Government Finance Statistics Manual 2014

272 Government Finance Statistics Manual 2014

assets, such as subsoil assets, noncultivated biological

resources, other natural resources, or land, appear on

the balance sheet are explained in paragraph 10.52.

A1.159 Th e eff ects of external events on the value

of assets and liabilities are described in paragraph

10.59. Details on the recording of these events are

provided and include catastrophic losses (see para-

graph 10.60), uncompensated seizures (see paragraph

10.62), and other volume changes not elsewhere classi-

fi ed (see paragraph 10.63).

A1.160 Paragraph 10.83 introduces the reclassifi -

cation of costs of ownership transfer on nonproduced

assets other than land, and the consumption of fi xed

capital relating to these costs. Th e reclassifi cation is

necessary to maintain the integration of stock posi-

tions and fl ows.

A1.161 Paragraph 10.79 elaborates on the reclas-

sifi cations of negotiable securities necessary due to

secondary transactions.

A1.162 Th e reclassifi cation of monetary gold held

in the form of gold bullion when it becomes a reserve

asset is introduced as an example of changes in the

classifi cation of fi nancial assets and liabilities (see

paragraph 10.84).

Cross-Cutting Changes in Terminology

A1.163 Th e following changes in terminology were

made to further clarify the text of the Manual.

• References to GFS system are replaced with GFS
  framework—this allows a clear distinction with
  the 2008 SNA.


• In the context of GFS, references to accounting
  principles and periods are replaced by references
  to statistical guidelines and reporting periods—this
  allows a clear distinction with the use of the term
  accounting in source data compilation in the con-
  text of public sector accounting.


• References to fl ows are replaced by references
  to economic fl ows, while it is acknowledged that
  fl ows will oft en be used as a short form for eco-
  nomic fl ows.


• References to the balances of assets and liabili-
  ties as stocks are replaced by references to stock
  positions—this allows a clear distinction with the
  use of the word “stocks” referring to a specifi c
  type of fi nancial instrument.
  
  
  • References to net acquisition of nonfi nancial as-
    sets are replaced with references to net investment
    in nonfi nancial assets—the former term is oft en
    misinterpreted as including only the acquisition
    minus disposals of nonfi nancial assets, while con-
    sumption of fi xed capital should also be included
    in this concept. Similar to what is customary in
    the case of operating balances, references to net/
    gross investment in nonfi nancial assets can now
    be used to make a distinction for the including/
    excluding of consumption of fi xed capital.
  
  
  
  


• References to net lending/borrowing are replaced
  with references to net lending/net borrowing, to
  enhance the precision in terminology.
  
  
  • References to the Statement of Government Op-
    erations are replaced with references to State-
    ment of Operations—this allows the use of this
    statement for government units as well as public
    sector units.
  
  
  • References to other nonrecurrent taxes on prop-
    erty (1135) in the GFSM 2001 are replaced with
    references to capital levies (1135)—this allows
    the terminology in GFS to align with 2008 SNA
    terminology.
  
  
  • References to property income attributed to in-
    surance policyholders are replaced with refer-
    ences to property income from investment income
    disbursements—this allows the terminology in
    GFS to align with 2008 SNA terminology.
  
  
  • References to the expense for social contributions
    (212) are replaced by references to employers’
    social contributions (212)—this clarifi es the eco-
    nomic nature of this item. Similarly, actual social
    contributions (2121) and imputed social contribu-
    tions (2122) are replaced with actual employers’
    social contributions (2121) and imputed employ-
    ers’ social contributions (2122), respectively.
  
  
  • References to the outlays of government are
    replaced with references to expenditure—this
    eliminates confusion with the use of outlays in
    the OECD/UN classifi cation, which include ex-
    pense, acquisition of nonfi nancial assets, and
    transactions in fi nancial assets and liabilities.
  
  
  • References to nonresidential buildings (61112) are
    replaced with references to buildings other than
    dwellings (61112)—this allows the terminology
    in GFS to align with 2008 SNA terminology.