Government Accounts

1

• Government Accounts
• the Government Finance Statistics Manual 2001
• and
• the update of 1993 System of National Accounts
• The Second
• 2006 BEA Government Statistics Users Conference
• Washington, September 14, 2006
• Lucie Laliberté
• Deputy Director
• IMF Statistics Department

2
Outline

• Introduction GFSM 2001 and the TFHPSA
• Update of SNA 93
• International accounting standards
• Pilots on implementing GFSM 2001
• Way forward

3
Introduction

• Government Finance Statistics Manual, 2001
• IMF Manual harmonized with SNA 93
• Task Force on Harmonization of Public Sector
  Accounting (TFHPSA)
• chaired by the IMF with the OECD as Secretariat
  with international and national senior
  statisticians and senior accounting policy
  officials (Oct. 03--March 06)
• http//www.imf.org/external/np/sta/tfhpsa/2006/03
  /pdf/030806a.pdf

4
Update of SNA 93

• Private/Public/Government statistical sector
  delineation based on a definition of control
  closer to that of accounting
• Tax Revenue and Tax Credit
• Special Purposes Entities and Restructuring
  agencies

5
Update of SNA 93 (continued)

• Guarantees
• Transactions of government with its public
  corporations
• Debt and Debt Reorganization
• Chapter on government and public sector
• Continuous involvement in update process  

6
International Accounting Standards

• Extensive documentation on the International
  Public Sector Accounting Standards (IPSAS) and
  Government Statistical Guidelines
• Development of a draft accounting standard on the
  General Government Sector (ED 28) 

7
Pilots on GFSM 2001

• ObjectiveTo Standardize the Framework for fiscal
  analysis
• Outcome of November 2005 Board discussion
• Comprehensive framework of GFSM 2001 (3 Tables)
  will support fiscal analysis
• Use of GFSM 2001 will lead to greater
  transparency and consistency
• Support a phased implementation
• Support pilot studies to illustrate usefulness
• 10 Countries identified for pilots (including
  USA)
• Process
• Recast existing data sources
• Identify data gaps
• Collaborate with country authorities to improve
  data
• Collaborate with FAD to review policy
  implications

8
Way forward

• Further implementation of GFSM 2001
• Further convergence with international accounting
  standards (e.g., private public partnership,
  accounting conceptual framework, accrued earnings
  from equity investment, provisions and
  contingent liabilities)