352 Government Finance Statistics Manual 2014
framework relates to the System of Environmental-
Economic Accounting (SEEA) Central Framework.
Where there are diff erences in presentation, the ap-
pendix provides an indication of how to reconcile the
data.Overview of Similarities and Diff erences.
A7.5 Th is Manual is harmonized with the 2008
SNA, which provides the conceptual basis for national
accounts. Th e BPM6 serves as the standard frame-
work for statistics on the transactions and positions
between an economy and the rest of the world. Th e
Monetary and Financial Statistics Manual (MFSM)
provides guidelines on compiling statistics for the fi -
nancial corporations sector. Th ese manuals are also
harmonized with the 2008 SNA.^3
A7.6 Broadly, the principles and concepts are de-
fi ned in a consistent manner in all these statistical
manuals. Th e delineation between resident and non-
resident entities, sectorization of the domestic econ-
omy, and defi nitions and classifi cations of fi nancial
instruments are the same. Th e accounting rules used
are the same with respect to basis of recording and val-
uation. While the accrual basis of recording fl ows and
stock positions is used consistently in all data-sets, GFS
also include the compilation of a Statement of Sources
and Uses of Cash. With a few exceptions, as described
in the detailed comparisons, the fl ows and stock posi-
tions of GFS are defi ned and valued in the same way.
A7.7 For analytical reasons, the structure and pre-
sentation of the GFS framework in Chapter 4 and
the GFS treatment of a few activities diff er from the
framework and presentation of the data of the general
government sector in the 2008 SNA and other data-
sets. While all the datasets have balancing items, the
aggregation and consolidation rules are not exactly
the same.
A7.8 GFS focus on measuring the impact of eco-
nomic events on the fi nances of government, and
the impact of government activities on the economy
through taxing, spending, borrowing, and lending.
Th e SNA focuses on the linkages between sectors of
the economy, and the economic processes of produc-(^3) Revision of the MFSM, 2000 edition, to align with the 2008 SNA,
is pending at the time of publication of this Manual.
tion, income generation and distribution, consump-
tion of goods and services, and accumulation. Th e
balance of payments summarizes economic transac-
tions between residents and nonresidents during a
specifi c period, while the international investment
position shows the value of the fi nancial assets and li-
abilities stock positions between the residents of an
economy and nonresidents at a reporting date. Mon-
etary statistics focus on assessing monetary condi-
tions and the impact of monetary policy decision on
the money and capital markets. Th ese diff erences in
focus require that the recording of government activi-
ties in GFS occasionally diff er from the recording of
those activities in the other macroeconomic datasets.
However, such diff erences are the exception to the
general principle, as consistent application of concep-
tual standards applies across related datasets. Where
there are diff erences in presentation, reconciliation
of the diff erences should routinely be made to ensure
consistency in the macroeconomic data.
Coverage and Accounting Rules.
A7.9 Th e identifi cation of institutional units and
their sectorization are conceptually the same in all
macroeconomic datasets. Where analytically useful,
certain datasets may require that the primary sectors
be further divided into subsectors according to need.
For example, GFS present data for the subsectors of the
general government as separate datasets, while mon-
etary statistics present data for subsectors of the fi -
nancial corporations. As described in paragraph 2.58,
the general government sector in GFS is defi ned iden-
tically to the general government sector in the na-
tional accounts, balance of payments, and monetary
statistics. Although the public sector is not one of the
fi ve primary sectors in the SNA, it is recognized as an
additional grouping.^4 Th e residence concept used to
delineate resident and nonresident entities and the
sectors used in identifying counterpart transactions
are the same across all datasets. Compilers of macro-
economic data should therefore ensure that the actual
coverage used in their statistics is identical.
A7.10 Most of the accounting rules employed in
these macroeconomic frameworks are identical. In(^4) Th e defi nition of public sector as defi ned in the 2008 SNA,
Chapter 22, Section B, is identical to the defi nition in paragraph
2.63 of this Manual.