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Overview of System of National Accounts (SNA) 2008 Revision (1) & updates on 1993 System of National Accounts. UN Statistical Institute for Asia and the Pacific. Background. In 2003, the UN statistical commission called for an update of the SNA 1993 Objectives: - PowerPoint PPT Presentation
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UNSIAPUNSIAP 11
Overview Overview of of System of National Accounts (SNA)System of National Accounts (SNA)
2008 Revision (1) & updates on 2008 Revision (1) & updates on 1993 System of National Accounts1993 System of National Accounts
UN Statistical Institute for Asia and the PacificUN Statistical Institute for Asia and the Pacific
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BackgroundBackground
In 2003, the UN statistical commission In 2003, the UN statistical commission called for an update of the SNA 1993called for an update of the SNA 1993
Objectives:Objectives: Bring the accounts in line with the new economic Bring the accounts in line with the new economic
environment, advances in methodological environment, advances in methodological research, and needs of usersresearch, and needs of users
Features:Features: No fundamental or comprehensive changes to No fundamental or comprehensive changes to
SNA93SNA93 Consistency with related manuals such as Consistency with related manuals such as
Balance of PaymentsBalance of Payments Involved all parts of SNAInvolved all parts of SNA
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Revision-1 update resourcesRevision-1 update resources
http://unstats.un.org/unsd/nationalachttp://unstats.un.org/unsd/nationalaccount/aeg.asp#aeg5count/aeg.asp#aeg5
Work Groups:Work Groups: Inter-secretariat Working Group on Inter-secretariat Working Group on
National Accounts (ISWGNA)National Accounts (ISWGNA) Eurostat, IMF, OECD, UN and World Bank Eurostat, IMF, OECD, UN and World Bank
Advisory expert group (AEG)Advisory expert group (AEG) Including 20 country experts Including 20 country experts
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Issues identified ..Issues identified .. A list of substantive 44 update issuesA list of substantive 44 update issues Consolidates recommendationsConsolidates recommendations 39 clarifications39 clarifications Two volumes of SNATwo volumes of SNA
Volume 1 - publishedVolume 1 - published Volume 2 – in 2009Volume 2 – in 2009
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list of chapterslist of chapters
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list of chapterslist of chapters
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Full list of issuesFull list of issues
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List of issues by groupsList of issues by groups
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List of issues by groupsList of issues by groups
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List of issues by groupsList of issues by groups
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List of issues by groupsList of issues by groups
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List of issues by groupsList of issues by groups
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List of issues by groupsList of issues by groups
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Main recommendationsMain recommendationsPension schemesPension schemes How to include in national accounts..?How to include in national accounts..?
Actual amount paid vs. formula basedActual amount paid vs. formula based Unfunded government employer schemesUnfunded government employer schemes
Recommendation; Recommendation; Provide a table showing pension Provide a table showing pension
entitlement of households for all pension entitlement of households for all pension schemesschemes
Irrespective of the application in different Irrespective of the application in different countries of the flexibility for recording countries of the flexibility for recording government pension schemesgovernment pension schemes
UNSIAPUNSIAP 1616
Main recommendationsMain recommendations
Cost of capital serviceCost of capital service Capital services for assets used in market Capital services for assets used in market
production are not separately identified in production are not separately identified in SNA93SNA93
Recommendation:Recommendation: A new chapter added explaining the role and A new chapter added explaining the role and
appearance of capital services in the systemappearance of capital services in the system Including in the value of government output Including in the value of government output
a return to capital on non-financial assets a return to capital on non-financial assets used in non market productionused in non market production
UNSIAPUNSIAP 1717
Main recommendationsMain recommendations
Research and DevelopmentResearch and Development R&D expenditure not recognized as capital R&D expenditure not recognized as capital
formation in SNA93formation in SNA93Recommendation:Recommendation: R&D should be treated as capital formation R&D should be treated as capital formation
and the value should be determined by the and the value should be determined by the economic benefits it provides. economic benefits it provides.
Some instances treated as intermediate Some instances treated as intermediate consumption (..if no economic benefit to consumption (..if no economic benefit to owner)owner)
May be valued at the sum of costs.May be valued at the sum of costs.
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Main recommendationsMain recommendationsMilitary expenditureMilitary expenditure SNA93 distinguishes some military SNA93 distinguishes some military
acquisition (offensive) as intermediate acquisition (offensive) as intermediate consumption consumption
Recommendation:Recommendation: Considering that destructive weapons Considering that destructive weapons
have characteristics of investment,have characteristics of investment, Treat as capital formation all expenditure Treat as capital formation all expenditure
by military which meets the definition of by military which meets the definition of being used in production over a period of being used in production over a period of one year, regardless of the nature of the one year, regardless of the nature of the expenditure or the purpose intended for it.expenditure or the purpose intended for it.
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Main recommendationsMain recommendationsGoods for processingGoods for processing Exporting for processing and importing Exporting for processing and importing
back, SNA93 recorded full values twiceback, SNA93 recorded full values twice
Recommendation:Recommendation: Recording should follow change of Recording should follow change of
ownership rather than physical movementownership rather than physical movement Net figures for processing will be Net figures for processing will be
substituted to gross figures of exports for substituted to gross figures of exports for processing and the subsequent re-import processing and the subsequent re-import or vise-versa.or vise-versa.
UNSIAPUNSIAP 2020
Some examples of other Some examples of other important recommendationsimportant recommendations
Employee stock options (shares)Employee stock options (shares) guidance provided to permit further guidance provided to permit further
harmonization with international business harmonization with international business accounting standardsaccounting standards
Non-life insuranceNon-life insurance The calculation of the output is reconsidered to The calculation of the output is reconsidered to
avoid its volatilityavoid its volatility Contracts, leases and licensesContracts, leases and licenses
Updated SNA sets out the principles of the Updated SNA sets out the principles of the appropriate treatments corresponding to the appropriate treatments corresponding to the different possible arrangementsdifferent possible arrangements
UNSIAPUNSIAP 2121
Some examples of other Some examples of other important recommendationsimportant recommendations
Borderline between withdrawal of Borderline between withdrawal of owner’s equity and dividends; owner’s equity and dividends; concept of “super dividends”concept of “super dividends”
Exceptional payments between Exceptional payments between government and public corporations government and public corporations and quasi-corporations: the and quasi-corporations: the treatment has been redefined treatment has been redefined
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