Future Research Agenda

1. Future Research Agenda Issues involving financial instruments and non-financial assets

2. Issues involving financial instruments • Financial crisis => G20 Data Gaps Initiative • Pension entitlements • Criteria for recognition in the core accounts • Valuation • Loans • Consideration of valuation at fair value • Recording of interest on concessional loans • Equity: more standardized valuation? • Recording and measurement of reverse transactions • Provisions and contingent liabilities

3. Issues involving non-financial assets • Leases to use/exploit natural resources • Resources with infinite life (user controls the use of the resource) • Land: purchase • Radio spectrum: purchase of non-produced asset (lease) • Atmosphere/water body: tax • Resources subject to replenishment (use is restricted): rent (unless the use shows not to be sustainable) • Resources not capable of replenishment: rent (note: decoupling of rundown in the value of assets and the use in production • Intellectual Property Products • Marketing (and other) intangible assets • Human capital

4. Issues involving non-financial assets • Recording of costs of ownership transfer: • Financial assets: intermediate consumption • Non-financial assets: fixed capital formation • Valuables: not used in production, nevertheless recorded as fixed capital formation • Fixed assets: integral part of the purchasing value • Non-produced assets (except land): separate category • Land: land improvements • Current maintenance versus capital repairs: further development of criteria, special case • PPPs, and more generally, transfer of ownership of an asset

5. Issues involving non-financial assets Two main themes: • Recording of ownership transfer of assets (including related costs) • Extension of asset boundary with intangible assets: marketing (and other) assets, human capital One specific issue: • Current maintenance versus capital repairs