Future Research Agenda
Issues involving financial
instruments and non-financial
assets
1
Issues involving financial instruments


Financial crisis => G20 Data Gaps Initiative
Pension entitlements
– Criteria for recognition in the core accounts
– Valuation

Loans
– Consideration of valuation at fair value
– Recording of interest on concessional loans



Equity: more standardized valuation?
Recording and measurement of reverse
transactions
Provisions and contingent liabilities
2
Issues involving non-financial assets

Leases to use/exploit natural resources
– Resources with infinite life (user controls the use of the
resource)
• Land: purchase
• Radio spectrum: purchase of non-produced asset (lease)
• Atmosphere/water body: tax
– Resources subject to replenishment (use is restricted):
rent (unless the use shows not to be sustainable)
– Resources not capable of replenishment: rent (note:
decoupling of rundown in the value of assets and the
use in production

Intellectual Property Products
– Marketing (and other) intangible assets
– Human capital
3
Issues involving non-financial assets

Recording of costs of ownership transfer:
– Financial assets: intermediate consumption
– Non-financial assets: fixed capital formation
• Valuables: not used in production, nevertheless recorded
as fixed capital formation
• Fixed assets: integral part of the purchasing value
• Non-produced assets (except land): separate category
• Land: land improvements


Current maintenance versus capital repairs:
further development of criteria, special case
PPPs, and more generally, transfer of ownership
of an asset
4
Issues involving non-financial assets
Two main themes:
 Recording of ownership transfer of assets
(including related costs)
 Extension of asset boundary with intangible
assets: marketing (and other) assets, human
capital
One specific issue:
 Current maintenance versus capital repairs
5