BPM6 Compilation Guide Working Party on International Trade in Goods and Trade in Services Statistics Paris, France November 7–9, 2011

Outline Current Status Overview of Drafted Chapters Coordination with the Services Compilation Guide BPM6 CG Timetable

Current Status (1/2) The BPM6 CG will consist of 17 chapters and 2 appendices 8 chapters and 2 appendices have been drafted and sent to the members of the IMF Committee on Balance of Payments Statistics (Committee) for review The twenty-fourth meeting of the Committee took place during October 24–26, 2011 in Moscow Many of the most complex or anticipated chapters were among those drafted first (e.g., exceptional financing; insurance transactions and positions; services)

Current Status (2/2) BPM6 CG website established in late 2010 Includes country implementation plans (Chile, Russian Federation), conversion matrix, as well as related material Will be updated with relevant 2011 Committee papers STA will post material on new IMF BPM6 CG website for worldwide comments

Overview of Drafted Chapters (1/4) Chapter 2: How to Conduct a Survey Chapter 4: International Transactions Reporting System Chapter 5: International Merchandise Trade Statistics Chapter 11: Goods Chapter 12: Services Chapter 13: Primary Income Chapter 16: Exceptional Financing Chapter 17: The Accessibility and Serviceability of the Statistics Appendix II: Insurance Transactions and Positions Appendix VI: Linkages with Other Macroeconomic Datasets

Overview of Drafted Chapters (2/4) Chapter 2: How to Conduct a Survey discusses the procedures of organizing and conducting a survey drafted drawing from the CDIS Guide Chapter 4: International Transactions Reporting System describes the ITRS and the uses of the data from the ITRS in compiling international accounts Chapter 5: International Merchandise Trade Statistics Examines IMTS and reviews the differences between the concepts used in IMTS and BPM6 Chapter 11: Goods describes how data on goods transactions could be obtained from different data sources and used to compile estimates on a BPM6 basis

Overview of Drafted Chapters (3/4) Chapter 12: Services describes the compilation of services components excepts for insurance and FISIM which are presented in separate appendixes Chapter 13: Primary Income examines data sources and compilation techniques of primary income with emphasis on borderline issues Chapter 16: Exceptional Financing discusses the rearrangement or splitting of the balance of payments items in the analytical presentation and reviews the exceptional financing transactions drafted drawing from Appendixes 1 and 2 of the BPM6

Overview of Drafted Chapters (4/4) Chapter 17: The Accessibility and Serviceability of the Statistics addresses quality issues relating to dimensions 4 (serviceability) and 5 (accessibility) of the IMF Data Quality Assessment Framework Appendix II: Insurance Transactions and Positions reviews the treatment of the various transactions relating to insurance, by type of insurance Appendix VI: Linkages with Other Macroeconomic Datasets will include three sub-chapters dedicated to national accounts, monetary and financial statistics, and government finance statistics sub-chapter dedicated to national accounts has been drafted

Coordination with the Services Compilation Guide (1/2) BPM6 CG provides guidance on data sources and compilation techniques for all BOP and IIP accounts. Regarding services account, BPM6 CG includes one chapter on services, two appendixes on insurance and FISIM, and a number of model forms dedicated to collecting data on services for the BOP needs The chapter on services together with two appendices on insurances and FISIM describe data sources (e.g., ITRS, IMTS, enterprise surveys, and administrative sources) and compilation procedures for all types of services

Coordination with the Services Compilation Guide (2/2) Particular emphasis in BPM6 CG will be on borderline cases such as: travel versus compensation of employees; charge for use of intellectual property versus income or capital account transactions; construction services versus foreign direct investment; manufacturing services on physical inputs owned by others versus trade in goods Coordination with the Services CG is important As the BPM6 CG will discuss methods of collecting source data (ITRS, surveys, etc.), the Services CG could cross reference the BPM6 CG rather than include similar detailed information on this same topic

BPM6 CG Timetable Activity Target Date First set of key draft chapters September/October 2010 Develop BPM6 CG website Post BPM6 Implementation plans Post chapters as they become available September 2010 (completed) Starting October 2011 Worldwide consultation on first set of chapters Starting October 2011, with the deadline for comments on each chapter eight weeks after the posting Revise first set of chapters January-February 2012 Second set of draft chapters disseminated to BOPCOM members and posted on the IMF website for comments March 2012 Worldwide consultation on second set of chapters March-May 2012 Revise second set of chapters June-July 2012 Final editing of all chapters August-September 2012 BPM6 Compilation Guide presented to BOPCOM October 2012 Pre-publication draft of the BPM6 Compilation Guide on the IMF website December 2012