implementation of the 2008 sna in the financial accounts the australian experience amanda...
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Implementation of the 2008 SNA in the Financial Accounts
The Australian Experience
Amanda Seneviratne
Australian Bureau of Statistics
Overview
➢ Background
➢ Changes to Financial Corporations sector
➢ Reinvested earnings of Investment Funds
➢ Planning process
➢ Changes to data collections
➢ Systems specifications
➢ Conclusion/Questions
Background
➢ History of Australian Financial Accounts
➢ Timing of changes
➢ Concurrent implementation
– BPM6
– SESCA08
– ANZSIC06
➢ Two main changes
– Financial Corporations Sector
– Reinvested Earnings of Investment Funds
Financial corporations sector
➢ Seperate identification of investment funds
– Money market funds
– Other investment funds
➢ Development of ABS definition
➢ Centers around 4 criteria:
– Pooling of investors' monies
– Seperate legal entity
– Open to the public
– Ability to dispose of shares/units
Financial corporations sector continued
➢ Treatment of wholesale trusts (WST's)
➢ Non-financial investment funds
➢ Securitisers
Financial corporations sector continued
Reinvested Earnings of Investment Funds
● Scope of reinvested earnings
● Reinvested earnings = Earnings (net of capital gains/losses) – Distributions
● Practical Issues
● Negative reinvested earnings
● Impacts
Reinvested Earnings of Investment Funds continued
Reinvested Earnings of Investment Funds continued
Planning Process
➢ Review Boards
– MESC
– MAMB
➢ Consultation/Communication with users
– Feedback from users
– Impact of changes to key aggregates
– Impact of changes to statistical products
Changes to data collections
➢ Main data sources
– Survey of Financial Information
– Survey of International Investment
– Australian Prudential Regulatory Authority
➢ Minimal changes in general
– Existing collection for investment funds
– Identification of investment funds in counterparty reporting
Systems specification
➢ Overview of Financial Accounts system
– Metadata driven system
– Forecasting and Modelling Environment (FAME)
➢ Implementation of changes
➢ Timing
Conclusion
● Concluding Remarks
● Questions/Comments?