Changes from the GFSM 2001 and GFSM 1986 269
the time of recording when the production of these
fi xed assets takes a long time to complete is elaborated
on. Subcategories are introduced to further clarify the
composition of this item (see paragraphs 7.59–7.63
and Table 7.5).
A1.107 Th e defi nition and identifi cation of intel-
lectual property products (61132) are elaborated on.
Subcategories separately identify research and de-
velopment (611321), mineral exploration and evalu-
ation (611322), computer soft ware and databases
(611323), entertainment, literary, and artistic origi-
nals (611324), and other intellectual property prod-
ucts (611325). Th e coverage of this item is expanded
to include research and development products so
that patented resources no longer appear as nonpro-
duced assets. Furthermore, the coverage of computer
soft ware is expanded to include databases (see para-
graphs 7.64–7.73).
A1.108 Weapons systems are introduced as a sepa-
rate fi xed asset category (see paragraph 7.74).
A1.109 In the GFSM 2014, categories of inventory
(612) are aligned with the categories used in 2008
SNA. Th e category strategic stocks (6121) is eliminated
as a separate category of inventory and is subsumed
in goods for resale (61224), and a category for military
inventories is added (see paragraphs 7.75–7.86).
A1.110 Th e defi nition of land (6141) is clarifi ed
and guidance is provided on the valuation of land (see
paragraphs 7.92–7.96).
A1.111 Th e GFSM 2001 category subsoil assets is
replaced by mineral and energy resources (6142). Th e
ownership and recording of this category of asset are
elaborated on in paragraphs 7.97–7.99.
A1.112 Th e classifi cation of other naturally occur-
ring assets (6143) is elaborated on. Subcategories for
specifi c classes of other naturally occurring assets are
introduced, and their defi nitions are clarifi ed (see
paragraphs 7.100–7.103 and Table 7.7).
A1.113 Th e category intangible nonproduced as-
sets (6144) is clarifi ed, and subcategories are intro-
duced for contracts, leases, and licenses (61441) and
goodwill and marketing assets (61442) (see paragraphs
7.104–7.117).
A1.114 Negotiability is introduced as a distin-
guishable feature of securities (see paragraph 7.119).
A1.115 Market value for valuing debt instruments
is elaborated on by providing practical guidance on
valuation (see paragraph 7.122).
A1.116 Monetary gold and Special Drawing Rights
(6201, 6221, 6301, 6321) as fi nancial instruments are
elaborated on (see paragraphs 7.125–7.134).
A1.117 Th e coverage of currency and deposits
(6202/6302) is clarifi ed and the valuation of this in-
strument explained (see paragraphs 7.135–7.142).
A1.118 A description of various types of debt secu-
rities (6203/6303) and their recording is introduced in
paragraphs 7.143–7.156.
A1.119 Th e description of loans (6204/6304) is
expanded to clarify fi nancial leases (see paragraph
7.158), gold swaps (see paragraph 7.161), and off -
market swaps (see paragraph 7.162). Th e treatment of
securities repurchase agreements is clarifi ed as a col-
lateralized loan (see paragraph 7.159). Th e valuation
of loans and treatment of nonperforming loans are
presented in paragraph 7.163.
A1.120 Th e category equity and investment fund
shares (6205/6305) is elaborated on to distinguish
various types of fi nancial instruments (see paragraphs
7.164–7.177). Investment fund shares (62052/63053)
have a specialized role in fi nancial intermediation and
are introduced as a separate category (see paragraphs
7.174–7.177).
A1.121 Th e category for the reserves of insurance,
pension and standardized guarantee schemes (6206/6306)
is clarifi ed by introducing subcategories for: nonlife in-
surance technical reserves (see paragraphs 7.183–7.186);
life insurance and annuities entitlements (see paragraphs
7.187–7.188); pension entitlements (see paragraphs
7.189–7.198); claims of pension funds on pension manag-
ers (see paragraphs 7.199–7.200); and provisions for calls
under standardized guarantee schemes (see paragraphs
7.201–7.202).
A1.122 Th e coverage of insurance, pension, and
standardized guarantee schemes (6206/6306) is ex-
panded following recognition of standardized guar-
antees in a way similar to nonlife insurance and the
recognition of claims of pension funds on pension
managers (see paragraphs 7.201–7.202 and 7.199–
7.200, respectively).
A1.123 Th e category fi nancial derivatives and em-
ployee stock options (6207/6307) is clarifi ed by defi ning