Changes from the GFSM 2001 and GFSM 1986 273
- References to other machinery and equipment
(61122) are replaced with references to machin-
ery and equipment other than transport equipment
(61122)—this allows the revised GFS category to
align with historic data and to subsume the 2008
SNA categories of i nformation, computer, and
telecommunications equipment and other machin-
ery and equipment. - References to cultivated assets (61131) are re-
placed with references to cultivated biological re-
sources (61131)—this allows the terminology in
GFS to align with 2008 SNA terminology. - References to subsoil assets (6142) are replaced
with references to mineral and energy resources
(6142)—this allows the terminology in GFS to
align with 2008 SNA terminology. - References to intangible fi xed assets (61132) are
replaced with references to intellectual property
products (61132)—this allows the terminology
in GFS to align with 2008 SNA terminology. Th e
word “products” is included to make clear that
it does not include third-party rights, which are
nonproduced assets. - References to securities other than shares
(6203/6303) are replaced with debt securities
(6203/6303)—this allows the terminology in
GFS to align with 2008 SNA terminology. - References to shares and other equity (6205/6305)
are replaced with equity and investment fund
shares (6205/6305)—this allows the terminology
in GFS to align with 2008 SNA terminology. - References to insurance technical reserves
(6206/6306) are replaced with insurance, pension,
and standardized guarantee schemes (6206/6306)—
this allows the terminology in GFS to align with
2008 SNA terminology. - References to fi nancial derivatives (6207/6307)
are replaced with fi nancial derivatives and em-
ployee stock options (6207/6307)—this allows
the terminology in GFS to align with 2008 SNA
terminology. - References to entity when meaning a good, ser-
vice, nonfi nancial asset, etc. are replaced with
references to resource—this eliminates the con-
fusion with entities referred to in the context of
institutional units.
Changes from the GFSM 1986
Introduction
A1.164 Th e integrated GFS framework described
in the GFSM 2014 represents a substantial modern-
ization and expansion of the framework described
in A Manual on Government Finance Statistics, 1986
(GFSM 1986). Major changes have been made to defi -
nitions, classifi cations, balancing items, the coverage
of units and economic events to be recorded in the
GFS framework, and the timing at which economic
events are to be recorded. Th e GFS framework is also
more harmonized with other macroeconomic statisti-
cal frameworks than is the GFSM 1986. Th ere are nu-
merous detailed changes within each major topic, but
an exhaustive listing of all such changes is beyond the
scope of this appendix.Coverage of Units
A1.165 Th e focus of the coverage of units in the
GFS framework is the general government sector as
defi ned in the 2008 SNA. Its defi nition is based on the
concept of an institutional unit, which is described
in Chapter 2. Th e general government sector con-
sists of all resident government units and all resident
nonprofi t institutions that are controlled by govern-
ment. Th e coverage of the GFSM 1986 is defi ned on
a functional basis rather than a unit basis. It includes
all units carrying out a function of government, but,
in principle, only those transactions that are directly
related to the functions of government are included.
By implication, the transactions that do not represent
the fulfi llment of a fi scal policy are excluded. In par-
ticular, all transactions related to the functions of the
monetary authority and other depository fi nancial in-
stitutions are excluded.
A1.166 Supranational authorities are international
organizations that have been endowed with the au-
thority to raise taxes or other compulsory transfers
within the territories of the countries that are mem-
bers of the authority. Despite the fact that suprana-
tional authorities fulfi ll some of the functions of
government within each member country, they are al-
ways considered nonresident institutional units. As a
result, they are not included in the GFS framework for
any country. In the GFSM 1986, transactions result-
ing from governmental functions carried out within
a country by supranational organizations are included