Government Finance Statistics Manual 2014

406 Government Finance Statistics Manual 2014

Intellectual property

products

Intellectual property products are the result of research, development, inves-

tigation, or innovation leading to knowledge that the developers can market

or use to their own benefi t in production because use of the knowledge is re-

stricted by means of legal or other protection ..................................................7.64

Interest Interest is a form of investment income that is receivable by the owners of cer-

tain kinds of fi nancial assets (SDRs, deposits, debt securities, loans, and other

accounts receivable) for putting these fi nancial assets and other resources at the

disposal of another institutional unit .............................................................. 5.108

Intermediate consumption Intermediate consumption consists of the goods and services consumed as inputs

by a process of production, excluding fi xed assets whose consumption is recorded

as consumption of fi xed capital ............................................................................A7.28

International investment

position

Th e international investment position (IIP) is a statistical statement that shows at

a point in time the value of: fi nancial assets of residents of an economy that are

claims on nonresidents and gold bullion held as reserve assets; and the liabilities

of residents of an economy to nonresidents .......................................................A7.96

Intersectoral consolidation Intersectoral consolidation is consolidation between subsectors of the public sec-

tor to produce consolidated statistics for a particular grouping of public sector

units ...........................................................................................................................3.156

Intrasectoral consolidation Intrasectoral consolidation is consolidation within a particular subsector to pro-

duce consolidated statistics for that particular subsector ..................................3.155

Inventories Inventories are produced assets consisting of goods and services, which came into

existence in the current period or in an earlier period, and that are held for sale,

use in production, or other use at a later date ..............................................7.18, 7.75

Investment funds Investment funds are collective investment undertakings through which investors

pool funds for investment in fi nancial or nonfi nancial assets ...........................7.174

Joint operating

arrangements

Joint operating arrangements can be in the form of jointly controlled operations

or jointly controlled assets ......................................................................................2.143

Joint venture A joint venture involves the establishment of a corporation, partnership, or other

institutional unit in which, legally, each party has joint control over the activities

of the joint venture unit ..........................................................................................2.141

Land Land consists of the ground, including the soil covering and any associated sur-

face waters, over which ownership rights are enforced and from which economic

benefi ts can be derived by their owners by holding or using them ....................7.92

Land improvements Land improvements are the result of actions that lead to major improvements in

the quantity, quality, or productivity of land, or prevent its deterioration ........7.49

Legal or social entity A legal or social entity is one whose existence is recognized by law or society inde-

pendently of the persons or other entities that may own or control it ...............2.30

Legal owner Th e legal owner of resources such as goods and services, natural resources, fi nan-

cial assets, and liabilities is the institutional unit entitled by law and sustainable

under the law to claim the benefi ts associated with the resource ................3.38, 7.5

Liability A liability is established when one unit (the debtor) is obliged, under specifi c

circumstances, to provide funds or other resources to another unit (the cred-

itor)........................................................................................................... 3.45, 4.45, 7.15