IMF%20Work%20on%20Government%20Finance%20and%20Public%20Sector%20Statistics

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IMF Work on Government Finance and Public Sector
Statistics
OECD Working Party on National Accounts Paris,
November 4-6, 2009

• Manik Shrestha
• IMF Statistics Department

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Government Finance and Public Sector Statistics
Methodological Developments

• Three main areas
• Revision of government finance statistics manual
  (GFSM)
• International public sector accounting standards
  board (IPSASB)
• Public sector debt guide

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GFSM Revision

• Many of the changes introduced in the 2008 SNA
  will also apply to the GFS methodology, e.g.
• capitalization of research and development
• military expenditure
• a more detailed asset classification
• treatment of special purpose entities
• Format of revision not yet decided

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International Public Sector Accounting Standards
Board

• IPSASB focuses on the accounting and financial
  reporting requirements of government units
• Objectives
• to issue and promote the adoption of accounting
  standards and other benchmark guidance
• facilitate the exchange of information
• Several statistical organizations have observer
  status on the IPSASB
• such as ECB, Eurostat, IMF, and OECD
• Other international organizations are involved
• such as World Bank, UN, European Commission

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International Public Sector Accounting Standards
Board

• IPSASB has adopted a strategic work plan
• Converge with accounting standards of the
  International Accounting Standards Board
• International Financial Reporting Standards
  (IFRSs) were adapted for public sector specific
  issues (project completion in December 2009)
• Harmonize as far as possible with statistical
  basis of reporting
• Taskforce on Harmonization of Public Sector
  Accounting
• Identified similarities and difference between
  1993 SNA, ESA 1995, GFSM 2001, and Accounting
  Standards
• Accountants issued a standard on general
  government
• Outcome informed the update of 2008 SNA

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International Public Sector Accounting Standards
Board

• Continued cooperation in new projects
• IPSASB future strategic plan will focus on public
  sector specific issues not addressed in
  IFRS/IPSAS (example heritage assets, social
  pension, taxes, etc.)
• Emerging need for implementation guidance
• GFS compilers are involved in revision of the
  cash basis IPSAS
• IPSASB/IMF Joint taskforce on government
  interventions in the financial crisis will inform
  work in both organizations
• Mutual involvement in development of guidance is
  essential in maintaining harmonization

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Public Sector Debt Guide Scope

1. Budgetary, extra-budgetary, and/or social
   security funds could exist at each of these
   subsectors
2. As an alternative, social security funds could be
   treated as a separate subsector.

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Public Sector Debt Guide Outline

• Part IConceptual Framework
• Chapter 1. Definitions and Accounting Principles
  (To TFFS for review)
• Chapter 2. Identification of Debt Instruments and
  Institutional Sectors
• (To TFFS for review)
• Chapter 3. Selected Issues in Public Sector Debt
  (To TFFS for review)

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Public Sector Debt Guide Outline

• Part IICompilation Presentation, Principles,
  and Practices
• Chapter 4. Presentation of Public Sector Debt
  Statistics (To TFFS for review)
• Chapter 5. Data Collection and Compilation
• Chapter 6. Identifying the Owners of Traded Debt
  Securities
• Chapter 7. Consolidation of Public Sector Debt
  Statistics (To TFFS for review)

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Public Sector Debt Guide Outline

• Part IIIAnalytical Uses of Public Sector Debt
  Statistics
• Chapter 8. Analytical Uses of Public Sector Debt
  Statistics
• Work of International Agencies
• Chapter 9. Work of International Agencies
• Appendices
• Reconciliation of Public Sector Debt Flows and
  Stocks
• Relationship between Public Sector Debt
  Statistics and External Debt Statistics

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Public Sector Debt Template

• The Public Sector Debt Guide may provide a basis
  for developing a template to collect and
  disseminate comprehensive, detailed and
  comparable (over time and cross country) data on
  public sector debt.
• World Bank has developed a questionnaire to
  collect public sector debt statistics from
  developing countries by maturity and instrument.
• Questionnaire is consistent with Public Sector
  Debt Guide