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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