Session 2:
Overview of the Main Changes
in the SNA 2008
Giovanni Savio and Majed Skaini, SD, UN-ESCWA
Seminar on the implementation of SNA 2008 in ESCWA Region
Muscat, 23 – 26 May 2010
Plan of presentation
 Brief overview on SNA 2008
 Main changes relevant for ESCWA region:
– Goods for Processing and Merchanting
– Informal Sector
– Military Weapons and sector delineation
– Non-Life Insurance
– Statistical Units and Institutional Sectors
– Institutional Sector Accounts
– Mineral Exploration and Evaluation
– Research and Development
– Financial Intermediary Services Indirectly Measured (FISIM)
– Consumption of fixed capital formation
– Assets Classification and Asset Boundary
Overview
 Adoption of Vol. 2, February 2009
 Retains the basic theoretical framework of its
predecessor, the 1993 SNA
 However, in line with the mandate of the UNSC, the
2008 SNA …
 … introduces treatments for new macroeconomic
aspects that have come into prominence,
 … further strengthens on coherence, and …
 … clarifies guidance on a wide range of issues
 This is NOT the final step: MANY issues in the research
agenda for the coming years (i.e. human capital,
market/basic prices, definitions of income, central banks,
BA vs. NA, etc.)
Processing and Merchanting
 Imports and exports should be treated on a strict “change of
ownership” basis, NOT based on physical movement
 Two similar/mirror cases: in the first case there is physical
movement without change of ownership, in the second the
opposite
 Processing: only the value of the processing service should
be recorded (different treatment in 1993 SNA): same
treatment for inter-establishment transactions of same
enterprise in the same economy
 Merchanting: should be recorded as negative exports on
acquisition and positive exports on disposal
 The difference between the two appears in exports of
goods (consistent with the goal of a zero global balance on
goods), but appears as the production of a service in the
merchant’s economy, analogous to trade margins (not
treated in 1993 SNA)
Informal Sector
 New Chapter, 25, on Informal Sector and NOE
 Definitions (based on ILO)
•
Informal Sector
 Approaches to measuring
 Household surveys
 Establishment surveys
 Mixed household-enterprise surveys
Military Weapons and Sector Delineation
 Military weapons: Military weapon systems
(vehicles and other equipment such as
warships, submarines, military aircraft, tanks,
missile carriers and launchers, etc. ) should be
classified as fixed assets
 Sector delineation of private/public/govern.
Clarified through decision tree and more
guidance on distinction between general
government and (public) corporations
Sector Delineation Decision Tree
Non-Life Insurance
 Non-life insurance services:
– Relevant for catastrophic losses
– Balance between premiums and claims
extremely volatile
– Approaches suggested: Expectation,
Accounting and Cost approaches
– Claims for large catastrophes recorded as
capital rather than current transfer
Statistical Units and Institutional Sectors
 If the activity of a unit undertaking purely ancillary activities is
statistically observable, it should be recognised as a separate
establishment, producing primary output, and classified
according to its own principal activity
 Statistically observable meaning:
- separate accounts for the production it undertakes are readily available, or
- it is located in a geographically different location from the est. served
 The value of output should be derived on a sum of costs basis,
including the costs of the capital used by the unit
 The 1993 SNA treated a producer unit undertaking purely
ancillary activities always as an integral part of the
establishment it served
Institutional Sector Accounts
•
•
•
•
•
Definition of Household sector: All unincorporated nongovernment resident-owned institutions, excluding
(i) non-resident owned quasi-corporate institutions and
(ii) NPISHs.
All un-incorporated enterprises which are not considered
quasi-corporate belong to the households sector.
Own-account production of housing services by owneroccupiers is included in the production of the households
sector.
The income of the owners of household sector enterprises
is treated as ‘mixed income’.
All quasi-corporations are treated as corporations and
allocated either to the non-financial corporations or the
financial corporation sector.
Mineral Exploration (1)
 The expenditure on mineral exploration is to be
treated as Capital formation and not Intermediate
Consumption of mineral extraction industry
 Mineral exploration, whether successful or not, is
classified as GFCF and is treated as ‘produced
asset’, whereas minerals resources themselves
are treated as ‘non-produced assets’
 The value of mineral exploration is valued at
market prices, if purchased; otherwise, it is
evaluated ‘at cost’ plus a mark-up
Mineral Exploration (2)
• If mineral exploration is outsourced to a foreign
agency, the amount paid is the value of the asset,
and shall be reported as income for the foreign
agency
• Extractor’s payment to the owner of mineral
resources is treated as property income
• Extractor’s payment to the exploration agency is
treated as payment of service charges.
Research and Development (1)
• Research and Development is defined as “creative work
undertaken on a systematic basis to increase the stock of
knowledge, and use this stock of knowledge for the purpose of
discovering or developing new products, including improved
versions or qualities of existing products, or discovering
developing new or more efficient processes of production.”
(FRASCATI Manual, 2002)
• In 2008 SNA the activity of research and development is not
treated as ancillary activity, and thus the output of Research
and development is not treated as intermediate consumption.
• A separate establishment should be distinguished for it when
possible.
Research and Development (2)
• Reasons for including R&D under CF
– R&D is thought to be one of the principal drivers of output
growth. It is important for productivity analysis across
time and across countries that R&D data be fully
integrated in the national accounts.
– From an economic theory point of view, all R&D
expenditure qualifies as capital formation because
consumption is foregone for the sake of future benefits.
Research and Development (3)
• The output of R&D is capitalized as ‘Intellectual Property
product’ (which also includes computer software and
databases; entertainment, literary or artistic originals; and
other intellectual property products);
• In SNA’08, output of R&D is to be treated as intangible
produced assets, and hence payment for users’ rights of the
IP product is to be treated as service charges.
• The 1993 SNA by convention treated the output of R&D as
intermediate consumption.
Research and Development (4)
Valuation of R&D
• The 2008 SNA recommends that the output of the R&D
should be valued at
• market price if purchased (outsourced) or
• sum of total production costs plus an appropriate markup if undertaken on own account
Financial Services
•
In SNA 2008, the definition of financial services has been
enlarged to give due weight to the increase in financial
services other than the financial intermediation, specifically
financial risk management and liquidity transformation.
•
Sub-sectoring of the financial corporation sector revised to
reflect new developments in financial services, markets and
instrument
i. Central Bank
ii. Deposit-taking corporations except the central bank,
iii. Money market funds (MMFs),
iv. Non-MMF investment funds,
v. Other financial intermediaries except insurance
corporations and pension funds (ICPFs),
vi. Financial auxiliaries,
vii. Captive financial institutions and money lenders,
viii. Insurance corporations (ICs) and
ix. Pension funds (PFs).
FISIM in 2008 SNA
• The 2008 SNA recommends that FISIM applies only to
loans and deposits and only when those loans and
deposits are provided by, or deposited with, financial
institutions.
• The 2008 SNA calculates the output of FISIM on loans
(YL) and deposits (YD) only, using a reference rate (rr).
Assuming that these loans and deposits attract interest
rates of rL and rD respectively.
FISIM in 2008 SNA
• For financial intermediaries, all loans and deposits are
included, not just those made from intermediated funds. The
reference rate should contain no service element and reflect
the risk and maturity structure of deposits and loans.
• The rate prevailing for inter-bank borrowing and lending may
be a suitable choice as a reference rate. However, different
reference rates may be needed for each currency in which
loans and deposits are denominated, especially when a
non-resident financial institution is involved.
• For banks within the same economy, there is often little if
any service provided in association with banks lending to
and borrowing from other banks.
FISIM in 2008 SNA
The 2008 SNA recommends that the consumption of
FISIM should be allocated between users (lenders as well
as borrowers) treating the allocated amounts either as
intermediate consumption by enterprises or as final
consumption or exports.
1993
SNA rev. 1
fL  fD  (rL  rr )YL  (rr  rD)YD
fL  fD  rr (YD  YL)  rLYL  rDYD
1993 SNA
FISIM in 2008 SNA
The method for calculating FISIM has been refined in 2008 SNA:
• Output of FISIM is now recommended to be calculated using
‘reference rate’.
• Choice of ‘reference rate’ – inter-bank transaction rate.
• Allocation of FISIM between user and beneficiary is now made
essential whereas in SNA’93 the entire output of FISIM could
be taken as IC of a notional industry – the practice followed in
most of the member countries.
• Data are required for allocating the output of FISIM into
(i) intermediate consumption of the enterprises and
(ii) final consumption or exports.
FISIM in 1993 SNA
The 1993 SNA calculated FISIM as the difference between property
income receivable and interest payable. The property income
receivable excluded that part which was receivable from investment
of own funds.
The 1993 SNA recognized that in practice it may be difficult to find
any method of allocating FISIM among different users and, therefore,
accepted that some countries may prefer to continue to use the
convention whereby the whole of the services are allocated to
intermediate consumption of a notional industry.
fL  fD  RL  RD
1993
SNA
fL  fD  rLYL  rDYD
The Central Bank
•
The 2008 SNA recommends that the services produced by
the central bank be identified in three broad groups:
(i) financial intermediation – market production
(ii) monetary policy services – non-market production
(iii) supervisory services overseeing financial corporations may be treated as market or non-market services depending on
whether explicit fees are charged that are sufficient to cover the
costs of providing such services.
•
Separate establishments should be identified for units of
the CB undertaking production of these services
Consumption of fixed capital formation
Estimation of consumption of fixed capital of all
fixed assets including government buildings,
roads, dams etc. is recommended to be done
through Perpetual Inventory Method (PIM).
NC(n) = NC(n – 1) + GFCF(n) – CFC(n)
where CFC(n) = ΣiGFCF(n – i) • Ci
‫تصنيف األصول حسب نظام ‪1993‬‬
‫األصول‬
‫المالية‬
‫تقابلها التزامات مالية‬
‫غير المالية‬
‫احتياطية‪ ،‬ال تقابلها التزامات مالية‬
‫األصول المنتجة‬
‫األصول غير المنتجة‬
‫الملموسة‬
‫النفائس‬
‫غير الملموسة‬
‫المخزونات‬
‫األصول الثابتة‬
‫الملموسة‬
‫غير الملموسة‬
‫تصنيف األصول حسب نظام ‪2008‬‬
‫األصول‬
‫المالية‬
‫تقابلها التزامات مالية‬
‫غير المالية‬
‫احتياطية‪ ،‬ال تقابلها التزامات مالية‬
‫األصول غير المنتجة‬
‫الموارد الطبيعية‬
‫العقود‪ ،‬عقود اإليجار والتراخيص‬
‫الشهرة التجارية واألصول التسويقية‬
‫األصول المنتجة‬
‫النفائس‬
‫المخزونات‬
‫األصول الثابتة‬
‫األصول غير المالية ‪ -‬المنتجة‬
‫األصول غير المالية – غير المنتجة‬
‫الفروقات األساسية في نظام ‪2008‬‬
‫التنقيب عن المعادن‪:‬‬
‫• التمييز بين عملية التنقيب عن المعادن (أصول منتجة( والموارد‬
‫المعدنية نفسها (أصول غير منتجة(‬
‫• تغيير تسمية "التنقيب عن المعادن" لتصبح "التنقيب عن المعادن‬
‫وتقييمها"‪ ،‬ويجب أن يتم التقييم بسعر السوق اذا كانت مشتراة أو في‬
‫مجموع التكاليف باالضافة الى عالمة مناسبة اذا كان مضطلع بها في‬
‫الحسابات الخاصة‬
‫• المدفوعات بواسطة مستخرج لمالك الموارد المعدنية تكون مثل دخل‬
‫الملكية حتى لو كان وصفها كضرائب‬
‫الفروقات األساسية في نظام ‪( 2008‬تابع)‬
‫برامج الكمبيوتر‪:‬‬
‫• تم تعديلها عام ‪ 2008‬لتشمل قواعد البيانات تحت اسم "برامج‬
‫الكمبيوتر وقواعد البيانات" وهي تشمل قواعد البيانات المتوقع‬
‫استخدامها أكثر من سنة‬
‫االنشاءات والتجهيزات العسكرية ما عدا األسلحة‪:‬‬
‫• يوصي نظام الحسابات القومية عام ‪ 2008‬بأن نظم األسلحة‬
‫العسكرية يجب أن تصنف كأصول ثابتة باعتماد نفس معايير باقي‬
‫األصول الثابتة‬
‫• االدوات ذات االستعمال الفردي مثل الذخيرة والقنابل‪ ...‬تُصنف‬
‫كمخزون عسكري‬
‫الفروقات األساسية في نظام ‪( 2008‬تابع(‬
‫• تم إضافة بند “التحسينات على األراضي” تحت فئة المباني‬
‫والمنشآت‪ ،‬لتحل بدل “التحسينات األساسية على األصول الغير مالية‬
‫الغير منتجة”‪ ،‬وتحتوي ضمنها على تكاليف تحويل ملكية األراضي‪.‬‬
‫• تم إضافة “تكنولوجيا المعلومات واالتصاالت” (‪ (ICT‬كفئة جديدة‬
‫ضمن “اآلالت والمعدات”‬
‫• األصول الثابتة الغير ملموسة اصبحت تُسمى “منتجات حقوق الملكية‬
‫الفكرية” وباقي األصول الثابتة الغير ملموسة اصبحت تُسمى “باقي‬
‫منتجات حقوق الملكية الفكرية”‬
‫الفروقات األساسية في نظام ‪( 2008‬تابع(‬
‫االصول المزروعة‪:‬‬
‫• اصبحت تسمى في نظام عام ‪ " 2008‬الموارد المزروعة بيولوجيا"‬
‫البحث والتطوير‪:‬‬
‫• اضيف في نظام عام ‪ 2008‬الى فئة االصول الثابتة‪ :‬منتجات حقوق‬
‫الملكية الفكرية‬
‫• بالنسبة لألصول الغير منتجة اصبحت كالتالي‪:‬‬
‫– تغيير تسمية "االصول الغير منتجة الملموسة " لتصبح " الموارد‬
‫الطبيعية"‬
‫– اضيفت الموارد الطبيعية االخرى مثل "‪"radio spectra‬‬
‫الفروقات األساسية في نظام ‪( 2008‬تابع(‬
‫– "األصول الغير المنتجة الغير ملموسة" قسمت الى فئتين فرعيتين ‪:‬‬
‫• "العقود وعقود االيجار والتراخيص" و‬
‫• " الشهرة التجارية واألصول التسويقية ”‬
‫– العقود وعقود االيجار والتراخيص قسمت الى ‪ 4‬فئات‪:‬‬
‫•‬
‫•‬
‫•‬
‫•‬
‫التأجير التشغيلي للتسويق‬
‫أذونات الستخدام الموارد الطبيعية‬
‫أذونات للقيام بأنشطة محددة‬
‫الحق في الحصول على سلع وخدمات مستقبلية على أساس حصري‬
Thank you