Th is appendix describes the changes in the Govern-
ment Finance Statistics Manual 2014 (GFSM 2014)
from the Government Finance Statistics Manual 2001
(GFSM 2001), and describes the diff erences with the
traditional approach to fi scal reporting as depicted
in A Government Finance Statistics Manual 1986
(GFSM 1986).

Introduction.

A1.1 In the GFSM 2014, the guidelines in the
GFSM 2001 have been revised to harmonize with the
updates in other macroeconomic statistical manuals
and guides, such as the overarching System of Na-
tional Accounts 2008 (2008 SNA), the sixth edition of
the Balance of Payments and International Investment
Position Manual (BPM6), and the Public Sector Debt
Statistics: Guide for Compilers and Users (PSDS Guide).

A1.2 Th e GFSM 2014 addresses important inter-
national economic developments in recent years and
takes into account improved recording and method-
ological treatments of various events. Th e changes
incorporated can broadly be summarized as method-
ological changes agreed to in the update of the 2008
SNA, clarifi cations on existing methodological guide-
lines, presentational changes, and editorial changes.

A1.3 Th e remainder of this appendix fi rst de-
scribes the changes in the GFSM 2014, compared to
the GFSM 2001. Since many countries are still in vari-
ous stages of migrating from presenting fi scal statis-
tics in a traditional way, based on the GFSM 1986, the
second part of this appendix also provides a descrip-
tion of the diff erence between the guidelines in this
Manual and the GFSM 1986.

Changes from the GFSM 2001

A1.4 Th e GFSM 2014 retains the basic conceptual
framework of its predecessor, the GFSM 2001. How-

ever, this Manual introduces improved treatments for

recent developments and specifi c events, elaborates on

aspects of reporting that have proved to be complex,

and takes into consideration new needs of compilers

and users of GFS. Th e remainder of this section de-

scribes the main changes, grouped according to the

chapters of the GFSM 2014, before describing changes

in terminology introduced in this Manual. Th e dis-

cussion of the changes includes cross-references to the

relevant paragraphs in the chapters.

Chapter 1

A1.5 A defi nition for fi scal policy, general govern-

ment sector, and public sector is introduced in para-

graph 1.2.

A1.6 A section to describe the evolution of inter-

national statistical guidelines on government fi nance

statistics, starting in the early 1970s, is presented in

paragraphs 1.6–1.9. Th is section also broadly outlines

the reasons for the update of the GFSM 2001.

A1.7 Th e section on the structure and features of

the GFS framework introduces two supplementary

statements—namely, the Statement of Total Changes

in Net Worth and the Summary Statement of Explicit

Contingent Liabilities and Net Implicit Obligations for

Future Social Security Benefi ts (see paragraphs 1.18–

1.19). Th ese supplementary statements are added to

the GFS framework due to their analytical usefulness

for users of fi scal data.

A1.8 Th e valuation principle described in para-

graph 1.29 indicates that current market prices are

used to value economic fl ows and stock positions.

Th is principle is clarifi ed by indicating that market-

value equivalents are used for assets and liabilities that

are not traded in markets, or are traded infrequently.

A1.9 Th e important linkages between GFS and

other macroeconomic datasets are introduced in

Changes from the GFSM 2001

and GFSM 1986

1

APPENDIX