Draft SNA-USA 1 NIPA – Flow of Funds Accounts Integration BEA Government Statistics Users Conference September 14, 2006 Susan Hume McIntosh Flow of Funds.

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Draft SNA-USA 1 NIPA – Flow of Funds Accounts Integration BEA Government Statistics Users Conference September 14, 2006 Susan Hume McIntosh Flow of Funds Section Federal Reserve Board

Draft SNA-USA 2 Project Goals Produce integrated accounts based on NIPA, ITA, and FFA. Identify inconsistencies among existing accounts. Eliminate inconsistencies where possible. Develop a program to: – Deal with remaining inconsistencies. – Correct other deficiencies. – Enhance presentation.

Draft SNA-USA 3 What are Integrated Accounts? Follows SNA93 structure with a complete sequence of accounts: – Current (production and income). – Capital accumulation. – Financial accumulation. – Other changes in volume. – Revaluation. – Balance sheet.

Draft SNA-USA 4 7. Capital gains (revaluations) 6. Other changes in volume 5. Lending and borrowing (capital account) 4. Capital accumulation 3. Income & saving (current account) 2. Production (current account) 1. Balance sheet position Progression of Accounts

Draft SNA-USA 5 Government Sector Balance Sheet No full balance sheet in the FFA. Nonfinancial assets: only structures and equipment and software. No outstanding value of land and nonproduced nonfinancial assets. Other volume changes balancing item. Focus on annual balance sheets

Draft SNA-USA 6 Federal Government Sector Issues Timing differences on receipts and expenditures. Accrual versus cost accounting. Trade receivables timing adjustment. Treasury versus ITA data on gold, SDRs, and official foreign exchange. Government enterprises.

Draft SNA-USA 7 State and Local Government Sector Issues Similar timing and accounting issues. Work with Census Bureau on improving their data collection. Use of annual reports of state and local governments.

Draft SNA-USA 8 Where Are We and What’s Next? Real time accounts can be calculated. Fame database and software can be shared Publish data on BEA’s website for at end of September Tables can be updated each quarter. Article in Survey of Current Business by Ian Mead (BEA) and Susan Hume McIntosh (FRB) in November Continue work on greater SNA consistency, sharing data sources, and narrowing discrepancies.