1. 1 Future Research Agenda Issues involving financial instruments and non-financial assets

2. 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. 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. 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. 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