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Government Accounts the Government Finance Statistics Manual 2001 and

Government Accounts the Government Finance Statistics Manual 2001 and the update of 1993 System of National Accounts The Second 2006 BEA Government Statistics Users Conference Washington, September 14, 2006 Lucie Laliberté Deputy Director IMF Statistics Department. Outline.

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Government Accounts the Government Finance Statistics Manual 2001 and

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  1. Government Accounts the Government Finance Statistics Manual 2001 and the update of 1993 System of National Accounts The Second 2006 BEA Government Statistics Users Conference Washington, September 14, 2006 Lucie Laliberté Deputy Director IMF Statistics Department

  2. Outline • Introduction GFSM 2001 and theTFHPSA • Update of SNA 93 • International accounting standards • Pilots on implementing GFSM 2001 • Way forward

  3. Introduction • Government Finance Statistics Manual, 2001 IMF Manual harmonized with SNA 93 • Task Force on Harmonization of Public Sector Accounting (TFHPSA) chaired by the IMF with the OECD as Secretariat with international and national senior statisticians and senior accounting policy officials (Oct. 03--March 06) http://www.imf.org/external/np/sta/tfhpsa/2006/03/pdf/030806a.pdf

  4. Private/Public/Government statistical sector delineation based on a definition of control closer to that of accounting Tax Revenue and Tax Credit Special Purposes Entities and Restructuring agencies Update of SNA 93

  5. Update of SNA 93 (continued) • Guarantees • Transactions of government with its public corporations • Debt and Debt Reorganization • Chapter on government and public sector • Continuous involvement in update process

  6. International Accounting Standards • Extensive documentation on the International Public Sector Accounting Standards (IPSAS) and Government Statistical Guidelines • Development of a draft accounting standard on the General Government Sector (ED 28)

  7. Pilots on GFSM 2001 • Objective—To Standardize the Framework for fiscal analysis • Outcome of November 2005 Board discussion: • Comprehensive framework of GFSM 2001 (3 Tables) will support fiscal analysis • Use of GFSM 2001 will lead to greater transparency and consistency • Support a phased implementation • Support pilot studies to illustrate usefulness • 10 Countries identified for pilots (including USA) • Process: • Recast existing data sources • Identify data gaps • Collaborate with country authorities to improve data • Collaborate with FAD to review policy implications

  8. Way forward • Further implementation of GFSM 2001 • Further convergence with international accounting standards (e.g., private public partnership, accounting conceptual framework, accrued earnings from equity investment, provisions and contingent liabilities)

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