Glossary 399
Contracts, leases, and
licenses
Contracts, leases, and licenses are treated as assets only when both the fol-
lowing conditions are satisfi ed: (i) the terms of the contract, lease, or license
specify a price for the use of an asset or provision of a service that diff ers from
the price that would prevail in the absence of the contract, lease, or license, and
(ii) one party to the contract must be able legally and practically to realize this
price diff erence ........................................................................................................ 7.105Control of a corporation Control of a corporation is defi ned as the ability to determine general corpo-
rate policy of the corporation ........................................................... 2.107, Box 2.2
Control of an NPI Control of an NPI is defi ned as the ability to determine the general policy or
program of the NPI ........................................................................................Box 2.1Corporations Corporations are defi ned as entities that are capable of generating a profi t or
other fi nancial gain for their owners, are recognized by law as separate legal
entities from their owners, and are set up for purposes of engaging in market
production .............................................................................................................2.31Costs of ownership transfer Costs of ownership transfer are the costs associated with acquiring and dispos-
ing of nonfi nancial assets (other than inventories) ............................................8.6Credit derivatives Credit derivatives are fi nancial derivatives whose primary purpose is to trade
credit risk ............................................................................................................ 7.218
Credit entry A credit entry is a decrease in an asset, an increase in a liability, or an increase in
net worth ................................................................................................................3.55
Cultivated biological
resources
Cultivated biological resources cover animal resources yielding repeat prod-
ucts and tree, crop, and plant resources yielding repeat products whose natural
growth and regeneration are under the direct control, responsibility, and man-
agement of institutional units .............................................................................7.59Currency Currency consists of notes and coins that are of fi xed nominal values and are
issued or authorized by the central bank or government ............................ 7.135Currency union A currency union is defi ned as a union to which two or more economies be-
long and that has a regional central decision-making body, commonly a cur-
rency union central bank, endowed with the legal authority to conduct a single
monetary policy and issue the single currency of the union .......................A5.34Current account Th e current account shows fl ows of goods and services, primary income, and
secondary income between residents and nonresidents ..............................A7.78
Current grants Current grants are current transfers receivable by government units, from
other resident or nonresident government units or international organi-
zations, and that do not meet the defi nition of a tax, subsidy, or a social contri-
bution .................................................................................................................. 5.103
Current transfers Current transfers consist of all transfers that are not capital transfers ..........3.17
Custom union A custom union is a form of regional arrangement whereby agreement exists
on a common tariff (custom duties) vis-à-vis the other economies while the
movement of goods within the arrangement tends to be duty-free .............A5.6
Databases Databases consist of fi les of data organized in such a way as to permit resource-
eff ective access and use of the data .....................................................................7.70