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Progress Report on the Review of the SNA

Progress Report on the Review of the SNA. Carol S. Carson Project Manager Working Party on National Accounts OECD, Paris, October 11-14, 2005. Plan of the presentation. Big picture July 2005 (Bangkok) Advisory Expert Group (AEG) meeting Overview Selected issues

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Progress Report on the Review of the SNA

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  1. Progress Report on the Review of the SNA Carol S. Carson Project Manager Working Party on National Accounts OECD, Paris, October 11-14, 2005

  2. Plan of the presentation • Big picture • July 2005 (Bangkok) Advisory Expert Group (AEG) meeting • Overview • Selected issues • January 2006 (Frankfurt) AEG meeting • Drafting and Review Phase

  3. Big picture • Statistical Commission’s mandate: • No fundamental changes that would impede implementation • Bring the accounts in line with… • New economic environment • Advances in methodological research • Needs of users • Consistent with other macro manuals • 1993 SNA, Rev. 1 ready for endorsement in March 2008

  4. Big picture (cont’d) • The Update is on track • Update contained within the bounds set by the 44 agreed issues • Recommendations so far deal with, for example,… • Statistics for an increasingly globalized world • Developments in financial markets • Aspects of the “new economy” • With hard work and focus, expect to deliver Rev. 1 on time

  5. Big Picture (cont’d) • Progress Report at the Project website http://unstats.un.org/unsd/nationalaccount/snarev1.aspincludes... • List of the issues, with status as of end September • Calendar of SNA-related events

  6. July AEG • Overview: • Intense, but productive meeting • Reports available on the Project website at http://unstats.un.org/unsd/nationalaccount/aeg.htm • Summary conclusions (Spanish translation available; French translation coming) • Report (draft) • Recommendations now open for country comment

  7. July AEG (cont’d) • Non-financial assets • Cost of capital services: • Confirmed the importance of including capital services (depreciation and return to capital) in SNA • Emphasized compilation of capital services and stocks in an integrated manner • Strongly supported including estimates of capital services in supplementary tables

  8. July AEG (cont’d) • Non-financial assets(cont’d) • Assets used in non-market production: Reaffirmed principle of including a return to capital. To consider further after follow-up on country comments • R & D: Recommendations … • To recognize output of R & D as assets • That although R & D made freely available should not be treated as assets, in practice they might not be excluded • To use Frascati definition of R & D • That patents will no longer be separately identified

  9. July AEG (cont’d) • Government/public sector • Previewed a new chapter on general government and public sector • Tax revenues, uncollectible taxes, tax credits: • Recommendations that… • Taxes are to be recorded on an accrual basis • Taxes that are uncollectible and/or unlikely to be collected should not be included • Payable tax credits to be recorded on gross basis • The above plus clarifications of definition and coverage of taxes to be reviewed with draft chapter

  10. July AEG (cont’d) • Government/public sector (cont’d) • Guarantees: • Agreed in principle to recommendations based on a three-way split: • Tradable guarantees to be treated as financial derivatives • Standardized guarantees to be treated similar to insurance • One-off guarantees not in the core accounts • Clarifications to be made in a revised paper combining granting and activation for e-discussion

  11. July AEG (cont’d) • Government/public sector (cont’d) • Sector delineation: • Broad support for… • Use of decision tree to identify boundaries • Indicators to be used to determine whether government controls • Elaboration of economically significant prices • Clarifications to be made in a revised paper for e-discussion

  12. July AEG (cont’d) • Financial instruments: dealt with several issues, mainly on classification (and more to come) • BOP: dealt with a number of issues (to be presented separately)

  13. January AEG • Overview • Last of the AEG meetings on separate issues • Issues concentrated in government sector and where several working groups share an interest in the issue • Papers mainly from series of meetings that began in mid-September • As for the July AEG, a combination of e-discussions and face-to-face discussion

  14. January AEG (cont’d) • Agenda: issues • Employer pensions schemes • Payments to government by public corporations: super-dividends, etc. • Holding companies, SPEs, trusts • Leases and licenses • Informal economy • And others, such as… • Ancillary units • Financial services

  15. January AEG (cont’d) • Agenda: other topics • First look at some problems of consistency across recommendations • Plan for the drafting and review stage • ECB will organize a meeting with data users

  16. Drafting and review phase • Key dates • Late 2006: recommendations ready for consideration by Statistical Commission in March 2007 • Late 2007: draft of Rev. 1 ready for consideration by the Statistical Commission in March 2008

  17. Drafting and review phase (cont’d) • ISWGNA is fleshing out the work plan • Likely key features: • Editor: edits existing SNA text and drafts new sections, sometimes using others’ drafts • Chapters broken into logical groups for drafting-review process • Review of at least three kinds: • Support for editor, mainly by ISWGNA • AEG • Country • Record of changes made • Progress chart

  18. …and this involves you! • Work on issues is winding down, but your continued involvement is needed: • Suggest additional needed clarifications (non-conceptual changes) to the SNA: open through end 2005 • Comment: • Now, on recommendations (for the July AEG meeting’s recommendations, by November 30) • In 2006-2007, on draft text

  19. Thank you Contact:: ccarson@imf.org

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