Government Finance Statistics Manual 2014

404 Government Finance Statistics Manual 2014

Financial lease A fi nancial lease is a contract under which the lessor, as legal owner of an asset,

conveys substantially all risks and rewards of ownership of the asset to the

lessee ........................................................................................................ 7.158, A4.10

Fines and penalties Fines and penalties are compulsory current transfers imposed on units by

courts of law or quasi-judicial bodies for violations of laws or administrative

rules ..................................................................................................................... 5.142

Finished goods Finished goods consist of goods that are the output of a production process, are

still held by their producer, and are not expected to be processed further by the

producer before being supplied to other units .................................................7.83

Fiscal policy Fiscal policy is the use of the level and composition of the general govern-

ment and public sectors’ spending and revenue—and the related accumulation

of government assets and liabilities—to achieve such goals as the stabiliza-

tion of the economy, the reallocation of resources, and the redistribution of

income .....................................................................................................................1.2

Fixed assets Fixed assets are produced assets that are used repeatedly or continuously in

production processes for more than one year ........................................ 7.18, 7.35

Forfeits Forfeits are amounts that were deposited with a general government unit pend-

ing a legal or administrative proceeding and that have been transferred to the

general government unit as part of the resolution of that proceeding ....... 5.142

Forward-type contract A forward-type contract (forward) is an unconditional contract by which two

counterparties agree to exchange a specifi ed quantity of an underlying item

(real or fi nancial) at an agreed-on contract price (the strike price) on a speci-

fi ed date ............................................................................................................... 7.212

Functional classifi cation of

expense

Th e functional classifi cation of expense provides information on the purpose

for which an expense was incurred ......................................................................6.3

General government sector Th e general government sector consists of resident institutional units that ful-

fi ll the functions of government as their primary activity ............. 1.2, 2.58, 2.76

General taxes on goods and

services

General taxes on goods and services are levied on the production, leasing, de-

livery, sale, purchase, or other change of ownership of a wide range of goods

and the rendering of a wide range of services ..................................................5.57

Gold bullion Gold bullion takes the form of coins, ingots, or bars with a purity of at least 995

parts per 1,000, including such gold held in allocated gold accounts ........ 7.128

Gold swap A gold swap involves an exchange of gold for foreign exchange deposits with an

agreement that the transaction be reversed at an agreed future date at an agreed

gold price ............................................................................................................ 7.161

Goods and services account Th e goods and services account shows transactions in items that are outcomes

of production activities .....................................................................................A7.78

Goods for resale Goods for resale are goods acquired for the purpose of reselling or transferring

to other units without being further processed ................................................7.84

Government units Government units are unique kinds of legal entities established by political

processes that have legislative, judicial, or executive authority over other insti-

tutional units within a given area .......................................................................2.38