m3superdividend
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Transcript m3superdividend
SNA ADVISORY EXPERT GROUP
(Bangkok, July 2005)
Capital injections and superdividends,
Reinvested earnings (issue 34)
TFHPSA
7/24/2016
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Capital injections and superdividends,
Reinvested earnings
Recording transactions between the
government and public corporations is a
challenge to the SNA
In practice, SNA 1993 recommendations
have appeared to be not sufficiently
prescriptive
In particular, there are no criteria to record
capital injections or super-dividends
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Capital injections and superdividends,
Reinvested earnings
Capital injections and super-dividends are
part of one-off transactions, and may be:
of very significant amounts
subject to manipulations (timing etc.)
of large impact on government deficit and
debt
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Capital injections and superdividends,
Reinvested earnings
New manuals have attempted to clarify the
notions of income, revenue, equity, and the
related flows, for the specific case of
government:
GFS Manual 2001
ESA95 manual on Government Deficit and
Debt (EMGDD, part II, 2002)
IPSAS Handbook (2003)
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Capital injections and superdividends,
Reinvested earnings
The TFHPSA has explored the possibility to
refer to Reinvested earnings(D.43),
currently reserved in SNA for foreign direct
investment (§7.120 and §14.152)
An alternative approach will also be
proposed, based on GFSM2001 and
EMGDD recommendations
A paper will be submitted to January 2006
AEG
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