans (3204, 3214, 3224, 3304, 3314, 3324)
Equity and Investment Fund Shares (3205, 3215, 3225, 3305, 3315, 3325)
Equity (32051, 32151, 32251, 33051, 33151, 33251)
Privatization/Nationalization
Investment fund shares (32052, 32152, 32252, 33052, 33152, 33252)
Insurance, Pension, and Standardized Guarantee Schemes [GFS] (3206, 3216, 3226, 3306, 3316, 3326)
Nonlife insurance technical reserves [GFS] (32061, 32161, 32261, 33061, 33161, 33261)
Life insurance and annuities entitlements (32062, 32162, 32262, 33062, 33162, 33262)
Pension entitlements [GFS] (32063, 32163, 32263, 33063, 33163, 33263)
Claims of pension fund on pension manager (32064, 32164, 32264, 33064, 33164, 33264)
Provision for calls under standardized guarantee schemes (32065, 32165, 32265, 33065, 33165, 33265)
Financial Derivatives and Employee Stock Options (3207, 3217, 3227, 3307, 3317, 3327)
Financial derivatives (32071, 32171, 32271, 33071, 33171, 33271)
Employee stock options (32072, 32172, 32272, 33072, 33172, 33272)
Other Accounts Receivable/Payable (3208, 3218, 3228, 3308, 3318, 3328)
Classification of Transactions in Financial Assets and Liabilities by Sector and Residence
Classification of Debt Liabilities and Financial Assets Corresponding to Debt Instruments by Maturity
10. Other Economic Flows
Introduction
Holding Gains
Holding Gains in General
Holding Gains for Particular Types of Assets
Fixed assets (411)
Inventories (412)
Valuables (413)
Nonfinancial assets disposed of during the reporting period
Monetary gold and Special Drawing Rights (SDRs) (4201, 4221, 4301, 4321)
Financial assets and liabilities with fixed monetary values
Debt securities (4203, 4213, 4223, 4303, 4313, 4323)
Equity and investment fund shares (4205, 4215, 4225, 4305, 4315, 4325)
Insurance, pension, and standardized guarantee schemes (4206, 4216, 4226, 4306, 4316, 4326)
Financial derivatives and employee stock options (4207, 4217, 4227, 4307, 4317, 4327)
Financial assets denominated in foreign currencies
Debt instruments that do not accrue interest
Other Changes in the Volume of Assets
Appearance or Disappearance of Existing Economic Assets
The Effect of External Events on the Value of Assets
Catastrophic losses
Uncompensated seizures
Other volume changes not elsewhere classified
Fixed assets (511)
Exceptional losses in inventories (512)
Life insurance and annuities entitlements (52062, 52162, 52262, 53062, 53162, 53262)
Pension entitlements (52063, 52163, 52263, 53063, 53163, 53263)
Provisions for calls under standardized guarantee schemes (52065, 52165, 52265, 53065, 53165, 53265)
Changes in Classification
Changes in sector classification and structure
Changes in classification of assets and liabilities
Appendixes
1. Changes from the GFSM 2001 and GFSM 1986
Introduction
Changes from the GFSM 2001
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Cross-Cutting Changes in Terminology
Changes from the GFSM 1986
Introduction
Coverage of Units
Time of Recording Economic Events
Coverage of Events
Valuation
Gross and Net Recording of Flows
Integration of Flows and Stocks
Definitions and Classifications
Balancing Items
Harmonization with Other Statistical Systems
2. Social Protection
Introduction
The Nature of Social Protection
Boundary between Social Protection and Private Insurance
Classification Criteria for Social Protection Arrangements
Typology of Social Protection Arrangements
Social Assistance
Social Insurance Schemes
Social security schemes
Other employment-related social insurance schemes
Employment-related pensions and other retirement benefit schemes
Nonautonomous employment-related pension schemes
Autonomous employment-related pension schemes
Defined-benefit pension schemes
Defined-contribution pension schemes
Government assumption of employment-related pension obligations of other institutional units
Employment-related nonpension social insurance schemes
3. Debt and Related Operations
Introduction
Debt Reorganization
Debt Forgiveness
Debt Rescheduling and Refinancing
Debt rescheduling
Debt refinancing
Debt Conversion and Debt Prepayment
Debt conversion
Debt prepayment
Debt Assumption and Debt Payments on Behalf of Others
Debt assumption
Debt payments on behalf of others
Other Debt-Related Issues
Debt Write-Offs and Write-Downs
New Money Facilities
Debt Defeasance
Debt Concessionality
Debt Arising from Bailout Operations
The sectorization issue
Statistical treatment of "capital injections"