System of National Accounts, 1993

International Monetary Fund

• Publisher: INTERNATIONAL MONETARY FUND
• Year: 1993
• eBook ISBN: 9789211613520

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Contents

Foreword

Preface

A. New features and the role of the System of National Accounts

B. Acknowledgements

Perspectives on the 1993 System of National Accounts: looking back and looking ahead

A. Looking back

Forerunners of the System of National Accounts

The 1953 SNA

The research agenda: a case study

Subsequent editions

Manuals and the questionnaire

The 1968 SNA

The 1993 SNA: the review and revision process

B. Looking ahead: the research agenda

Reader’s guide

List of abbreviations and acronyms

I. Introduction

A. The SNA as a System

B. Accounts and their corresponding economic activities

1. The sequence of accounts

Current accounts

Production account

Distribution and use of income accounts

Accumulation accounts

Balance sheets

2. Activities and transactions

C. The institutional sectors of the economy

D. Other features of the System

1. Supply and use tables

2. Price and volume measures

E. Concepts and classifications

1. The production boundary

Household production

Other production boundary problems

2. The consumption boundary

3. The asset boundary

4. National boundaries

F. Uses of the SNA

1. Specific uses

Monitoring the behaviour of the economy

Macroeconomic analysis

Economic policy-making and decision-taking

International comparisons

2. Flexibility of implementation and use

3. The SNA as a coordinating framework for statistics

G. Harmonization between different statistical systems

H. Implementation of concepts and classifications

1. Final consumption, intermediate consumption and gross fixed capital formation

Training, research and development

Education

Repairs, maintenance and gross fixed capital formation

2. Interpretation of the distinction between consumption and gross fixed capital formation

I. Links with business accounting and economic theory

Micro-macro links

J. The aggregates of the system as indicators of economic activity and welfare

1. Introduction

2. The coverage of GDP and the role of estimates and imputations

3. Changes in welfare

Interaction with non-economic factors

Welfare, economic analysis and policy-making

II. Overview

A. Introduction

1. Analysing flows and stocks

2. Recording flows and stocks

B. Main categories

1. Institutional units and sectors

Institutional sectors

Delimitation of the total economy and the rest of the world

2. Transactions and other flows

Main types of transactions and other flows

Characteristics of transactions in the System

Complementary classification of transactions and other flows

3. Assets and liabilities

4. Producing units and products

Producing units

Products

5. Purposes

C. Rules of accounting

1. Introduction

Terminology for the two sides of the accounts

Double entry/quadruple entry

2. Time of recording

3. Valuation

General principles

Methods of valuation

Volume measures and measures in real terms

4. Consolidation and netting

D. The accounts

1. Introduction

2. The integrated economic accounts and their components

A first glance at the integrated economic accounts

The full sequence of accounts for institutional units and sectors and their balancing items

Current accounts

Accumulation accounts

Balance sheets

Transactions accounts

Assets and liabilities accounts

Rest of the world account (external transactions account)

The aggregates

Integrated economic accounts: a complete view

3. The other parts of the accounting structure

The central supply and use table and other input-output tables

The tables of financial transactions and financial assets and liabilities

Complete balance sheets and assets and liabilities accounts

Functional analysis

Population and labour inputs tables

E. The integrated central framework and flexibility

1. Applying the central framework in a flexible way

2. Introducing social accounting matrices

3. Introducing satellite accounts

Annex: Other presentations of the accounts

A. Diagrammatic presentation

B. Equations

C. Matrix presentation

Appendix: Tables 2.6-2.12

III. Flows, stocks and accounting rules

A. Introduction

B. Stocks and Flows

C. Flows

1. Transactions

Monetary transactions

Transactions with and without counterparts

Rearrangements of transactions

Non-monetary transactions

Barter transactions

Remuneration in kind

Payments in kind other than remuneration in kind

Transfers in kind

Internal transactions

Externalities and illegal actions

Externalities

Illegal actions

2. Other flows

Other changes in the volume of assets

Holding gains and losses

3. Balancing items in the flow accounts

D. Stocks

1. Stocks

2. Balancing items in the balance sheets

E. Accounting rules

F. Valuation

1. General rules

2. Valuation of partitioned flows

3. Special valuations concerning products

G. Time of recording

1. Introduction

2. Choice for recording on an accrual basis

3. Timing of exchanges and transfers

4. Timing of output and intermediate consumption

5. Timing of changes in inventories and consumption of fixed capital

6. Timing of composite transactions and balancing items

7. Timing of other flows

8. Balance sheet items

9. The accounting period

H. Aggregation, netting, consolidation

1. Aggregation

2. Netting

3. Consolidation

IV. Institutional units and sectors

A. Introduction

1. Institutional units

2. Institutional sectors and sub-sectors: summary

3. Relationship between sectors and types of institutional units

4. Residence

5. Sectoring and economic behaviour

B. Institutional units in the form of legal or social entities

1. Corporations

Ownership and control of corporations

Subsidiary, associate and holding corporations

2. Ancillary corporations

3. Cooperatives, limited liability partnerships, etc.

4. Quasi-corporations

5. Non-profit institutions

The characteristics of NPIs

NPIs as market and non-market producers

NPIs engaged in market production

NPIs engaged in non-market production

C. The non-financial corporations sector and its sub-sectors (S.11)

The sub-sectors of the non-financial corporations sector

Public non-financial corporations (S.11001)

National private non-financial corporations (S.11002)

Foreign controlled non-financial corporations (S.11003)

D. The financial corporations sector and its sub-sectors (S.12)

1. Financial intermediation

2. Financial enterprises

3. Unincorporated financial enterprises

4. The sub-sectors of the financial corporations sector

The central bank (S.121)

Other depository corporations (S.122)

Deposit money corporations (S.1221)

Other (S.1222)

Other financial intermediaries except insurance corporations and pension funds (S.123)

Financial auxiliaries (S.124)

Insurance corporations and pension funds (S.125)

5. The sub-sectoring of some special cases

Holding corporations

Regulatory bodies

Secondary financial activities

E. The general government sector and its sub-sectors

1. Introduction: governments as institutional units

Government units as producers

2. Social security funds

3. The general government sector (S.13)

4. Sub-sectors of the general government sector

Central government (S.1311)

State government (S.1312)

Local government (S.1313)

Social security funds (S.1314)

5. The alternative method of sub-sectoring

F. The households sector and its sub-sectors

1. Introduction: households as institutional units

2. Households as producers

Household unincorporated market enterprises

Household enterprises producing for own final use

Producers of goods for own final use

Producers of services for own final use

3. The household sector and its sub-sectors (S.14)

G. The non-profit institutions serving households sector (S.15)

H. The rest of the world (S.2)

International organizations

Annex: Extract from the resolution of the fifteenth International Conference of Labour Statisticians, January 1993, concerning statistics of employment in the informal sector

V. Establishments and industries

A. Introduction

B. Productive activities

1. The classification of activities in the System

2. Principal, secondary and ancillary activities

Principal activities

Secondary activities

Ancillary activities

Changes in ancillary activities

The role of ancillary activities in the economic system

C. Partitioning enterprises into more homogeneous units

1. Kind-of-activity units

2. Local units

3. Establishments

The data for establishments

Application of the principles in specific situations

Central ancillary activities

Establishments within integrated enterprises

Establishments owned by general government

D. Industries

1. Market, own account and other non-market producers

2. Industries and products

E. Units of homogenous production

VI. The production account

A. Introduction

B. Production

1. Production as an economic activity

Goods and services

Goods

Services

2. The production boundary

The general production boundary

The production boundary in the System

Domestic and personal services produced for own final consumption within households

The production boundary within households

Own-account production of goods

“Do-it-yourself” decoration, maintenance and small repairs

The use of consumption goods

Services of owner-occupied dwellings

Illegal production

Concealed production and the underground economy

C. The measurement of production

1. Introduction

2. Output (P.1)

Market output, output produced for own final use and other non-market output

Market output (P.11)

Output produced for own final use (P.12)

Other non-market output (P.13)

Market, own account and other non-market producers

D. The measurement of market output

1. Recording of sales

2. Recording of barter

3. Recording of compensation in kind or other payments in kind

4. Changes in inventories of outputs

Introduction

Output, sales and changes in inventories

Storage services

Approximate measures of changes in inventories

Changes in inventories in business accounts

Work-in-progress

Time of recording of work-in-progress

Valuation of work-in-progress

5. Deliveries between establishments belonging to the same enterprise

E. Measurement of output produced for own final use

Output of services for own consumption

Services produced by employing paid domestic staff

Services of owner-occupied dwellings

F. Measurement of other non-market output

Valuation of the total output of other non-market producers

G. The output of particular industries

1. Introduction

2. Agriculture, forestry and fishing

The estimation of work-in-progress in advance

3. Machinery, equipment and construction

4. Transportation and storage

Transportation

Storage

Storage and the measurement of changes in inventories

5. Wholesale and retail distribution

6. Operating leasing

Financial leasing

7. Financial intermediaries except insurance corporations and pension funds

Introduction

The output of financial intermediation services indirectly measured

Central banks

Unincorporated financial intermediaries and money lenders

8. Insurance

9. Autonomous pension funds

10. Research and development

11. The production of originals and copies

H. Intermediate consumption (P.2)

1. Introduction

2. The timing and valuation of intermediate consumption

3. The boundary between intermediate consumption and compensation of employees

4. The boundary between intermediate consumption and gross fixed capital formation

Small tools

Maintenance and repairs

Research and development

Mineral exploration

Military equipment

5. Collective services

6. Social transfers

7. Services of business associations

8. The boundary between intermediate consumption and value added

I. Consumption of fixed capital (K.1)

1. Introduction

2. Consumption of fixed capital and rentals on fixed assets

3. The calculation of consumption of fixed capital

4. The coverage of consumption of fixed capital

5. The perpetual inventory method

Calculation of the gross capital stock at current prices

Relative efficiencies and rentals

Rates of capital consumption

Values of consumption of fixed capital

Gross and net capital stocks

6. “Gross” and “net” recording

J. Basic, producers’ and purchasers’ prices

1. Introduction

2. Basic and producers’ prices

VAT and similar deductible taxes

Gross and net recording of VAT

3. Purchasers’ prices

K. Valuation of outputs and inputs

1. Output

2. Intermediate consumption

L. Gross and net value added (B.1)

1. Introduction

2. Alternative measures of value added

Gross value added at basic prices

Gross value added at producers’ prices

Gross value added at factor cost

M. The main aggregates associated with value added

1. Introduction

2. A résumé of the main identities

3. Domestic production

VII. The primary distribution of income account

A. Introduction

1. The generation of income account

2. The allocation of primary income account

Gross national income and net national income

3. The entrepreneurial income account

B. Compensation of employees (D.1)

1. Introduction

The employment relationship

Employers and own-account workers

Outworkers

The components of compensation of employees

Wages and salaries (D. 11)

Wages and salaries in cash

Wages and salaries in kind

Employers’ social contributions (D.12)

Employers’ actual social contributions (D.121)

Employers’ imputed social contributions (D.122)

C. Taxes on production and on imports (D.2)

1. Introduction

The recording of taxes on production and imports in the accounts

Taxes versus fees

Links with the IMF and OECD tax classifications

The accrual basis of recording

Interest, fines or other penalties

2. Taxes on products (D.21)

Value added type taxes (D.211)

Taxes and duties on imports, excluding VAT (D.212)

Import duties (D.2121)

Taxes on imports, excluding VAT and duties (D.2122)

Export taxes (D.213)

Taxes on products, excluding VAT, import and export taxes (D.214)

3. Other taxes on production (D.29)

D. Subsidies (D.3)

1. Subsidies on products (D.31)

Import subsidies (D.311)

Export subsidies (D.312)

Exclusions from export subsidies

Other subsidies on products (D.319)

2. Other subsidies on production

E. Operating surplus or mixed income (B.2/B.3)

Mixed income

F. Property incomes (D.4)

1. Introduction

2. Property incomes distinguished from rentals

3. Interest (D.41)

Introduction

The accrual basis of recording

Interest on deposits, loans and accounts receivable and payable

Interest on securities

Interest on bills and similar instruments

Interest on bonds and debentures

Interest rate swaps and forward rate agreements

Interest on financial leases

Interest payable and receivable by financial intermediaries

Nominal and real interest

4. Distributed income of corporations (D.42)

Dividends (D.421)

Withdrawals from income of quasi-corporations (D.422)

5. Reinvested earnings on direct foreign investment (D.43)

6. Property income attributed to insurance policyholders (D.44)

7. Rents (D.45)

Rents on land

Rents on subsoil assets

VIII. The secondary distribution of income account

A. Introduction

1. The secondary distribution of income account

Current taxes on income, wealth etc. (D.5)

Social contributions and benefits (D.6)

Other current transfers (D.7)

2. Disposable income (B.6)

Links with economic theoretic concepts of income

National disposable income

3. The redistribution of income in kind account

4. Adjusted disposable income (B.7)

B. Transfers

1. Introduction

2. The distinction between current and capital transfers

3. The recording of transfers

Transfers in cash

Transfers in kind, except social transfers in kind

Social transfers in kind

4. The treatment of transfers in kind: summary

C. Current taxes on income, wealth, etc. (D.5)

1. Introduction

Taxes versus fees

Links with the IMF and OECD tax classifications

The accrual basis of recording

Interest, fines or other penalties

2. Taxes on income (D.51)

3. Other current taxes (D.59)

Current taxes on capital

Miscellaneous current taxes

D. Social insurance schemes

1. Introduction

2. Circumstances covered by social insurance schemes

3. The organization of social insurance schemes

Social security schemes

Private funded social insurance schemes

4. Different types of social contributions and benefits

E. Social contributions (D.61)

1. Employers’ actual social contributions (D.6111)

2. Employees’ social contributions (D.6...

Table of contents

• Cover Page
• Title Page
• Copyright Page
• Contents
• Foreword
• Preface
• Perspectives on the 1993 System of National Accounts: looking back and looking ahead
• Reader’s guide
• List of abbreviations and acronyms
• I. Introduction
• II. Overview
• III. Flows, stocks and accounting rules
• IV. Institutional units and sectors
• V. Establishments and industries
• VI. The production account
• VII. The primary distribution of income account
• VIII. The secondary distribution of income account
• IX. The use of income account
• X. The capital account
• XI. The financial account
• XII. Other changes in assets account
• XIII. The balance sheet
• XIV. The rest of the world account (external transactions account)
• XV. Supply and use tables and input-output
• XVI. Price and volume measures
• XVII. Population and labour inputs
• XVIII. Functional classifications
• XIX. Application of the integrated framework to various circumstances and needs
• XX. Social accounting matrices
• XXI. Satellite analysis and accounts
• Annexes*
• Index
• Figures
• Footnotes