Introduction to the Conceptual Framework
|
|
- Brice Anderson
- 8 years ago
- Views:
Transcription
1 Introduction to the Conceptual Framework Workshop on the new Balance of Payments and International Investment Position Statistics Manual BPM6 Beirut February 14-16, 2012
2 Scope of International Accounts The International accounts for an economy summarize the economic relationships between residents of that economy and the rest of the world. They comprise: The international investment position (IIP), the stock of financial assets and liabilities compiled on a specific date; The balance of payments, a statement that systematically summarizes economic transactions for a specific time period; and The other changes in financial assets and liabilities account covering other flows, such as valuation changes that reconcile the balance of payments and the IIP for a specific period.
3 Scope of an Economy International accounts are generally compiled for individual countries but could be constructed in respect of a group of economies, e.g., Euro Area, BCEAO, BEAC, and the ECCB as well as regions within a country.
4 Definition of the International Investment Position The international investment position (IIP) is a statistical statement that shows at a point in time the value of financial assets of residents of an economy comprised of claims on nonresidents and gold bullion held as reserve assets; and the liabilities of an economy to nonresidents. The difference between the assets and liabilities is the net position and represents either net claims on or net liabilities to the rest of the world. The consolidated balance sheet for the nation includes the stock of nonfinancial assets in addition to the IIP.
5 Definition of the International Investment Position The IIP relates to different points in time, and has an opening value (beginning of the period) and a closing value (or end of the period). The integrated IIP statement reconciles the opening and closing value of the IIP through transactions in financial items and other changes (other volume changes and revaluations).
6 Illustrative Example of the IIP Suppose an investor purchases 10 units of foreign bonds at a unit price of US$5 million. Suppose at the time of the transaction, the exchange rate between the U.S. dollar and the domestic currency was US$1=1.2 domestic currency units. Let us also assume that at the beginning of the period the exchange rate was US$1 = 1 domestic currency units. At the end of the period, the price of the foreign bonds increases to 7 million dollars per unit and the exchange rate moves to US$ = 1.5 domestic currency units. The IIP expressed in domestic currency units would appear as follows:
7 Illustrative Example of the IIP Foreign Assets 1. Currency and Deposits Opening Balance Transactions Price Revaluations Exchange Rate Closing Balance Foreign Bonds
8 Definition of the Balance of Payments The balance of payments is a statistical statement in double entry format that summarizes transactions in goods, services, primary and secondary income, and financial items between residents and nonresidents. Since each transaction in the balance of payments is recorded as consisting of two entries of equal and opposite sign, the sum of the entries is conceptually zero, that is the accounts as a whole are in balance.
9 Accounting Convention for International Accounts The accounting convention underlying the international accounts derives from broad bookkeeping principles. To understand the accounting system for international accounts, three bookkeeping principles can be distinguished: Vertical double-entry bookkeeping also known simply as double-entry bookkeeping used in business accounting. Horizontal double-entry bookkeeping; Quadruple-entry bookkeeping.
10 Accounting Convention for International Accounts Vertical double entry Under a vertical double-entry bookkeeping, each transaction leads to at least two entries, traditionally referred to as a credit entry and a debit entry, in the books of the transactor. This principle ensures that the total of all credit entries and that of all debit entries for all transactions are equal, thus permitting a check on the consistency of accounts for a single unit. Vertical double-entry bookkeeping also ensures the fundamental identity of a unit s balance sheet, i.e., the total value of assets equals the total value of liabilities plus net worth.
11 Accounting Convention for International Accounts Horizontal double-entry This concept is useful for compiling accounts that reflect the mutual economic relationships between different institutional units in a consistent way. If a unit A provides something to unit B, the accounts of both A and B show the transaction for the same amount: as a payment in A s account and as a receipt in B s account. Horizontal double-entry bookkeeping ensures consistency of recording for each transaction category by counterparties. For example, at the worldwide level interest receivable is equal to interest payable.
12 Accounting Convention for International Accounts Quadruple double-entry The simultaneous application of both the vertical and horizontal double-entry bookkeeping results in a quadruple bookkeeping system underlying the recording in the national accounts and the international accounts. It deals in a coherent way with multiple transactors or groups of transactors each of which practices vertical double-entry bookkeeping. A single transaction between two counterparties gives rise to four entries.
13 Accounting Convention for International Accounts International accounts deal with interactions among a multitude of units in parallel and thus require special care from a consistency point of view. E.g. a liability of one unit is mirrored in a financial asset of another unit. Consequently, they should be identically valued, allocated in time, and classified, to avoid inconsistencies in aggregating data into regional or global totals. Even though international accounts, show data for one economy s flows and positions with nonresidents, the underlying accounting system is based on the quadruple accounting system.
14 BOP of an Individual Economy Uses Double Entry Accounting System The basic accounting convention for an economy s BOP statement is that every recorded transaction is represented by two entries with exactly equal values. Each transaction is reflected as a credit and a debit entry. In conformity with business and national accounting, in the balance of payments, the term: Credit is used to denote a reduction in assets or an increase in liabilities, and Debit is used to denote a reduction in liabilities or an increase in assets. Sum of all transactions = 0
15 The Compiling Economy Records Credit (CR) entries for: exports of goods provision of services provision of factors of production to another economy financial items reflecting a reduction in the economy s external assets, or an increase in external liabilities
16 The Compiling Economy Records Debit entries (DR) for: imports of goods, acquisition of services, use of production factors provided by another economy, financial items reflecting an increase in assets or a decrease in liabilities. N.B. The financial account records net acquisitions of assets and net incurrence of liabilities but their interpretation in relation to the rest of the BOP follows the accounting convention.
17 Elaboration of the Definition of the Balance of Payments The balance of payments registers transactions between an economy s residents and residents of the rest of the world. A transaction is an interaction between two institutional units that occur by mutual agreement or through the operation of the law and involves an exchange of value. Mutual agreement means that there is prior knowledge and consent by the institutional units. Transactions imposed by force of law are applicable mainly to certain distributive transactions such as the payment of taxes, fines, and penalties.
18 Elaboration of the Definition of the Balance of Payments Although taxes or penalties are imposed on individual units by administrative or judicial decisions, there is collective recognition and acceptance by the community to pay taxes and penalties. Transactions reflect the creation, transformation, exchange, transfer, or extinction of economic value. By the nature of international accounts, internal (i.e., intra-unit) transactions are not recorded. However, following the residency criteria, transactions between a branch and its parent enterprise are shown as interactions between institutional units, with a branch recognized as a separate institutional unit (i.e. a quasi corporation).
19 Elaboration of the Definition of the Balance of Payments When a notional enterprise is created for holding land and associated buildings by nonresident owners, transactions between the nonresident owners and the notional enterprise are considered interactions between institutional units. Transactions between two resident institutional units in a transferable external asset are domestic transactions and therefore excluded from the coverage of the BOP. The sectoral change in the holdings of external assets resulting from domestic transactions are nonetheless shown in the IIP. The changes in positions are attributable to other changes in volume of assets (OCVA).
20 Elaboration of the Definition of the Balance of Payments Most transaction can be clearly observed as the way they take place also reflects the underlying economic relationship. However, some transactions (as they appear to the institutional units) do not reflect the underlying economic relationships, hence need to be rearranged so that the accounts portray economic reality. Rerouting (e.g. social security contributions paid by employers directly to a retirement scheme) and partioning (e.g. interest received from or paid to financial intermediaries) are the two types of rearrangements employed in the international accounts. Transactions of agents transactions in the underlying items are attributed to the principals concerned.
21 Coverage of the Balance of Payments Many international transactions recorded in the BOP do not involve payments of money. The inclusion of transactions other than those involving money payments constitute the principal difference between a BOP statement and an exchange record.
22 Categories of Transactions Exchanges: provision and acquisition of economic values is two-sided. Exchanges of goods and services for financial items. Payments for, or receipt of primary income on, the factors of production. Barter (exchange of goods and services for other goods and services). Exchanges of financial items for other financial items.
23 Categories of Transactions Secondary income and capital transfers: Transactions involving secondary income and capital transfers differ from exchanges in that one transactor provides an economic value to another transactor but does not receive an equivalent value in return. The lack of economic value on the one side must be balanced by an entry referred to in BOP and national accounts as secondary income or capital transfers.
24 Imputation of Transactions Imputation of transactions refers to constructing entries in the accounts when no separate transactions are identified by the parties involved. As a general rule transactions are to be imputed only in specific cases: Retained earnings of direct investment enterprises are attributed to direct investors as if the retained earnings had been distributed in proportion to direct investors ownership of the equity and then reinvested by them in the direct investment enterprise.
25 Imputation of Transactions Investment income earned on technical reserves held by insurance corporations is deemed to be payable to policyholders who are then deemed to pay this income back to insurance corporations as premium supplements even though in terms of actual cash flows the property income is retained by the insurance corporations. Retained earnings of investment funds are treated as if they were distributed to shareholders who are then deemed to reinvest in the investment fund.
26 Imputation of Transactions When a government has a nonresident entity to undertake fiscal functions related to government borrowing and/or incurring government outlays abroad with no or incomplete economic flows between the government and the nonresident entity related to these fiscal activities, transactions are imputed in the accounts of both the government and the nonresident entity to reflect the fiscal activities of the government.
3 Accounting Principles
CHAPTER 3 Accounting Principles A. Introduction 3.1 This chapter discusses the nature of basic entries in the international accounts and the accounting principles governing their recording. Entries in
More informationaccounting principles.
Chapter 8 Accounting Principles 8.1. The previous chapters in Part II described the concepts of economic territory and residence and institutional units and sectors. This chapter discusses the accounting
More informationChapter 7. Financial Account
Chapter 7. Financial Account A. Concept and Coverage 7.1 The financial account will be defined, and its structure and purpose outlined along the lines of BPM5 paras. 313 342, BPT paras. 446 447, and the
More informationRETAINED EARNINGS ON MUTUAL FUNDS, INSURANCE CORPORATIONS AND PENSION FUNDS
Fourth meeting of the Advisory Expert Group on National Accounts 30 January 8 February 2006, Frankfurt SNA/M1.06/29.1 Issue 42 Retained earnings of mutual funds, insurance companies and pension funds RETAINED
More informationCentral Bank Survey. General Provisions
Summary Methodology Central Bank Survey, Credit Institutions Survey, Banking System Survey, Other Financial Institutions Survey, Financial Sector Survey Central Bank Survey, Credit Institutions Survey,
More informationTERHAD. Training to Labuan Offshore Entities on Compilation of International Investment Position (IIP) Report
TERHAD Training to Labuan Offshore Entities on Compilation of International Investment (IIP) Report September 2012 TERHAD 1. Equity Capital: A/L Definition Form DIa Exposures with Affiliated Enterprises
More informationGlossary. U.S. International Economic Accounts Glossary of Terms. Term
Glossary U.S. International Economic Accounts Glossary of s Accrual accounting Activities of multinational enterprises (AMNE) Affiliate Affiliated trade Asset/liability principle Associate Balance of payments
More informationBalance of Payments made simple Fedrica Robinson
Balance of Payments made simple by Fedrica Robinson Bank of Jamaica Pamphlet No. 8 2004 Bank of Jamaica Nethersole Place Kingston Jamaica Telephone: 876 922 0750-9 Email: library@boj.org.jm Internet: www.boj.org.jm
More informationInternational Investment Position Methodology
International Investment Position Methodology I. Analytical Framework, Concepts, Definitions, and Classifications The International Investment Position (IIP) is a statistical statement that presents external
More informationACCOUNTING METHODS AND THE INTERNATIONAL ACCOUNTING STANDARDS
IMF COMMITTEE ON BALANCE OF PAYMENTS STATISTICS AND OECD WORKSHOP ON INTERNATIONAL INVESTMENT STATISTICS DIRECT INVESTMENT TECHNICAL EXPERT GROUP (DITEG) DITEG ISSUE #26 BACKGROUND PAPER ACCOUNTING METHODS
More information2 Appendix 2. Insurance Transactions and Positions, and Pension Schemes. Insurance Transactions and Positions APPENDIX.
2 Appendix 2 APPENDIX Transactions and Positions, and Pension Schemes Transactions and Positions Introduction A2.1 Over the lifetime of insurance contracts, insurance companies produce services to their
More informationAn introduction to the UK balance of payments
An introduction to the United Kingdom balance of payments Introduction The balance of payments is one of the UK s key economic statistical series. It measures the economic transactions between UK residents
More informationComparison of micro and macro frameworks
OECD Framework for Statistics on the Distribution of Household Income, Consumption and Wealth OECD 2013 Comparison of micro and macro frameworks The main framework developed for analysis of income at the
More informationCHAPTER 5. STOCKS, FLOWS, AND ACCOUNTING RULES
CHAPTER 5. STOCKS, FLOWS, AND ACCOUNTING RULES Contents Page I. Introduction...2 II. Stocks Positions and Flows...2 A. Adding-up Identities...3 B. Flows...4 III. Accounting Rules...27 A. Time of Recording...27
More informationFifteenth Meeting of the IMF Committee on Balance of Payments Statistics Canberra, Australia, October 21 25, 2001
BOPCOM-02/55 Fifteenth Meeting of the IMF Committee on Balance of Payments Statistics Canberra, Australia, October 21 25, 2001 Implementation of BPM5 in Compiling Balance of Payments Statistics of Hong
More informationInternational Investment Position Accounts
Chapter 11 International Investment Position Accounts 11.1. This chapter presents the methodology for statistics published in the International Investment Position (IIP) Accounts. It includes major sections
More informationINTERNATIONAL INVESTMENT POSITION
INTERNATIONAL INVESTMENT POSITION A Guide to Data Sources INTERNATIONAL MONETARY FUND Citation International Monetary Fund. Statistics Department. International Investment Position: A Guide to Data Sources.
More informationFlow of Funds Data Dictionary
Flow of Funds Data Dictionary October 2003 This version of documentation is preliminary and does not necessarily represent the current Global Insight (formerly DRI WEFA) database. The availability of specific
More informationA Simple Model. The Accounting Equation
An introduction to the accounting equation in the context of building a financial model. This series introduces the financial statements in the context of a financial model. NOTES TO ACCOMPANY VIDEOS These
More informationInsurance/Reinsurance Services and Financial Intermediation Services Indirectly Measured (FISIM)
BOPCOM 12/10 Twenty-Fifth Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C. January 14 16, 2013 (Rescheduled from October 29 31, 2012) Insurance/Reinsurance Services and Financial
More informationEXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department
EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES Mark Rider Research Discussion Paper 9405 November 1994 Economic Research Department Reserve Bank of Australia I would like to thank Sally Banguis
More informationTransactions in Financial Derivatives
127 Transactions in Financial Derivatives In This Section: Coverage and definitions Estimation methods overview Financial derivatives Coverage and definitions This account measures transactions arising
More informationFinancial Derivatives And Their Importance In International Business
BOPCOM98/1/20 Eleventh Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C., October 21 23, 1998 Financial Derivatives Prepared by the Statistics Department International Monetary
More informationWhat Is the Balance of Payments?
What Is the Balance of Payments? Norman S. Fieleke Vice President and Economist Federal Reserve Bank of Boston Federal Reserve Bank of Boston July 1976 Revised August 1985 and October 1996 Hypothetical
More informationPublic Sector Debt - Instructions
Public Sector Debt - Instructions Under the auspices of the Task Force on Finance Statistics 1 the World Bank has developed a new database to disseminate quarterly data on government, and more broadly,
More informationChapter 10. Primary Distribution of Income Account
Chapter 10. Primary Distribution of Income Account A. Concept and Coverage 10.1 The purpose of the primary distribution of income account will be stated along the lines of the introduction to Chapter VII
More informationGOVERNMENT FINANCE STATISTICS MANUAL 2001 COMPANION MATERIAL CONSOLIDATION OF THE GENERAL GOVERNMENT SECTOR
GOVERNMENT FINANCE STATISTICS MANUAL 2001 COMPANION MATERIAL CONSOLIDATION OF THE GENERAL GOVERNMENT SECTOR KEVIN W. O CONNOR (IMF EXPERT) ETHAN WEISMAN AND TOBIAS WICKENS NOVEMBER 2004 Table of Contents
More informationIMF COMMITTEE ON BALANCE OF PAYMENTS STATISTICS AND OECD WORKSHOP ON INTERNATIONAL INVESTMENT STATISTICS
IMF COMMITTEE ON BALANCE OF PAYMENTS STATISTICS AND OECD WORKSHOP ON INTERNATIONAL INVESTMENT STATISTICS DIRECT INVESTMENT TECHNICAL EXPERT GROUP (DITEG) BACKGROUND PAPER (DITEG) # 1 VALUATION OF FDI STOCKS:
More informationSupplement No. 2 published with Extraordinary Gazette No. 129 dated 20 th December, 2012. THE INSURANCE LAW, 2010 (LAW 32 OF 2010)
CAYMAN ISLANDS Supplement No. 2 published with Extraordinary Gazette No. 129 dated 20 th December, 2012. THE INSURANCE LAW, 2010 (LAW 32 OF 2010) THE INSURANCE (CAPITAL AND SOLVENCY) (CLASS A INSURERS)
More informationTECHNICAL GUIDELINES REPORTING OF FOREIGN EXCHANGE ACTIVITIES CONDUCTED BY NON-FINANCIAL COMPANIES
Unofficial Translation TECHNICAL GUIDELINES REPORTING OF FOREIGN EXCHANGE ACTIVITIES CONDUCTED BY NON-FINANCIAL COMPANIES I. GENERAL INSTRUCTIONS A. Definitions 1. Foreign Exchange Activities are transfers
More informationPrepared by Pierre Sola and Carlos Sánchez Muñoz Directorate General Statistics European Central Bank
UPDATE OF THE 1993 SNA - ISSUE No. 44a ISSUES PAPER FOR THE JULY 2005 AEG MEETING SNA/M1.05/10.2 THE DISTINCTION BETWEEN DEPOSITS AND LOANS IN MACRO-ECONOMIC STATISTICS Prepared by Pierre Sola and Carlos
More informationSixteenth Meeting of the IMF Committee on Balance of Payments Statistics Washington D.C., December 1 5, 2003
BOPCOM-03/23 Sixteenth Meeting of the IMF Committee on Balance of Payments Statistics Washington D.C., December 1 5, 2003 The Statistical Treatment of Unit Trusts Prepared by the South African Reserve
More informationREPORTING INSTRUCTIONS FOR INVESTMENT FUNDS
REPORTING INSTRUCTIONS FOR INVESTMENT FUNDS 1. Reporting policies & procedures 1.1 The Excel file Investment Funds Returns (FORM STAT 001) - contains three sheets (Assets, Liabilities and Memorandum Items).
More informationAPPENDIX II. INSURANCE TRANSACTIONS AND POSITIONS, STANDARDIZED GUARANTEES AND PENSION SCHEMES
DRAFT APPENDIX II. INSURANCE TRANSACTIONS AND POSITIONS, STANDARDIZED GUARANTEES AND PENSION SCHEMES I. INSURANCE TRANSACTIONS AND POSITIONS A. Introduction Reference BPM6 Chapter 10; Appendix 6c; and
More informationQUARTERLY FINANCIAL ACCOUNTS NORGES BANK I. INTRODUCTION
QUARTERLY FINANCIAL ACCOUNTS NORGES BANK I. INTRODUCTION Statistics Norway published the first set of annual financial balance sheets in 1957. The accounts recorded the stocks of financial assets and liabilities
More informationSecondary Income and the Capital Account (L12)
Secondary Income and the Capital Account (L12) Course on External Sector Statistics Nay Pyi Taw, Myanmar January 19-23, 2015 Reproductions of this material, or any parts of it, should refer to the as the
More informationThe Treatment of Insurance in the SNA
The Treatment of Insurance in the SNA Peter Hill Statistical Division, United Nations Economic Commission for Europe April 1998 Introduction The treatment of insurance is one of the more complicated parts
More information1. Basis of Preparation. 2. Summary of Significant Accounting Policies. Principles of consolidation. (a) Foreign currency translation.
Nitta Corporation and Subsidiaries Notes to Consolidated Financial Statements March 31, 1. Basis of Preparation The accompanying consolidated financial statements of Nitta Corporation (the Company ) and
More informationCompilation of Financial Account on a Gross Basis
BOPCOM 12/14 Twenty-Fifth Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C. January 14 16, 2013 (Rescheduled from October 29 31, 2012) Compilation of Financial Account on
More informationUnited Kingdom. From: OECD Banking Statistics: Methodological Country Notes 2010
From: OECD Banking Statistics: Methodological Country Notes 2010 Access the complete publication at: http://dx.doi.org/10.1787/9789264089907-en United Kingdom Please cite this chapter as: OECD (2011),
More informationReport and Non-Statutory Accounts
Report and Non-Statutory Accounts 31 December Registered No CR - 117363 Cayman Islands Registered office: PO Box 309 GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands Report
More informationnstitutional (economic) units, industries and sectors are the main components of economy.
2. Sectors of Economy I nstitutional (economic) units, industries and sectors are the main components of economy. The economy is divided into domestic economy and the rest of the world. The domestic economy
More informationYou and your shares 2015
Instructions for shareholders You and your shares 2015 For 1 July 2014 30 June 2015 Covers: n individuals who invest in shares or convertible notes n taxation of dividends from investments n allowable
More informationIn 2012, GNP in constant prices increased by 1.8% compared with 2011.
8 Economy In 2012, GNP in constant prices increased by 1.8% compared with 2011. The building and construction sector fell by 7.7% in value added terms in 2012 compared to 2011. Manufacturing industry decreased
More informationEUROPEAN CENTRAL BANK
L 159/48 Official Journal of the European Union 20.6.2007 GUIDELINES EUROPEAN CENTRAL BANK GUIDELINE OF THE EUROPEAN CENTRAL BANK of 31 May 2007 amending Guideline ECB/2004/15 on the statistical reporting
More informationConsolidated Balance Sheets March 31, 2001 and 2000
Financial Statements SEIKAGAKU CORPORATION AND CONSOLIDATED SUBSIDIARIES Consolidated Balance Sheets March 31, 2001 and 2000 Assets Current assets: Cash and cash equivalents... Short-term investments (Note
More informationData on the balance sheet positions of households and financial and non-financial corporations in Slovenia
Data on the balance sheet positions of households and financial and non-financial corporations in Slovenia Nina Bostner 1. Introduction Financial accounts statistics represent an important analytic tool
More informationHKAS 12 Revised May November 2014. Hong Kong Accounting Standard 12. Income Taxes
HKAS 12 Revised May November 2014 Hong Kong Accounting Standard 12 Income Taxes HKAS 12 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting Standard
More informationNAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES
NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES CONTENTS Paragraphs OBJECTIVE SCOPE 1-4 DEFINITIONS 5-11 Tax Base 7-11 RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS 12-14 RECOGNITION
More informationDebt Reorganization and Related Transactions
APPENDIX 2 Debt Reorganization and Related Transactions A. Debt Reorganization Reference: IMF and others, External Debt Statistics: Guide for Compilers and Users, Chapter 8, Debt Reorganization. A2.1 This
More informationPresentation of the Gross External Debt Position
4 Presentation of the Gross External Debt Position Introduction 4. This chapter provides a table for the presentation of the gross external debt position and related memorandum tables. Data compiled using
More informationCathay Life Insurance Co., Ltd. Financial Statements As of December 31, 2006 and 2007 With Independent Auditors Report
Financial Statements With Independent Auditors Report The reader is advised that these financial statements have been prepared originally in Chinese. These financial statements do not include additional
More informationBPM5-to-BPM6 Conversion Matrix
BOPCOM-08/10B Twenty-First Meeting of the IMF Committee on Balance of Payments Statistics Washington D.C, BPM5-to-BPM6 Conversion Matrix Also, Annex A to BOPCOM-08/10A: BPM6 Implementation Plan, and Plans
More information2 Transaction Analysis
29366_06_ch2_p053-110 12/12/07 5:50 PM Page 53 2 Transaction Analysis SPOTLIGHT A P P L E C O M P U T E R, I N C. How do you manage your music library? You may use Apple Computer s itunes, which along
More informationIntroducing expanded external lending and debt statistics
Introducing expanded external lending and debt statistics Crown copyright This work is licensed under the Creative Commons Attribution 3.0 New Zealand licence. You are free to copy, distribute, and adapt
More informationIndian Accounting Standard (Ind AS) 12. Income Taxes
Indian Accounting Standard (Ind AS) 12 Contents Income Taxes Paragraphs Objective Scope 1 4 Definitions 5 11 Tax base 7 11 Recognition of current tax liabilities and current tax assets 12 14 Recognition
More informationMITSUI SUMITOMO INSURANCE COMPANY, LIMITED AND SUBSIDIARIES. CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006
CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006 2005 2006 ASSETS Investments - other than investments in affiliates: Securities available for sale: Fixed maturities, at fair value 3,043,851 3,193,503
More informationFuqua School of Business, Duke University ACCOUNTG 510: Foundations of Financial Accounting
Fuqua School of Business, Duke University ACCOUNTG 510: Foundations of Financial Accounting Lecture Note: Financial Statement Basics, Transaction Recording, and Terminology I. The Financial Reporting Package
More informationCYPRUS TAX CONSIDERATIONS
TAXATION The following summary of material Cyprus, US federal income and United Kingdom tax consequences of ownership of the GDRs is based upon laws, regulations, decrees, rulings, income tax conventions
More informationChapter 5. Classifications: Financial Instruments, Functional Categories, Maturity, Currency, and Type of Interest Rate
Chapter 5. Classifications: Financial Instruments, Functional Categories, Maturity, Currency, and Type of Interest Rate 5.1 An introduction to this chapter will note that classifications such as financial
More information(a) Using an MPC of.5, the impact of $100 spent the government will be as follows: 1 100 100 2 50 150 3 25 175 4 12.5 187.5 5 6.25 193.
S5 Solutions 24 points Chapter 2: Fiscal policy. If the marginal propensity to save is.5, how large is the multiplier? If the marginal propensity to save doubles to., what happens to the multiplier? With
More informationIssue 19: Joint Arrangements and Associates
www.bdo.ca Assurance and accounting Comparison Series Issue 19: Joint Arrangements and Associates Both and are principle based frameworks, and from a conceptual standpoint many of the general principles
More informationCIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES)
CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) Chapter Title Page number 1 The regulatory framework 3 2 What is a group 9 3 Group accounts the statement of financial position
More informationINDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)
INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED
More informationYou and your shares 2013
Instructions for shareholders You and your shares 2013 For 1 July 2012 30 June 2013 Covers: n individuals who invest in shares or convertible notes n taxation of dividends from investments n allowable
More informationInternational Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12
International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes
More informationInstructions for Form 8938 (Rev. December 2014)
Instructions for Form 8938 (Rev. December 2014) Statement of Specified Foreign Financial Assets Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless
More informationBalance of Payments. Versie 4.1. Profile: BEB - Benchmark SFIs. Notes to the benchmark survey Assets and Liabilities financial year 2010
Balance of Payments Profile: BEB - Benchmark SFIs Notes to the benchmark survey Assets and Liabilities financial year 2010 Versie 4.1 De Nederlandsche Bank NV, 2011 4E Notes to the SFI benchmark survey
More informationIncome Taxes STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD
STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD Income Taxes This version of the Statutory Board Financial Reporting Standard does not include amendments that are effective for annual periods beginning
More informationIMF COMMITTEE ON BALANCE OF PAYMENTS STATISTICS BALANCE OF PAYMENTS TECHNICAL EXPERT GROUP (BOPTEG)
IMF COMMITTEE ON BALANCE OF PAYMENTS STATISTICS BALANCE OF PAYMENTS TECHNICAL EXPERT GROUP (BOPTEG) ISSUE PAPER: BOPTEG #19 RETAINED EARNINGS OF MUTUAL FUNDS AND OTHER COLLECTIVE INVESTMENT SCHEMES Prepared
More information3. Classification of Financial Instruments
3. Classification of Financial Instruments C lassification of financial instruments and identification of their nature is one of the most important phases for compilation and presentation of monetary statistics.
More informationREGULATION ON DEPOSITS AND PARTICIPATION FUNDS SUBJECT TO INSURANCE AND PREMIUMS COLLECTED BY SAVING DEPOSITS INSURANCE FUND
() () REGULATION ON DEPOSITS AND PARTICIPATION FUNDS SUBJECT TO INSURANCE AND PREMIUMS COLLECTED BY SAVING DEPOSITS INSURANCE FUND Published in issue 226339 of the Official Gazette dated November 7, 2006
More informationChapter 6 Foreign Currency Translation. The objective of a currency is to provide a standard of value, a medium of
Introduction and Background Chapter 6 Foreign Currency Translation Foreign Exchange Concepts and Definitions The objective of a currency is to provide a standard of value, a medium of exchange, and a unit
More informationHealth Insurance Companies Tab. Monthly cash inflows and outflows of public health insurance companies
Health Insurance Companies Tab. Monthly cash inflows and outflows of public health insurance companies Coverage: Health insurance companies operating in the field of public health insurance, which are
More informationEighteenth Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C., June 27 July 1, 2005
BOPCOM-05/9 Eighteenth Meeting of the IMF Committee on Balance of Payments Statistics Washington, D.C., June 27 July 1, 2005 Definition of Personal Remittances in the Balance of Payments Context Prepared
More informationRECOGNIZING A MINORITY INTEREST IN CONSOLIDATED FINANCIAL STATEMENTS
RECOGNIZING A MINORITY INTEREST IN CONSOLIDATED FINANCIAL STATEMENTS L E A R N I N G O B J E C T I V E Adapt the consolidation work sheet procedure to recognize a minority interest. Chapter 11 illustrates
More informationJ. Gaspar: Adapted from Jeff Madura International Financial Management
Chapter3 International Financial Markets J. Gaspar: Adapted from Jeff Madura International Financial Management 3-1 International Financial Markets Can be segmented as follows: 1.The Foreign Exchange Market
More informationInternational Accounting Standard 12 Income Taxes
EC staff consolidated version as of 21 June 2012, EN IAS 12 FOR INFORMATION PURPOSES ONLY International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the
More informationData Compilation Financial Data
Data Compilation Financial Data CONTENTS 1. Transition of Significant Management Indicators, etc. Japan Post Group (Consolidated) 122 Japan Post Holdings Co., Ltd. (Non-consolidated) 122 Japan Post Co.,
More informationMONETARY AND FINANCIAL STATISTICS MANUAL. Index
MONETARY AND FINANCIAL STATISTICS MANUAL Index Numbers in references refer to paragraphs Accounting rules, 182 Accrual accounting, 227-239 Accumulation accounts, 406-407, 413, 417, 421-423, 426-437 Administered
More informationGuide to Japan s Flow of Funds Accounts
Guide to Japan s Flow of Funds Accounts Research and Statistics Department Bank of Japan Introduction The Bank of Japan has been compiling the Flow of Funds Accounts Statistics (the FFA) since 1958, covering
More informationBalance of Payments Methodology. I. General
Balance of Payments Methodology I. General The DNCI (Dirección Nacional de Cuentas Internacionales) is responsible for compiling Argentina s balance of payments statistics. These data are published quarterly
More informationGovernment and public sector debt measures
Introduction Government and public sector debt measures 1. One measure of governments performance in managing the public finances is the level of public sector debt. The definition and responsibilities
More informationConsolidated Balance Sheets
Consolidated Balance Sheets March 31 2015 2014 2015 Assets: Current assets Cash and cash equivalents 726,888 604,571 $ 6,057,400 Marketable securities 19,033 16,635 158,608 Notes and accounts receivable:
More informationCHAPTER 15. Stockholders Equity ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Concepts for Analysis. Brief Exercises Exercises Problems
CHAPTER 15 Stockholders Equity ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis *1. Stockholders rights; corporate form. 1, 2, 3, 4,
More informationMGEC61 International Economics: Finance
MGEC61 International Economics: Finance Introduction International finance is a study of problems and policies of an open economy. International finance studies the issues like unemployment, savings, trade
More informationTables. Standard symbols:. Category not applicable.. Data not available... Data not yet available Nil 0 Less than half the 0.0 final digit shown
Tables 1. Norges Bank. Balance sheet. In millions of NOK 2. Norges Bank. Investments for Government Pension Fund - Global. In millions of NOK 3. Banks. Balance sheet. In millions of NOK 4. Banks. Loans
More informationInternational Accounting Standard 39 Financial Instruments: Recognition and Measurement
EC staff consolidated version as of 18 February 2011 FOR INFORMATION PURPOSES ONLY International Accounting Standard 39 Financial Instruments: Recognition and Measurement Objective 1 The objective of this
More informationInstructions for Form 8938
2015 Instructions for Form 8938 Statement of Specified Foreign Financial Assets Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise
More informationThe National Accounts and the Public Sector by Casey B. Mulligan Fall 2010
The National Accounts and the Public Sector by Casey B. Mulligan Fall 2010 Factors of production help interpret the national accounts. The factors are broadly classified as labor or (real) capital. The
More informationBig Concepts. Balance of Payments Accounts. Financing International Trade. Economics 202 Principles Of Macroeconomics. Lecture 12
Economics 202 Principles Of Macroeconomics Professor Yamin Ahmad Big Concepts Balance of Payments Equilibrium The relationship between the current account, capital account and official settlements balance
More informationSri Lanka Accounting Standard LKAS 12. Income Taxes
Sri Lanka Accounting Standard LKAS 12 Income Taxes CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARD-LKAS 12 INCOME TAXES OBJECTIVE SCOPE 1 4 DEFINITIONS 5 11 Tax base 7 11 RECOGNITION OF CURRENT TAX LIABILITIES
More information4. The minimum amount of owners' equity in a bank mandated by regulators is called a requirement. A) reserve B) margin C) liquidity D) capital
Chapter 4 - Sample Questions 1. Quantitative easing is most closely akin to: A) discount lending. B) open-market operations. C) fractional-reserve banking. D) capital requirements. 2. Money market mutual
More information5. Principles of Compilation of Monetary Statistics for Armenia
5. Principles of Compilation of Monetary Statistics for Armenia T he framework for the monetary statistics involves analytical presentation of balance sheets of financial sector s depository and nondepository
More informationAgenda. Saving and Investment in the Open Economy. Balance of Payments Accounts. Balance of Payments Accounting. Balance of Payments Accounting.
Agenda. Saving and Investment in the Open Economy Goods Market Equilibrium in an Open Economy. Saving and Investment in a Small Open Economy. Saving and Investment in a Large Open Economy. 7-1 7-2 Balance
More informationThe Kansai Electric Power Company, Incorporated and Subsidiaries
The Kansai Electric Power Company, Incorporated and Subsidiaries Consolidated Financial Statements for the Years Ended March 31, 2003 and 2002 and for the Six Months Ended September 30, 2003 and 2002 The
More information