Transcript pptppt

2008 SNA
CURRENT SITUATION
Presentation to the 12th OECD-NBS
Workshop on National Accounts
27-31 October 2008
INTRODUCTION
• The SNA Update formally commenced in late
2003
– the Editor and Project Manager were appointed
in early 2004
• One of the first decisions made about the update
was to provide a very open, consultative process
• An Advisory Expert Group (AEG) was established,
consisting of 20 very experienced national
accountants from NSOs around the world
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CONSULTATIVE PROCESS
• The first AEG meeting was held in February
2004
– 44 key issues were identified for review
• Four follow-up AEG meetings have been held
– December 2004
– July 2005
– February 2006
– March 2007
• Input was also obtained from various national
accounts meetings during these years 3
UN STATISTICAL
COMMISSION
• The 2007 meeting of the UNSC agreed that
the Updated SNA should be split into 2
volumes
– Volume 1 (chapters 1-17) would contain
detailed descriptions of the concepts, including
all changes resulting from the 44 issues
identified by the AEG
– Volume 2 (chapters 18-29)is to provide an
elaboration of the concepts contained in
Volume 1
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UN STATISTICAL
COMMISSION (continued)
The 2008 UNSC approved Volume 1 of the updated
SNA in principle, but with an extra 2 months
(until 30 April) being allowed for countries to
comment on the draft chapters
• the UNSC emphasised that this extra time was
to allow a check of the conceptual coherence
and consistency of the Updated SNA with the
recommendations on the 44 issues, together
with the clarifications and consistency issues
flowing from them. But decisions made on the
44 issues were not to be reopened 5
UN STATISTICAL
COMMISSION (continued)
Other key issues raised by the 2008 UNSC were:
• Volume 2 has to be presented to next year’s UNSC meeting
for approval
• the ISWGNA should develop a strategy for implementing the
updated SNA
• Eurostat/UNSD conference in May, with the outcome
being the “Luxembourg Recommendations”
• the ISWGNA should seek the opinion of Member States on
the title of the Updated SNA
• “System of National Accounts, 2008” was favoured by
more than two-thirds of countries responding
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VOLUME 1
• The UNSC Bureau approved Volume 1 a
couple of months ago –
– the SNA codes were removed from Volume 1
• A “White cover” version of Volume 1 has
now been released
• Volume 1 has been through the UN editing
process, with only a small number of minor
changes required
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VOLUME 2
• There are 12 chapters in Volume 2:
Ch 18 – Elaborating and presenting the
accounts
Ch 19 – Population and labour inputs
Ch 20 – The role of capital services in the
national
accounts
Ch 21 – Measuring corporate activity
Ch 22 – The government and public sectors
Ch 23 – Non-profit institutions in the System
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VOLUME 2 (continued)
Ch 24 – Households
Ch 25 – The informal sector
Ch 26 – The rest of the world account (external
transactions account)
Ch 27 – The link to financial and monetary
statistics
Ch 28 – Input-output and other matrix based
analyses
Ch 29 – Satellite accounts and other extensions
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of the System
VOLUME 2 (continued)
• The time for commenting on 8 chapters of
Volume 2 has closed
– the ISWGNA considered all these comments
yesterday
• The remaining 4 chapters are now on the
UNSD website for comment
– the ISWGNA is meeting on 10 November to
discuss the comments on these chapters
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AEG meeting
• An AEG meeting is being held in
Washington from 12-14 November, with
the following agenda
– Codes
– Insurance
• non-life
• reinsurance
• life
– Pensions
– Emission permits
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Remaining process
• Volume 2 will be redrafted to take account of the
comments from the current review
– it will be available for UNSC review in December
• The February UNSC will consider Volume 2
– any changes required will be incorporated after the
UNSC
• Volume 2 will go through the UN editing process
• An index will be prepared
• The 2008 SNA to be released in second half of 2009
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Major changes in the 2008 SNA
• New recording of pensions
• Explicit recognition of capital services
• Recognition of outcomes of R&D as fixed
assets
• Recognition of offensive weapons as fixed
assets
• Goods for processing on a change of
ownership basis
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Implementation of 2008 SNA
OECD (as of October 2008)
Country Intentions
Australia 2009 for most, if not all, changes
Canada
2012/13 for all changes
US
2012/13 for most (outstanding) changes
EU
2014
Korea
2014?
Japan
2015?
New Zealand
no schedule yet, but all changes at once
Mexico
no schedule yet, but introduced piecemeal
Switzerland, Iceland and Norway same as EU
Turkey?
Implementation of 2008 SNA
Summary
• Australia, Canada and US have quite firm plans to
introduce the update SNA quite rapidly.
• All three intend to adopt at least all the major proposed
changes, including
– Employers’ pension schemes (2),
– R&D (9),
– Government and non-market producers – cost of capital
(16),
– Military expenditures (19).
• Australia and Canada more or less all at once
• US staggered introduction
Implementation of 2008SNA
Summary
• Australia has published an information paper
(Introduction of revised international standards
in ABS economic standards Cat No.
5310.0.55.001) describing its intentions.
• Japan and Korea have tentative plans to
synchronise their adoptions of the updated SNA
and SICs in 2015 and 2014, respectively. Japan is
currently considering a firmer schedule.
• NZ and Mexico have no firm plans
Achieving consistent and
internationally comparable national
accounts
• Formulating a strategy to ensure
comparability of data
• Developing handbooks and
manuals
• Defining a research agenda for
the OECD WPNA
Formulating a strategy to ensure
comparability of data
• Accepted that countries will implement the 2008 SNA at
different times and there will be a lack of comparability
during the transition.
• Countries should undertake a one-off exercise to quantify
and publish the impact of the update on their major
aggregates. To be included in metadata on OECD
databases.
• Countries should supply data to the Secretariat as per
either 1993 or 2008 SNA
Developing handbooks and
manuals
• The OECD is producing a
– revised edition of the Manual on Measuring
Capital,
– a Handbook on Deriving Capital Measures
of Intellectual Property Products ,
– and a Handbook on the Measurement of
Volume Output of Health and Education.
Defining a research agenda for the
OECD WPNA
• OECD WPNA will have two streams of work
concerned with 2008 SNA
– 2008 SNA implementation issues:
• Identify major issues, countries undertake
investigations, especially the early adopters, and
report to WPNA
– Address issues on the research agenda:
• Identify ones that should be pursued quickly and
develop a work programme. May require setting up
task forces. Discuss next meeting?