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NIPA – Flow of Funds Accounts Integration

NIPA – Flow of Funds Accounts Integration. BEA Government Statistics Users Conference September 14, 2006 Susan Hume McIntosh Flow of Funds Section Federal Reserve Board. Project Goals. Produce integrated accounts based on NIPA, ITA, and FFA.

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NIPA – Flow of Funds Accounts Integration

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  1. NIPA – Flow of Funds Accounts Integration BEA Government Statistics Users Conference September 14, 2006 Susan Hume McIntosh Flow of Funds Section Federal Reserve Board Draft SNA-USA

  2. Project Goals • Produce integrated accounts based on NIPA, ITA, and FFA. • Identify inconsistencies among existing accounts. • Eliminate inconsistencies where possible. • Develop a program to: • Deal with remaining inconsistencies. • Correct other deficiencies. • Enhance presentation. Draft SNA-USA

  3. What are Integrated Accounts? • Follows SNA93 structure with a complete sequence of accounts: • Current (production and income). • Capital accumulation. • Financial accumulation. • Other changes in volume. • Revaluation. • Balance sheet. Draft SNA-USA

  4. Progression of Accounts Draft SNA-USA

  5. Government Sector Balance Sheet • No full balance sheet in the FFA. • Nonfinancial assets: only structures and equipment and software. • No outstanding value of land and nonproduced nonfinancial assets. • Other volume changes balancing item. • Focus on annual balance sheets Draft SNA-USA

  6. Federal Government Sector Issues • Timing differences on receipts and expenditures. • Accrual versus cost accounting. • Trade receivables timing adjustment. • Treasury versus ITA data on gold, SDRs, and official foreign exchange. • Government enterprises. Draft SNA-USA

  7. State and Local Government Sector Issues • Similar timing and accounting issues. • Work with Census Bureau on improving their data collection. • Use of annual reports of state and local governments. Draft SNA-USA

  8. Where Are We and What’s Next? • Real time accounts can be calculated. • Fame database and software can be shared • Publish data on BEA’s website for 1960-2005 at end of September 2006. • Tables can be updated each quarter. • Article in Survey of Current Business by Ian Mead (BEA) and Susan Hume McIntosh (FRB) in November 2006. • Continue work on greater SNA consistency, sharing data sources, and narrowing discrepancies. Draft SNA-USA

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