FURTHER TO THE AFOREMENTIONED REFERENCES to the 700-page 2008 SNA document, and a brief introduction to the chapters therein, the following provides a strong indication as to the related details by listing the associated contents, as are extensive.
List of tables
List of figures
Preface
List of abbreviations and acronyms
Chapter 1: Introduction
What is the System of National Accounts?
The conceptual elements of the SNA
Activities and transactions
The institutional sectors of the economy
Accounts and their corresponding economic activities
The goods and services account
The sequence of accounts
Current accounts
Accumulation accounts
Balance sheets
Other accounts of the SNA
Supply and use tables
Accounts in volume terms
Uses of the SNA
Monitoring the behaviour of the economy
Macroeconomic analysis
International comparisons
The boundaries of the SNA
Non-monetary transactions
The production boundary
Household production
Other production boundary problems
The consumption boundary
The asset boundary
National boundaries
Final consumption, intermediate consumption and gross fixed capital formation
Human capital
Repairs, maintenance and gross fixed capital formation
The SNA as a coordinating framework for statistics
Harmonization between different statistical systems
The use of microdata for macroeconomic accounting
Links with business accounting
International accounting standards
Expanding the scope of the SNA
The SNA and measures of welfare
Qualifications to treating expenditure as a welfare measure
Unpaid services and welfare
The impact of external events on welfare
The impact of externalities on welfare
Non-economic impacts on welfare
Welfare indicators and macroeconomic aggregates
Chapter 2: Overview
Introduction
Analysing flows and stocks
Recording flows and stocks
The conceptual elements of the SNA
Institutional units and sectors
Institutional sectors
Delimitation of the total economy and the rest of the world
Transactions and other flows
Main types of transactions and other flows
Characteristics of transactions in the SNA
Assets and liabilities
Products and producing units
Products
Producing units
Purposes
Rules of accounting
Introduction
Terminology for the two sides of the accounts
Change of ownership and the recording of transactions in goods and services
Double entry or quadruple entry accounting
Time of recording
Valuation
General principles
Methods of valuation
Volume measures and measures in real terms
Consolidation and netting
Consolidation
Netting
The use of ‘net'
The accounts
Introduction
The full sequence of accounts
The three sections of the sequence of accounts
The production account
The distribution of income accounts
The primary distribution of income account
The secondary distribution of income account
The redistribution of income in kind account
The use of income accounts
The accumulation accounts
The capital account
The financial account
The other changes in the volume of assets account
The revaluation account
Balance sheets
An integrated presentation of the accounts
The rest of the world accounts
The goods and services account
The aggregates
Gross domestic product (GDP)
Net and gross measures
Gross national income (GNI)
National disposable income
Accounts in volume terms
The other parts of the accounting structure
The central supply and use table and other input-output tables
The tables of financial transactions and financial assets and liabilities
Complete balance sheets and assets and liabilities accounts
Functional analysis
Population and labour inputs tables
The integrated central framework and flexibility
Applying the central framework in a flexible way
Introducing social accounting matrices
Introducing satellite accounts
Chapter 3: Stocks, flows and accounting rules
Introduction
Stocks and flows
Balancing items
Grouping stocks and flows into accounts
Accounting rules
Stocks
Benefits
Ownership
The definition of an asset
Financial assets and liabilities
The asset boundary and the first-level classification of assets
Contingent liabilities and provisions
Entry and exit of assets from the balance sheet
Exclusions from the asset boundary
Flows
Transactions
Monetary transactions
Transactions with and without a recompense
Rearrangements of transactions
Rerouting transactions
Partitioning transactions
Units facilitating a transaction on behalf of other parties
Non-monetary transactions
Barter transactions
Remuneration in kind
Payments in kind other than remuneration in kind
Transfers in kind
Internal transactions
Externalities and illegal actions
Externalities
Illegal actions
Other flows
Other changes in the volume of assets
Holding gains and losses
Balancing items
Balancing items in the flow accounts
Balancing items in the balance sheets
Accounting rules
Quadruple-entry accounting
Valuation
General rules
Valuation of transactions
Agricultural products sold from the farm
Barter
Quotation prices
Valuation of transfers in-kind
Transfer pricing
Concessional pricing
Valuation at cost
Valuation of assets
Business accounting valuation
Valuation of partitioned flows
Special valuations concerning products
Valuation of other flows
Other changes in the volumes of assets
Holding gains and losses
Valuation of positions of financial assets and liabilities
Time of recording
Choice of time of recording
Choice for recording on an accrual basis
Time of recording of acquisitions of goods and services
Time of recording of redistributive transactions
Time of recording of transactions in financial assets and liabilities
Time of recording of output and intermediate consumption
Time of recording of changes in inventories and consumption of fixed capital
Time of recording of composite transactions and balancing items
Time of recording of other flows
Time of recording of holding gains and losses
Timing adjustments for international transactions
Balance sheet items
Aggregation, netting, consolidation
Aggregation
Netting
Consolidation
Chapter 4: Institutional units and sectors
Introduction
Institutional units
Residence
Sectoring and economic behaviour
The total economy
An overview of institutional sectors
Subsectors
Public and foreign control
Non-profit institutions
Other subsectoring
The rest of the world
Corporations in the SNA
Types of corporations
Legally constituted corporations
Cooperatives, limited liability partnerships, etc.
Quasi-corporations
Branches
Notional resident units
Special cases
Groups of corporations
Head offices and holding companies
Special purpose entities
Captive financial institutions
Artificial subsidiaries of corporations
Special purpose units of general government
Ownership and control of corporations
Subsidiary and associate corporations
Subsidiary corporations
Associate corporations
Government control of corporations
Control by a non-resident unit
Non-profit institutions
The characteristics of NPIs
NPIs engaged in market production
Market NPIs serving enterprises
NPIs engaged in non-market production
Government control of non-profit institutions
NPIs serving households (NPISHs)
The non-financial corporations sector and its subsectors
The financial corporations sector and its subsectors
Central bank
Deposit-taking corporations except the central bank
Money market funds (MMFs)
Non-MMF investment funds
Other financial intermediaries, except insurance corporations and pension funds (ICPFs)
Financial auxiliaries
Captive financial institutions and money lenders
Insurance corporations (ICs)
Pension funds (PFs)
The general government sector and its subsectors
Government units as institutional units
Government units as producers
Social security schemes and social security funds
The general government sector
Subsectors of the general government sector
Central government
State government
Local government
Social security funds
The alternative method of subsectoring
The households sector and its subsectors
Households as institutional units
Unincorporated enterprises within households
The household sector and its subsectors
Subsectoring according to income
Subsectoring according to characteristics of a reference person
Subsectoring according to household size and location
The non-profit institutions serving households sector
The rest of the world
International organizations
Central banks of currency unions
Chapter 5: Enterprises, establishments and industries
Introduction
Productive activities
The classification of activities in the SNA
Principal and secondary activities
Principal activities
Secondary activities
Ancillary activities
Partitioning enterprises into more homogeneous units
Types of production units
Kind-of-activity units
Local units
Establishments
Data and accounts for establishments
Application of the principles in specific situations
Establishments within integrated enterprises
Establishments owned by general government
Ancillary activities
Recording (or not) the output of ancillary activities
The role of ancillary activities in the SNA
Industries
Market, own account and non-market producers
Industries and products
Units of homogeneous production
Chapter 6: The production account
Introduction
The concept of production
Production as an economic activity
Goods
Services
Knowledge-capturing products
The production boundary
The general production boundary
The production boundary in the SNA
The production boundary within households
The exclusion of most services produced for own use by households
Own-account production of goods
Services of owner-occupied dwellings
Production of domestic and personal services by employing paid domestic staff
‘Do-it-yourself' decoration, maintenance and small repairs
The use of consumption goods
The ‘non-observed' economy
Basic, producers' and purchasers' prices
Basic and producers' prices
VAT and similar deductible taxes
Gross and net recording of VAT
Purchasers' prices
Basic, producers' and purchasers' prices – a summary
Value added and GDP
Gross and net value added
Alternative measures of value added
Gross value added at basic prices
Gross value added at producers' prices
Gross value added at factor cost
Gross domestic product (GDP)
Domestic production
The measurement of output
Production versus output
Time of recording
Valuation of output
Market output, output for own final use and non-market output
Market output
Recording of sales
Recording of barter
Recording of compensation in kind or other payments in kind
Recording of intra-enterprise deliveries
Changes in inventories of finished goods
Changes in inventories of work-in-progress
Output for own final use
Goods produced by households
Services of domestic staff
Services of owner-occupied dwellings
Own gross fixed capital formation
Changes in inventories
Own intermediate consumption
Valuation of output for own final use
Non-market output
Market and non-market producers
The output of particular industries
Introduction
Agriculture, forestry and fishing
Machinery, equipment and construction
Transportation and storage
Transportation
Storage
Wholesale and retail distribution
Output of the central bank
Borderline cases such as supervisory services
Provision of non-market output
Provision of market output
Financial services other than those associated with insurance and pension funds
Financial services provided in return for explicit charges
Financial services provided in association with interest charges on loans and deposits
Financial services associated with the acquisition and disposal of financial assets and liabilities in financial markets
Financial services associated with insurance and pension schemes.
Non-life insurance
Life insurance
Reinsurance
Social insurance schemes
Standardized guarantee schemes
Research and development
The production of originals and copies
Intermediate consumption
Coverage of intermediate consumption
The timing and valuation of intermediate consumption
The boundary between intermediate consumption and compensation of employees
The boundary between intermediate consumption and gross fixed capital formation
Small tools
Maintenance and repairs
Research and development
Mineral exploration and evaluation
Military equipment
Services provided by government to producers
Social transfers in kind
Services of business associations
Outsourcing
Leasing fixed assets
Consumption of fixed capital
The coverage of consumption of fixed capital
Consumption of fixed capital and rentals on fixed assets
The calculation of consumption of fixed capital
The perpetual inventory method
Calculation of the gross capital stock
Relative efficiencies
Rates of consumption of fixed capital
Values of consumption of fixed capital
Annex to chapter 6: Separating output due to storage from holding gains and losses
Introduction
Storage costs and holding gains and losses
Goods whose real value changes over time
Goods with a long production period
Goods whose physical characteristics change
Goods with seasonal patterns of supply and demand
Who benefits from the increase in value of goods in storage?
When is output due to storage recorded?
Some examples
Example 1
Example 2
Example 3
Chapter 7: The distribution of income accounts
Introduction
The generation of income account
Operating surplus and mixed income
The allocation of primary income account
The balancing items and national income
Net national income and gross national income
The entrepreneurial income account
The allocation of other primary income account
Compensation of employees
Identifying employees
The employment relationship
Employers and own-account workers
Outworkers
The components of compensation of employees
Wages and salaries
Wages and salaries in cash
Wages and salaries in kind
Stock options
Employers' social contributions
Employers' actual contributions to social insurance schemes
Employers' imputed contribution to social insurance schemes
Employers' imputed pension contributions
Employers' imputed non-pension contributions
Taxes on production and on imports
Recording of taxes on production and on imports
The recording of taxes on production and on imports in the accounts
Taxes versus fees
Links with the IMF and OECD tax classifications
The accrual basis of recording
Interest, fines or other penalties
Taxes and subsidies within the primary distribution of income accounts
Taxes on products
Value added type taxes
Taxes and duties on imports, excluding VAT
Import duties
Taxes on imports, excluding VAT and duties
Export taxes
Taxes on products, excluding VAT, import and export taxes
Other taxes on production
Subsidies
Subsidies on products
Import subsidies
Export subsidies
Exclusions from export subsidies
Other subsidies on products
Other subsidies on production
Property incomes
Defining property income
Interest
The accrual basis of recording
Interest payable and receivable on loans and deposits
Interest payable on debt securities
Further elaboration
Nominal and real interest
The special case of interest rates set by the central bank
Below market rates on reserve deposits
Above market rates for currency support
Below market rates to priority industries
Distributed income of corporations
Dividends
Time of recording
Super-dividends
Withdrawals of income from quasi-corporations
Reinvested earnings on foreign direct investment
Retained earnings of domestic enterprises
Investment income disbursements
Investment income attributed to insurance policyholders
Investment income payable on pension entitlements
Investment income attributed to investment fund shareholders
Rent
Rent distinguished from rentals
Rent on natural resources
Rent on land
Rent on subsoil assets
Chapter 8: The redistribution of income accounts
Introduction
The secondary distribution of income account
Current taxes on income, wealth, etc.
Social contributions and benefits
Other current transfers
Disposable income
Links with economic theoretical concepts of income
National disposable income
The redistribution of income in kind account
Adjusted disposable income
Current transfers
The distinction between current and capital transfers
The recording of transfers
Transfers in cash
Provisions of goods and services by enterprises
Social transfers in kind
Current taxes on income, wealth, etc.
Taxes in general
Taxes versus fees
Links with the IMF and OECD tax classifications
The accrual basis of recording
Interest, fines or other penalties
Taxes on income
Other current taxes
Current taxes on capital
Miscellaneous current taxes
Social insurance schemes
The extent of social benefits
The organization of social insurance schemes
Social security schemes
Other employment-related social insurance schemes
Net social contributions
Components of social contributions
Employers' actual social contributions
Employers' imputed social contributions
Households' actual social contributions
Households' social contribution supplements
Social benefits other than social transfers in kind
Institutional arrangements
Social insurance schemes or social assistance
Social security and social assistance
Types of social benefits
Pensions
Non-pension benefits payable in cash
Receivables by households that are not social benefits
Non-pension benefits payable in kind
Benefits provided in kind by government
Social benefits recorded in the secondary distribution of income account
Other current transfers
Insurance-related transactions
Net non-life insurance premiums
Non-life insurance claims
Net reinsurance premiums and claims
Fees and calls under standardized guarantees
Current transfers within general government
Current international cooperation
Miscellaneous current transfers
Current transfers between the central bank and general government
Current transfers to NPISHs
Current transfers between households
Fines and penalties
Lotteries and gambling
Payments of compensation
Social transfers in kind
The redistribution of income in kind account
Social transfers in kind paid to non-residents
Chapter 9: The use of income accounts
Introduction
The use of disposable income account
The use of adjusted disposable income account
The relationship between the two versions of the use of income account
Adjustment for the change in pension entitlements
Saving
Calculating savings ratios
Expenditures, acquisitions and consumption of goods and services
Expenditures
The timing of expenditures on goods and services
Acquisitions
Consumption of goods and services
Durable versus non-durable goods
Consumption as the using up of goods and services
Measuring the value of non-monetary transactions indirectly
Barter transactions
Expenditures on goods and services received as income in kind
Expenditure on goods and services produced on own account
Household final consumption expenditure
Introduction
Expenditures by households owning unincorporated enterprises
Expenditures on particular types of goods and services
Expenditures on financial services
Financial services, except insurance and pension fund services
Insurance and pension fund services
Services of dwellings, repairs and improvements
Services of owner-occupied dwellings
Decoration, minor repairs and maintenance
Major improvements
The repair and maintenance of durables
Licences and fees
Classification of household final consumption expenditure
Timing and valuation of household final consumption expenditure
Timing
Valuation
Valuation of purchases on credit
Expenditures by resident and non-resident households
Household actual final consumption
Consumption expenditures incurred by general government
Expenditures on the outputs of market and non-market producers
Expenditures on the outputs of non-market producers
Expenditures on consumption goods and services produced by market producers
Government output and final consumption expenditure
Expenditures on individual and collective goods and services
Individual goods and services
Individual consumption by type of producer
Collective services
The borderline between individual and collective services
The classification of individual and collective government expenditures
Non-market services to enterprises
Actual final consumption of general government
Consumption expenditures incurred by NPISHs
Individual consumption by type of producer
Actual final consumption of NPISHs
Final consumption expenditure and actual final consumption: summary
Final consumption expenditure
Actual final consumption
Total final consumption in the economy
Chapter 10: The capital account
Introduction
The definitions of ownership and assets
Non-financial assets
Produced assets
Non-produced assets
The structure of the capital account
Saving
Capital transfers
Changes in net worth due to saving and capital transfers
Acquisitions less disposals of non-financial assets
Net lending
Gross capital formation
Gross fixed capital formation
The asset boundary
Existing fixed assets
Improvements to existing assets
Costs incurred on acquisition and disposal of assets
Time of recording
Ownership of assets
Valuation
Transactions in fixed assets
Dwellings
Other buildings and structures
Buildings other than dwellings
Other structures
Land improvements
Machinery and equipment
Transport equipment
ICT equipment
Other machinery and equipment
Weapons systems
Cultivated biological resources
Animal resources yielding repeat products
Tree, crop and plant resources yielding repeat products
Costs of ownership transfer on non-produced assets
Intellectual property products
Research and development
Mineral exploration and evaluation
Computer software and databases
Computer software
Databases
Entertainment, literary and artistic originals
Other intellectual property products
Changes in inventories
Storage and stocks of inventories
Valuation
Valuation of work-in-progress
Transactions in inventories
Materials and supplies
Work-in-progress
Work-in-progress on cultivated biological resources
Other work-in-progress
Finished goods
Military inventories
Goods for resale
Acquisitions less disposals of valuables
The asset boundary
Valuation
Transactions in valuables
Precious metals and stones
Antiques and other art objects
Other valuables
Consumption of fixed capital
Costs of ownership transfer
Terminal costs
Acquisitions less disposals of non-produced non-financial assets
Natural resources
The asset boundary
Ownership
Valuation
Transactions in natural resources
Land
Mineral and energy resources
Non-cultivated biological resources
Water resources
Other natural resources
Contracts, leases and licences
The asset boundary
Types of assets included in contracts, leases and licences
Marketable operating leases
Permits to use natural resources
Permits to undertake specific activities
Entitlement to future goods and services on an exclusive basis
Goodwill and marketing assets
Capital transfers
Capital versus current transfers
Transfers in cash and in kind
Valuation
Capital taxes
Investment grants
Other capital transfers
Chapter 11: The financial account
Introduction
Financial assets and liabilities
Quadruple-entry accounting
Counterparts of non-financial transactions
Exchanges of financial assets and liabilities
Net lending
Contingencies
Transactions in financial assets and liabilities
The classification of financial assets and liabilities
Negotiability
Valuation of transactions
Time of recording
Netting and consolidation
Netting
Consolidation
Recording of individual financial instruments
Monetary gold and SDRs
Monetary gold
SDRs
Currency and deposits
Currency
Transferable deposits
Inter-bank positions
Other transferable deposits
Other deposits
Debt securities
Supplementary classifications of debt securities
Loans
Supplementary classifications of loans
Equity and investment fund shares
Equity
Investment fund shares or units
Money market fund shares or units
Other investment fund shares or units
Supplementary classifications of investment fund shares
Insurance, pension and standardized guarantee schemes
Non-life insurance technical reserves
Life insurance and annuities entitlements
Pension entitlements
Claims of pension funds on pension manager
Provisions for calls under standardized guarantees
Financial derivatives and employee stock options
Financial derivatives
Options
Forwards
Credit derivatives
Margins
Employee stock options (ESOs)
Other accounts receivable or payable
Trade credit and advances
Other
Memorandum items
Foreign direct investment
Non-performing loans
Chapter 12: The other changes in assets accounts
Introduction
The other changes in the volume of assets account
Functions of the other changes in the volume of assets account
Appearance and disappearance of assets other than by transactions
Economic recognition of produced assets
Public monuments
Valuables
Entry of natural resources into the asset boundary
Discoveries and upwards reappraisals of subsoil resources
Natural growth of uncultivated biological resources
Transfers of other natural resources to economic activity
Quality changes in natural resources due to changes in economic uses
Exit of natural resources from the asset boundary
Extractions and downwards reappraisals of subsoil resources
Harvesting of uncultivated biological resources
Transfers of other natural resources out of economic activity
Quality changes in natural resources due to changes in economic uses
Initiation and cancellation of contracts, leases and licences
Changes in the value of goodwill and marketing assets
Appearance and disappearance of financial assets and liabilities
Debt operations
Creation and exhaustion of financial derivatives
The effect of external events on the value of assets
Catastrophic losses
Uncompensated seizures
Other changes in volume n.e.c.
Fixed assets
Exceptional losses in inventories
Life insurance and annuities entitlements
Pension entitlements
Provisions for calls under standardized guarantee schemes
Changes in classifications
Changes in sector classification and structure
Changes in classification of assets and liabilities
Sale and reclassification of land and buildings
Changes of classification involving inventories
Summarizing other volume changes
The revaluation account
Different holding gains and losses concepts
Nominal holding gains
Neutral holding gains
Real holding gains
Holding gains and losses on specific assets
Fixed assets
Inventories
Valuables
Financial assets and liabilities
Monetary gold and SDRs
Currency
Deposits and loans
Debt securities
Equity and investment fund shares
Insurance, pension and standardized guarantee schemes
Financial derivatives and employee stock options
Other accounts receivable or payable
Assets denominated in foreign currency
Chapter 13: The balance sheet
Introduction
Balance sheets
Asset accounts
Structure of the balance sheet
Structure of asset accounts
General principles of valuation
Value observed in markets
Values obtained by accumulating and revaluing transactions
Present value of future returns
Assets denominated in foreign currencies
The entries in the balance sheet
Produced assets
Fixed assets
Inventories
Valuables
Non-produced assets
Natural resources
Land
Mineral and energy resources
Non-cultivated biological resources, water resources and other natural resources
Contracts, leases and licences
Goodwill and marketing assets
Financial assets and liabilities
Monetary gold and SDRs
Currency and deposits
Debt securities
Loans
Non-performing loans
Equity and investment funds
Equity
Investment fund shares or units
Insurance, annuities, pension and standardized guarantee schemes
Non-life insurance technical reserves
Life insurance and annuities entitlements
Pension entitlements
Provisions for calls under standardized guarantees
Financial derivatives
Options
Forwards
Employee stock options
Other accounts receivable or payable
Net worth
Memorandum items
Consumer durables
Foreign direct investment
Chapter 14: The supply and use tables and goods and services account
Introduction
Product balances
The goods and services account
Supply and use tables
The industry dimension
A numerical example
The supply table
Products and producing units
Accounting rules
Production
Imports
Classification
Goods for processing
Valuation
Trade margins
Transport margins
Domestic transport charges
International transport charges
Products not included in customs documentation
Products covered by customs documentation
Transport on merchanted goods
Transport on goods sent abroad for processing
Recording transport margins in the supply and use tables
Taxes and subsidies on products
The use table
The use of products by producing units
The use of products for final consumption
The use of products for capital formation
Gross fixed capital formation
Resale of existing goods
Changes in inventories
Valuables
Exports
Introducing value added
Expanding value added
Adding other variables
Further elaboration of the use table
Cross-classification by industry and institutional sectors
A use table at basic prices
Trade margins
Transport margins
Taxes on products
Subsidies on products
Separating imports from domestic production
Expressing the use table in volume terms
Deflating which tables?
Homogeneity
The applicability of CPIs
Imports and exports
Trade and transport margins
Taxes less subsidies on products
Value added
Numerical example
The full supply and use table
Margins and taxes
A use table at basic prices
The imports matrix
Chapter 15: Price and volume measures
Introduction
Index number theory
Inter-temporal price and volume series
International price comparisons
Further information
An overview of index number theory
Quantities, prices and values
Additivity of quantities, prices and values
Volume, quantity, price and unit value indices
Inter-temporal index numbers of prices and volumes
Laspeyres and Paasche indices
Deflation and volume series using Laspeyres and Paasche formulae
The relationship between Laspeyres and Paasche indices
Other index number formulae
Desirable index number characteristics
Index numbers in practice
Chain indices
The rebasing and linking of indices
Chaining each period
Chain Laspeyres and Paasche indices
Annually chained quarterly Laspeyres-type indices
Chain Laspeyres or chain superlative indices?
Annually chained quarterly Fisher-type indices
System of National Accounts
Chaining and data coverage
Additivity and chaining
Variables that change sign
Contributions to growth
Causes of price variation
Price variation due to quality differences
Price variation without quality differences
Price discrimination
The existence of parallel markets
The measurement of changes in quality over time
Direct methods
Hedonics
Indirect methods
Rapidly changing differentiated product markets
Further elaboration
Practical advantages of compiling chain indices
Derivation of volume measures in the national accounts
Introduction
Terminology for volume estimates
Price deflation vs. quantity revaluation
Available price indices
The supply and use tables as the basis for volume measures of GDP
Volume measures of the output estimate of GDP
Market output
Non-market output of government and NPISHs
Output for own final use
Intermediate consumption
Gross domestic product and gross value added
Volume measures of the expenditure estimate of GDP
Household final consumption expenditure
Final consumption expenditure by government and NPISHs
Gross fixed capital formation
Changes in inventories
Acquisition less disposal of valuables
Exports and imports
Volumes and prices for stocks of fixed assets and consumption of fixed capital
Components of value added
Compensation of employees
Taxes and subsidies on products
Net operating surplus and net mixed income
Quarterly and annual estimates
Summary recommendations
Measures of real income for the total economy
The concept of real income
Trading gains and losses from changes in the terms of trade
The interrelationship between volume measures of GDP and real income aggregates
International price and volume comparisons.
Introduction
Index number issues
Representativity versus comparability
Aggregation
Binary comparisons
Multilateral comparisons
Transitivity
The block approach
The binary approach
Ring comparisons
Practical considerations for national accountants
PPPs and the national accounts
Why ICP growth rates differ from national growth rates
Non-market services
Conclusion
Chapter 16: Summarizing and integrating the accounts
Introduction
Integrating the accounts
Summarizing the current accounts
The production account
The generation of income account
The allocation of primary income account
The secondary distribution of income account
The use of income accounts
Summarizing the accumulation accounts
The capital account
The financial account
The goods and services account
The accounts for the rest of the world
Integration of stock and flow data
Linking the opening and closing balance sheets
Net worth
Asset accounts
Consolidating the accounts
Consolidating the current accounts
Consolidating the accumulation accounts
Consolidating the rest of the world account
The macroeconomic aggregates in the SNA
The GDP identities
A note on the valuation of output
Gross and net domestic product
Gross and net national income
National disposable income
An example set of integrated economic accounts
Institutional sector accounts
Current accounts
The use of income account
The accumulation accounts
The balance sheets
The rest of the world account
The goods and services account
The total economy column
Chapter 17: Cross-cutting and other special issues
Part 1: The treatment of insurance
Introduction
Direct insurance
Reinsurance
The units involved
Output of direct insurance
Premiums earned
Premium supplements
Claims and benefits
Non-life insurance claims
Life insurance benefits
Reserves
Defining insurance output
Non-life insurance
Life insurance
Reinsurance
All the transactions associated with non-life insurance
Net premiums and consumption of insurance services
Recording non-life insurance claims
Insurance services provided to and from the rest of the world
The accounting entries
All the transactions associated with life insurance
Annuities
All transactions associated with reinsurance
Annuities
How an annuity works
The output associated with an annuity
All the transactions associated with annuities
Part 2: Social insurance schemes
Introduction
Basic definitions
Social benefits
Social benefits provided by general government
Social benefits provided by other institutional units
Social insurance schemes
Multiemployer schemes
Individual insurance policies qualifying as social insurance
Benefits payable under social insurance schemes
Accounting for non-pension contributions and benefits
Non-pension benefits payable under social security
Unfunded non-pension benefits other than from social security
Funded social insurance other than pensions
Accounting for pension contributions and pensions
Social security pensions
Employment-related pension schemes other than social security
Defined contribution pension schemes
Transactions recorded for a defined contribution pension scheme
Defined benefit pension schemes
Differences between a defined benefit and a defined contribution pension scheme
Transactions recorded for a defined benefit pension scheme
Defined benefit pension schemes operated by other than employers
The relationship between the employer and the pension fund
A numerical example
Transactions for a defined benefit schemes
Defined contribution pension schemes
Other flows for a defined benefit pension scheme
The issue of promotions
Transferring pension entitlements
A note on the tables
The special case of government providing pensions via social security
Part 3: The treatment of standardized guarantees in the SNA
Types of guarantees
Standardized guarantee schemes
Guarantees provided by government
Balance sheet implications
Part 4: The recording of flows associated with financial assets and liabilities
Introduction
The characteristics of financial institutions
Charging for financial services
Investment income associated with financial instruments
Holding gains and losses on financial instruments
Recording flows in financial instruments
Monetary gold
SDRs
Currency
Deposits and loans
Debt securities
Service charges associated with securities
Interest on discounted securities
Determining interest flows on bills and bonds
Interest on bills and similar instruments
Interest on bonds and debentures
Zero-coupon bonds
Other bonds, including deep-discounted bonds
Index-linked securities
Equity and investment fund shares
Financial derivatives
Employee stock options
Other accounts receivable or payable
Part 5: Contracts, leases and licences
Introduction
Leases
Operating leases
Financial leases
Resource leases
Licences and permits to use a natural resource
The “mobile phone” treatment of licences or permits to use a natural resource
Radio spectra
Land
Timber
Fish
Water
Mineral resources
Sharing assets
Permits to undertake a specific activity
Permits issued by government
An example
Case 1: Government does not offer a refund and A keeps the permit for 3 years
Case 2: Government does not offer a refund and A sells the permit to B after one year
Case 3: Government does offer a refund and A keeps the permit for 3 years
Case 4: Government does offer a refund and A sells the permit to B after one year
Government permits as assets
Permits issued by other units
Non-government permits as assets
Permits to use natural resources as sinks
Contracts for future production
Leases as assets
Marketable operating leases as assets
Other considerations
Time-share arrangements
Lost deposits
Part 6: Employee stock options
Introduction
Terminology
Valuation
ESOs as a financial asset
Recording ESOs in the account of the SNA
Variations in the use of ESOs
Chapter 18: Elaborating and presenting the accounts
Introduction
Time series, revisions and discrepancies
Time series
Revisions
Discrepancies
Discrepancy in net lending or net borrowing
Accounts in volume terms
The expenditure components of GDP
The production components of GDP
Supply and use tables in volume terms
Capital stock
Quarterly and other high frequency accounts
Conceptual issues
Time of recording
Definitions involving a year or more
Seasonality
Data quality
Inventories
Quarterly accounts in volume terms
Coverage of quarterly accounts
Regional accounts
Presentational issues
Production measures of GDP
Key industries
Expenditure measures of GDP
Income aggregates
Accounts in volume terms
Quarterly accounts
Sector accounts
Integrated accumulation accounts
Chapter 19: Population and labour inputs
Introduction
International standards on labour force statistics
The structure of the chapter
Population
Per capita estimates of volume growth
Absolute levels of GDP per capita
Measuring the labour force
Employees
Self-employed persons
Unemployment
Boundary problems
Jobs and employees
Residence
The non-observed economy
Labour in NPISHs
Volunteer labour
Standardized measures of labour inputs
Employment measured on a full-time equivalent basis
Hours worked
Defining hours actually worked
Quality-adjusted labour input
Employee labour input at constant compensation
Estimating labour productivity
Labour productivity and MFP
Employment estimates for productivity estimation
Data consistency
International comparisons
A note on source data
Chapter 20: Capital services and the national accounts
Introduction
The basic ideas of capital services
Valuing capital stock
Knowing the contribution to production
Knowing the value at any time
Age-efficiency and age-price profiles
The special case of geometrically declining profiles
Practical considerations
Interpreting the flows
Capital services and gross operating surplus
Prices and volumes
Applying the capital service model
Land
Valuing natural resources
Mixed income
Assets with a residual value
Costs of ownership transfer on acquisition
Terminal costs
Major repairs and renovations
Work-in-progress for long term projects
Owner-occupied dwellings
A financial lease
A supplementary table on capital services
Chapter 21: Measuring corporate activity
Introduction
A note on terminology
The demography of corporations
The creation of corporations
The dissolution of corporations
Nationalization and privatization
Mergers and acquisitions
Subsectors
Relations between corporations in different economies
Foreign direct investment
FDI and globalization
The role of ‘pass through funds'
Ultimate investing country
Multinational enterprises
Outsourcing
The contribution of assets to production
The consequences of financial distress
Bad debts
Concessional lending and debt rescheduling
Links to commercial accounting
Chapter 22: The general government and public sectors
Introduction
Data sources
Consolidation
Defining the general government and public sectors
Government units
NPIs controlled by government
Corporations controlled by government
Economically significant prices
Suppliers of goods and services to government
Definition of sales and costs
A decision tree for public units
Subsectors of the general government sector
Subsectors of the public sector
Borderline cases
Quasi-corporations
The case of restructuring agencies
Special purpose entities
Joint ventures
Supranational authorities
The government finance presentation of statistics
Introduction
Revenue
Expense
Outlays
Net operating balance
Net lending or net borrowing
Consolidation
Classification of the functions of government
Accounting issues particular to the general government and public sectors
Clarification of the recording of taxes
Government issued permits
Accrual recording of taxes
Tax credits
Transactions with other national, international and supranational organizations
International membership dues
International assistance
Debt and related operations
Debt
Debt reorganization
Debt forgiveness (or debt cancellation)
Debt rescheduling and refinancing
Debt conversion
Debt assumption
Other issues related to debt re-organization
Government guarantees
Securitization
Government assumption of pension liabilities
Relations of general government with corporations
Earnings from equity investment
Dividends versus withdrawal of equity
Disposal of assets
Acquisition of equity, capital transfers and subsidies
Privatization
Nationalization
Bailouts
Restructuring, mergers and reclassifications
Transactions with the central bank
Public-private partnerships
The public sector presentation of statistics
Chapter 23: Non-profit institutions
Introduction
Non-profit institutions in the SNA
The accounting rules for NPIs in the SNA
A satellite account for NPIs
The units included in the NPI satellite account
Determining characteristics of units for the satellite account
Examples of units included
Borderline cases
Classification of NPIs
Accounts for non-profit institutions in the satellite account
Other SNA considerations concerning NPIs
NPISHs and government
Informal and temporary NPISHs
The output of NPISHs
Chapter 24: The households sector
Introduction
Unincorporated enterprises
The problems associated with subsectoring households
Structure of the chapter
Household composition and sectoring
Definition of a household
Residence
Determining subsectors
Household surveys
Subsectoring households
The production perspective
The consumption perspective
The income perspective
Using a reference person
The consequences of demographic change
Other considerations
Households as producers
Households and the informal sector
Agriculture
Housing
Domestic staff
Households as consumers
Consumption goods and services provided in kind
Expenditure by tourists
Consumption expenditure by type of product
Household income
Household wealth and associated income flows
Household balance sheets
Family trusts
The distribution of wealth
Pension considerations
Consumer durables
Chapter 25: Informal aspects of the economy
Introduction
The policy interest in measuring activity undertaken by informal enterprises
Structure of the chapter
Characteristics of units acting informally
The non-observed economy
The informal sector as defined by the ILO
The ILO concept of the informal sector
Defining the sector
Exclusion of units producing purely for own final use
Exclusion of units with formal characteristics
Two categories of informal enterprises
Exclusions on grounds of activity
Clarifying the use of familiar terminology
Sector
Enterprise
Subsectoring production
Formal sector, informal sector and households
Informal employment
Informal employment
Employment in the informal sector
Work of the Delhi Group
Deriving data on activities of informal enterprises from the SNA accounts
Candidate households
Adjustments for national practices
Disaggregation by type of activity
Presenting the data on the informal sector and informal employment
Production
Employment
Approaches to measuring activities undertaken in the informal economy
Household surveys
Establishment surveys
Mixed household-enterprise surveys
Guidelines, studies and handbooks on the informal economy
Chapter 26: The rest of the world accounts and links to the balance of payments
Introduction
The rest of the world account in the SNA
Current accounts
Accumulation accounts
The international accounts in BPM6
The structure of the chapter
Accounting principles
Comparison with SNA accounting principles
Valuation
Time of recording and change of ownership
Netting
Units
Economic territory
Institutional units
Branches
Notional resident units
Multiterritory enterprises
Residence
Residence of households
Residence of enterprises
Residence of other entities
A comparison between the international accounts and the SNA rest of the world accounts
Goods and services account
The primary income account
Income of direct investment enterprises
Secondary income account
Balancing items in the current accounts of the international accounts
The capital account
The financial account and IIP
The other changes in assets accounts
International accounts functional categories
Direct investment
Portfolio investment
Financial derivatives (other than reserves) and employee stock options
Other investment
Reserve assets
Special international accounts considerations
Global imbalances
Exceptional financing
Debt instruments
Debt reorganization
Regional arrangements, including currency unions
Currency conversion, including multiple exchange rates
Chapter 27: Links to monetary statistics and the flow of funds
Introduction
Monetary statistics
Financial statistics
Flow of Funds
Monetary statistics
Defining depository corporations
Presentation of monetary statistics
Financial statistics
Flow of funds
Flow accounts
The format of the account
Analytical uses
Stock accounts
Chapter 28: Input-output and other matrix-based analyses
Introduction
Input-output tables
Social accounting matrices
The structure of the chapter
Flexibility in the supply and use tables
The treatment of margins on imports
Goods processed by a unit not assuming economic ownership
Supply and use tables and sector accounts
Deriving an input-output table
What is an input-output table?
Analytical potential of an input-output matrix
Secondary products
Reallocating secondary products
Product by product tables
Industry technology assumption
Product technology assumptions
Industry by industry tables
Fixed product sales structure
Fixed industry sales structures
The choice of approach to be used
Hybrid approaches
The database required for the transformation
Social accounting matrices
Expressing the sequence of accounts in matrix form
Expanding the matrix
Disaggregating households
A SAM for labour accounts
Chapter 29: Satellite accounts and other extensions
Introduction
Functional classifications
Key sector accounts
Satellite accounts
Functional classifications
COICOP
COFOG
COPNI
COPP
Satellite accounts for key sector and other special sector accounts
Satellite accounts; options for conceptual variations
Production and products
Income
Primary incomes
Transfers and disposable income
Uses of goods and services
Assets and liabilities
Purposes
Aggregates
Possible tables for a satellite account
Scoping a functionally orientated account
Determining the products of interest
Measuring production
Components of uses/national expenditure
Consumption
Capital formation
Transfers
Total uses and national expenditure
Users or beneficiaries
Financing
Production and products
Physical data
Examples of satellite accounts
Tourism satellite accounts
Defining visitors and tourists
Definition and scope of tourism expenditure
Definition and scope of tourism consumption
Characteristic products
Tourism industries
Main aggregates
Environmental accounting
The different parts of the SEEA
Physical and hybrid supply and use tables
Identifying environmental aspects of the central framework
Environmental taxes, property income and property rights
A set of accounts for environmental protection expenditure
Asset accounts
Integrating environmental adjustments in the flow accounts
Depletion
Defensive expenditure
Accounting for environmental degradation
Health satellite accounts
Functional classification of health care
Health care provider units
Expenditure on health care
Funding of health care
Converting the SHA to health satellite accounts
Unpaid household activity
Unpaid household services
Consumer durables
Volunteer labour
Annex 1:The classification hierarchies of the SNA and associated codes
Introduction
The classification hierarchies of the SNA
Sectors (S codes)
Classifications of transactions
Transactions in products (P codes)
Transactions in non-produced assets (NP codes)
Distributive transactions (D codes)
Transactions in financial assets and liabilities (F codes)
Other flows
Entries in the other changes in assets account (K codes)
Balancing and net worth items (B codes)
Entries related to stocks of assets and liabilities
Balance sheet entries (L codes)
Non-financial assets (AN codes)
Financial assets (AF codes)
Supplementary items
Non-performing loans
Capital services
Pensions table
Columns
Rows
Consumer durables
Foreign direct investment
Contingent positions
Currency and deposits
Classification of debt securities according to outstanding maturity
Listed and unlisted debt securities
Long-term loans with outstanding maturity of less than one year and long-term loans secured by a mortgage
Listed and unlisted investment shares
Arrears in interest and repayments
Personal and total remittances
Annex 2: The sequence of accounts
Annex 3: Changes from the 1993 System of National Accounts
Introduction
Further specifications of statistical units and revisions in institutional sectoring
Producer unit undertaking ancillary activities to be recognized as a separate establishment in certain cases
Artificial subsidiaries not regarded as institutional units unless resident in an economy different from that of their parents
Branch of a non-resident unit recognized as an institutional unit
Residence of multiterritory enterprises clarified
Special purpose entities recognized
Holding company allocated to the financial corporations sector
Head office to be allocated to the institutional sector of the majority of its subsidiaries
Subsector for non-profit institutions introduced
Definition of financial services enlarged
Subsectoring of the financial corporation sector revised to reflect new developments in financial services, markets and instruments
Further specifications of the scope of transactions including the production boundary
Research and development is not an ancillary activity
Method for calculating financial intermediation services indirectly measured (FISIM) refined
Output of central bank clarified
Recording of the output of non-life insurance services improved
Reinsurance similarly treated as direct insurance
Valuation of output for own final use by households and corporations to include a return to capital
Extension and further specification of the concepts of assets, capital formation and consumption of fixed capital
Change of economic ownership introduced
Asset boundary extended to include research and development
Revised classification of assets introduced
Extension of the assets boundary and government gross capital formation to include expenditure on weapons systems
The asset category ‘computer software' modified to include databases
Originals and copies recognized as distinct products
The concept of capital services introduced
Treatment of costs of ownership transfer elaborated
Mineral exploration and evaluation
Land improvements
Goodwill and marketing assets
Water resources treated as an asset in some cases
Consumption of fixed capital to be measured at the average prices of the period with respect to a constant-quality price index of the asset concerned
Definition of cultivated biological resources made symmetric to uncultivated resources
Intellectual property products introduced
Concept of resource lease for natural resources introduced
Changes in the items appearing in the other changes in the volume of assets account introduced
Further refinement of the treatment and definition of financial instruments and assets
Treatment of securities repurchase agreement clarified
Treatment of employee stock options described
Treatment of non-performing loans elaborated
Treatment of guarantees elaborated
Treatment of index-linked debt securities elaborated
Treatment of debt instruments indexed to a foreign currency revised
Flexibility on valuation of unlisted equity
Unallocated gold accounts treated as financial assets and liabilities
Definition of monetary gold and gold bullion revised
Liability in special drawing rights recognized
Distinction made between deposits and loans
Fees payable on securities lending and gold loans
Financial asset classification
Distinction between financial leasing and operating leasing based on economic ownership
Changes in recommendations for recording pension entitlements
Further specifications of the scope of transactions concerning government and public sector
The boundary between private/public/government sectors clarified
Treatment of restructuring agencies elaborated
Treatment of government issued permits clarified
Exceptional payments from public corporations should be recorded as withdrawals from equity
Exceptional payments from government to public quasi-corporations should be treated as capital transfers
Accrual recording of taxes
Tax credits
Treatment of ownership of fixed assets created through public-private partnerships clarified
Taxes on holding gains continue to be shown as current taxes on income and wealth
Harmonization between concepts and classifications of the SNA and BPM6
Centre of predominant economic interest as the basic criterion for determining the residence of the unit
Individuals changing residence
Goods sent abroad for processing are recorded on change of ownership basis
Merchanting
A check-list of changes in each chapter
Annexes and other items
Annex 4: Research Agenda
Introduction
Basic accounting rules
The relationship of SNA and IASB
Consolidation of enterprise groups
Trusts
Final consumption of corporations
Measuring the output of government services
The treatment of social transfers in kind to the rest of the world
Output of central banks: taxes and subsidies on interest rates applied by central banks
The treatment of establishments in the SNA
The inclusion of international organizations in the SNA
The concept of income
Clarification of income concept in the SNA
GDP at basic prices
The role of taxes in the SNA
Life insurance
Reinvested earnings
Accruing interest in the SNA
Calculation of FISIM
High inflation
The measurement of neutral and real holding gains and losses
Income arising from assets
Income from activities undertaken on an informal basis
Issues involving financial instruments
Issues arising from a financial crisis
Recognition of social security entitlements as liabilities
Wider use of fair value for loans
Provisions
Debt concessionality
Equity valuation and its implications
Reverse transactions
Issues involving non-financial assets
Tradable emission permits
Leases to use or exploit natural resources
Broadening the fixed asset boundary to include other intellectual property assets
Innovation
Marketing assets
Human capital
Costs of ownership transfer of valuables and non-produced assets
Distinction between current maintenance and capital repairs