2 Government Finance Statistics Manual 2014
Public corporations, nonfi nancial as well as fi nancial,
can carry out government fi scal policies in a variety of
ways, and analysis of their fi scal activities frequently
requires statistics on all of their activities rather than
statistics on specifi c transactions. Even when statistics
are compiled for only the general government sector,
some information on public corporations is required.
To r e fl ect transactions with public corporations, the
change in the level of equity ownership held by units
of the general government sector and the exposure
to risks associated with guarantees provided to these
corporations should be recorded.
1.5 Th e basic concepts, classifi cations, and defi ni-
tions employed in this Manual refl ect economic prin-
ciples that should be universally valid regardless of the
circumstances in which they are applied. Th erefore,
the GFS framework is applicable to all types of econo-
mies regardless of the institutional or legal structure
of a country’s government, the sophistication of its
statistical development, the fi nancial accounting sys-
tem of government, or the extent of public ownership
of for-profi t entities. Nevertheless, the fact that the in-
stitutional and economic structures of countries diff er
greatly means that the various parts of this Manual
will not be equally relevant.
Th e Evolution of International Statistical Guidelines on GFS.
History
1.6 Th e evolution of international statistical
guidelines for compiling GFS started in the early
1970s, with a draft of A Manual on Government Fi-
nance Statistics. Th is draft was circulated in English,
Spanish, and French to governments, central banks,
central statistical offi ces, and international orga-
nizations for comments, and was also discussed at
several regional seminars. Based on comments re-
ceived and the application of the earlier draft in
compiling data for the IMF’s Government Finance
Statistics Yearbook, A Manual on Government Fi-
nance Statistics, 1986 (GFSM 1986) was published.
Th e GFSM 1986 provided guidance to compile GFS
but was not directly aligned with other macroeco-
nomic statistics.
1.7 Th e Government Finance Statistics Manual
2001 (GFSM 2001) updated the internationally rec-
ognized guidelines for compiling statistics required
for fi scal analysis that were established by the GFSM
1986. Th e revised guidelines were harmonized with
the corresponding standards of other internation-
ally recognized macroeconomic statistical guide-
lines to the extent possible, consistent with the goal
of supporting fi scal analysis. Also, the revised guide-
lines incorporated, for the fi rst time, an integrated
balance sheet approach to compiling and presenting
GFS.The Update of the GFSM 2001
1.8 Th e GFSM 2014 updates the internationally
recognized guidelines for compiling statistics re-
quired for fi scal analysis that were established by the
GFSM 2001. Th e revised guidelines are harmonized
with the updates in other macroeconomic statistical
manuals and guides. Th e other statistical manuals
are the overarching System of National Accounts 2008
(2008 SNA)^4 and two specialized manuals: the sixth
edition of the Balance of Payments and International
Investment Position Manual (BPM6)^5 and the Mon-
etary and Financial Statistics Manual (MFSM).^6 Th e
updates to these manuals draw on the text of the 2008
SNA to avoid an inference that a diff erent meaning is
intended.^7 For debt-related issues, the GFSM 2014 is
supplemented with the Public Sector Debt Statistics:
A Guide for Compilers and Users (PSDS Guide) and
the External Debt Statistics: Guide for Compilers and
Users, 2013 (2013 EDS Guide).
1.9 Th e revised manuals and guides address impor-
tant international economic developments in recent
years and take into account improved recording and
methodological treatments of various types of events.
Furthermore, the development of International Public
Sector Accounting Standards and continued eff orts to
harmonize statistical reporting and fi nancial report-
ing have led to additional changes incorporated in the(^4) Commission of the European Communities, International
Monetary Fund, Organisation for Economic Co-operation and
Development, United Nations, World Bank, System of National
Accounts 2008 (Brussels/Luxembourg, New York, Paris, Washing-
ton, 2009).
(^5) International Monetary Fund, Balance of Payments and Interna-
tional Investment Manual, 6th ed. (Washington, 2009).
(^6) Monetary and Financial Statistics Manual (Washington, 2000)—
revision of the MFSM, 2000 edition, to also align with the 2008
SNA, is pending at the time of publication of GFSM 2014.
(^7) Th is manual also draws on United Nations, Classifi cations of
Expenditure According to Purpose (New York, 2000) for the Clas-
sifi cation of Functions of Government introduced in Chapter 6.