1

Future Research Agenda

Issues involving financial instruments and non-financial

assets

2

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

3

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

4

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

5

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