6 Government Finance Statistics Manual 2014
supplementary fi scal indicators include the calculation
of an overall fi scal balance that treats the net acquisition
of selected fi nancial assets similarly to the net acquisi-
tion of fi nancial assets for policy purposes in the GFSM
1986 (see the annex to Chapter 4).
Harmonization with Other Methodologies
1.35 Recognizing the important linkages between
GFS and other macroeconomic datasets, this Manual
is more closely harmonized with the 2008 SNA and
BPM6 than was the case for the GFSM 1986. Where
diff erences exist due to the diff erent analytic purposes
of various datasets, guidance is provided on the rec-
onciliation between datasets to ensure consistency
(see Appendix 7). Also, recognizing the close rela-
tionship that exists between GFS and accruals-based
public sector accounting standards, the systematic
documentation of similarities and diff erences be-
tween statistical guidelines and accounting stan-
dards has informed changes in both. Th erefore, the
GFSM 2014 is also more closely harmonized with ac-
counting standards than was the case with the GFSM
1986 (see Appendix 6).
Implementation of the GFS Framework.
1.36 Some countries may be able, at least initially,
to compile only a part of the integrated GFS frame-
work. It is not feasible to lay down general priorities
for data collection when economic circumstances may
vary widely from one country to another. In practice,
priorities usually are best established by national au-
thorities that are familiar with the situation, needs,
and challenges of their countries.
1.37 It is recognized that the implementation of
the fully integrated GFS framework presented in this
Manual will take some time. In particular, many coun-
tries will need to revise their underlying accounting
systems to accommodate the accrual basis of report-
ing and fully refl ect the revised classifi cations of the
GFS framework.^10
1.38 Nonetheless, it is likely that many countries
will follow a similar path as they implement the GFS
(^10) Although the GFS framework uses some accounting terms, it is
important to remember that it is a statistical reporting framework
that might diff er in important ways from the underlying fi nancial
accounting system from which most of GFS will be derived (see
Appendix 6).
framework. For example, a possible fi rst step on the
migration path could be that countries would adopt the
classifi cation structure of the Statement of Operations
or the Statement of Sources and Uses of Cash and adjust
their cash-based statistics to address known defi cien-
cies, such as by incorporating information on revenue
or expense arrears. Another step could be the assembly
of balance sheet information on fi nancial assets and li-
abilities that would allow estimates to be made of the
other economic fl ows as they relate to these fi nancial
instruments. A more diffi cult step is likely to be the
collection of a complete set of information about the
stock positions of nonfi nancial assets held at a given
time and their valuation at current market prices. Fi-
nally, a fully developed accrual accounting system
could be introduced that provides for complete and
fully integrated balance sheets to be prepared.
1.39 Good dissemination practices are essential in
addition to good data compilation. As well as provision
of metadata, aspects of good dissemination practices
include a predictable release schedule, readily acces-
sible published data, and identifi cation of internal gov-
ernment access to statistics before public release. In
recent years, international guidelines have been devel-
oped on good data dissemination practices—namely,
the IMF’s General Data Dissemination System, Special
Data Dissemination Standard, and Special Data Dis-
semination Standard Plus.^11
Structure of the Manual.
1.40 Th e remainder of this Manual can be divided
into two general topics. Chapters 2 through 4 develop
the concepts used in the framework, and Chapters 5
through 10 describe the classifi cations used and the
types of economic fl ows or stock positions included
in each classifi cation category.
1.41 Chapter 2 describes the coverage of the general
government and public sectors, and their subsectors.
Chapter 3 fi rst explains the concepts of transactions,
other economic fl ows, and stock positions of as-
sets and liabilities. It then describes the accounting
rules governing their recording, including timing,
valuation, and consolidation. Chapter 4 presents the
analytic framework, which is the integrated presenta-
tion of transactions, other economic fl ows, and stock(^11) http://dsbb.imf.org.