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?