1. Observed differences between quarterly and annual financial accounts data, comparing total financial assets and liabilities
Item 5 Eurostat Task Force on Annual Financial Accounts Frankfurt, 4 March 2016

2. Background
Annual and quarterly financial accounts (transactions and balance sheets) should be fully consistent.
Differences in the scope of data between annual and quarterly financial accounts.
Users of the Eurostat database have expressed concern about the differences.
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3. Coverage
Annual financial accounts: Tables 6 and 7 of the Transmission Programme of Annex В of the Regulation 549/2013 (t+9 months)
Quarterly financial accounts: Quarterly financial accounts to the European Central Bank (ECB) with a lag of 110 calendar days (Guideline ECB/2007/13)
Both datasets are published in the Eurostat database.
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4. Issue
In principle, quarterly financial accounts in the year should sum to the annual financial accounts.
However, unless the production of annual and quarterly accounts is fully integrated there exist important differences for some countries.
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5. Comparison
ESA 2010 annual and quarterly financial transactions by institutional sector.
ESA 2010 annual and quarterly financial balance sheets by institutional sector.
Years
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6. Total economy: differences between net acquisition of financial assets and net incurrence of liabilities, annual and quarterly financial accounts ( , % of GDP)
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7. Non-financial corporations: differences between net acquisition of financial assets and net incurrence of liabilities, annual and quarterly financial accounts ( , % of GDP)
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8. Financial corporations: differences between net acquisition of financial assets and net incurrence of liabilities, annual and quarterly financial accounts ( , % of GDP)
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9. General government: differences between net acquisition of financial assets and net incurrence of liabilities, annual and quarterly financial accounts ( , % of GDP)
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10. Households and non-profit institutions serving households : differences between net acquisition of financial assets and net incurrence of liabilities, annual and quarterly financial accounts ( , % of GDP)
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11. Rest of the world: differences between net acquisition of financial assets and net incurrence of liabilities, annual and quarterly financial accounts ( , % of GDP)
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12. Differences between financial assets, annual and quarterly financial balance sheets (2012, % of GDP)
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13. Differences between liabilities, annual and quarterly financial balance sheets (2012, % of GDP)
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14. Differences between financial assets, annual and quarterly financial balance sheets (2013, % of GDP)
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15. Differences between liabilities, annual and quarterly financial balance sheets (2013, % of GDP)
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16. Differences between financial assets, annual and quarterly financial balance sheets (2014, % of GDP)
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17. Differences between liabilities, annual and quarterly financial balance sheets (2014, % of GDP)
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18. Conclusions
Important differences between annual and quarterly accounts for some countries.
Reconciliation practices between annual and quarterly financial accounts differ between the countries and institutional sectors.
Vintage issues if the annual data are not updated on a quarterly basis.
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19. Suggested approach
Improve the cooperation between compilers of annual and quarterly financial accounts.
Harmonise the cycles of revisions between sources of statistics used to compile annual and quarterly financial accounts.
Diminish the divergence in timing and valuation of financial transactions and financial balance sheets between sources of statistics.
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