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 DirectorIMF Statistics Department

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Introduction GFSM 2001 and the TFHPSA

Update of SNA 93 International accounting standards Pilots on implementing GFSM 2001 Way forward

OutlineOutlineOutlineOutline

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IntroductionIntroductionIntroductionIntroduction

Government Finance Statistics Manual, 2001IMF 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

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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 93Update of SNA 93Update of SNA 93Update of SNA 93

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Update of SNA 93 Update of SNA 93 (continued)(continued)Update of SNA 93 Update of SNA 93 (continued)(continued)

Guarantees

Transactions of government with its public corporations

Debt and Debt Reorganization

Chapter on government and public sector Continuous involvement in update process  

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International Accounting StandardsInternational Accounting StandardsInternational Accounting StandardsInternational 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) 

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Pilots on Pilots on GFSM 2001GFSM 2001Pilots on Pilots on GFSM 2001GFSM 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

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Way forwardWay forwardWay forwardWay 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)