Changes from the GFSM 2001 and GFSM 1986 271
A1.142 Concessional loans and their treatment in
macroeconomic statistics are clarifi ed in paragraph
9.12.
A1.143 Arrears are defi ned in paragraph 9.20, and
the recording of transactions related to arrears is de-
scribed in paragraphs 9.21–9.23.
A1.144 Th e classifi cation of transactions in fi nan-
cial assets and liabilities by instrument and residence
of the counterparty is described in paragraphs 9.24–
9.27. Th e classifi cation by instrument that follows
is the same as those described in the balance sheet
(Chapter 7).
A1.145 Transactions related to monetary gold and
special drawing rights (3201/3301) are clarifi ed in
paragraphs 9.28–9.32.
A1.146 For debt securities (3203/3303), transac-
tions related to interest and amortization are elabo-
rated on (see paragraphs 9.36 – 9.43).
A1.147 Th e impact of recording transactions be-
tween the owners of enterprises and the enterprise
is clarifi ed. Transactions such as dividends, transfers,
membership dues and subscription fees payable to in-
ternational organizations, and other operations, such
as privatization and nationalization, are clarifi ed in the
description of transactions in equity (32051/33051)
(see paragraphs 9.47–9.55).
A1.148 Th e recording of the change in value of in-
vestment fund shares or units, other than from holding
gains and losses, is described in paragraph 9.56.
A1.149 For insurance, pension, and standardized
guarantee schemes (3206/3306), the transactions infl u-
encing these reserves are elaborated on for each sub-
category of the reserves (see paragraphs 9.57–9.69).
A1.150 Th e coverage of fi nancial derivatives and
employee stock options (3207/3307) is expanded to
separately identify employee stock options. Transac-
tions related to fi nancial derivatives (32071/33071)
are clarifi ed. A distinction is introduced between
transactions at inception, on secondary markets, with
ongoing servicing, and at settlement (see paragraphs
9.71–9.76). Transactions related to employee stock op-
tions (32072/33072) are introduced in paragraph 9.77.
A1.151 Th e classifi cation of transactions in fi nan-
cial assets and liabilities by sector and residence is in-
troduced in paragraphs 9.85–9.87 and Table 9.2.
A1.152 Th e classifi cation of transactions in debt
liabilities and their corresponding fi nancial assets by
maturity is introduced in paragraph 9.88. If analyti-
cally useful, the same classifi cation structure could be
applied for transactions as what is depicted for stock
positions in Table 7.12.Chapter 10
A1.153 Other economic fl ows are described and
the two components of other economic fl ows—
namely, holding gains and losses and other changes in
the volume of assets—are defi ned in paragraph 10.1.
A1.154 Th e section on holding gains for particular
types of nonfi nancial assets is elaborated on. Specifi c
guidance is added on: the diff erence between unreal-
ized and realized holding gains (see paragraph 10.6);
neutral and real holding gains (see paragraph 10.11);
estimating the holding gains on fi xed assets (see para-
graphs 10.13–10.15) and inventories (see paragraphs
10.16–10.17); valuables (see paragraph 10.18); and
nonfi nancial assets disposed of during the reporting
period (see paragraphs 10.19–10.20).
A1.155 Th e impact of various events on the valua-
tion of fi nancial instruments is elaborated on. Specifi c
guidance is added on: monetary gold and SDRs (see
paragraphs 10.21–10.22); fi nancial assets and liabilities
with fi xed monetary values (see paragraph 10.23); debt
securities (paragraphs 10.24–10.29); equity and invest-
ment fund shares (see paragraphs 10.30–10.34); insur-
ance, pension, and standardized guarantee schemes (see
paragraphs 10.35–10.41); and fi nancial derivatives and
employee stock options (see paragraphs 10.42–10.43).
A1.156 Paragraph 10.44 introduces holding gains
and losses related to fi nancial instruments denomi-
nated in foreign currencies, and debt instruments that
do not accrue interest over an unusually long time are
discussed in paragraph 10.45.
A1.157 Paragraph 10.46 introduces three events
that result in other changes in the volume of assets—
namely, the appearance or disappearance of existing
resources as economic assets, the eff ects of external
events, and changes in classifi cations.
A1.158 Th e appearance or disappearance of fi -
nancial assets and liabilities from the balance sheet is
elaborated on with specifi c reference to the appear-
ance of public monuments and valuables (see para-
graph 10.50). Circumstances under which natural