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5232.0.55.003 - Information paper: Product changes to Financial Accounts following revisions to international standards, 2009  
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 19/10/2009  First Issue
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KEY CHANGES TO OUTPUTS


KEY CHANGES

From the September quarter 2009 issue of Australian National Accounts: Financial Accounts (cat. no. 5232.0), data will be presented on a SNA08, BPM6 and SESCA08 basis.


REVISIONS TO STANDARDS AND CLASSIFICATIONS

Financial instrument classification

A new financial instrument classification is being implemented which provides further breakdowns of existing categories. Further information about these changes can be found in the information paper, Implementation of new international statistical standards in ABS National and International Accounts (cat. no. 5310.0.55.002)

Instrument Classification-SNA93 Instrument Classification-SNA08

Monetary Gold and SDR's Monetary Gold and SDR's
Currency and Deposits Currency and Deposits
Currency and Deposits Currency
Deposits
Transferable deposits
Other deposits
Short-term Debt Securities Short-term Debt Securities
Bills of Exchange Bills of Exchange
One Name Paper One Name Paper
One Name Paper issued in Australia One Name Paper issued in Australia
One Name Paper issued offshore One Name Paper issued offshore
Long-term Debt Securities Long-term Debt Securities
Bonds Bonds
Bonds issued in Australia Bonds issued in Australia
Bonds issued offshore Bonds issued offshore
Derivatives Derivatives and employee stock options
Loans and Placements Loans and Placements
Loans and Placements Loans and Placements
Short term loans and placements
Long term loans and placements
Shares and other equities Shares and other equities
Listed Shares and other equities Listed Shares and other equities
Unlisted Shares and other equities Unlisted Shares and other equities
Insurance Technical Reserves Insurance Technical Reserves
Net equity in reserves (including net equity of pension funds in life offices) Net equity in reserves (including net equity of pension funds in life offices)
Net equity in reserves Net equity in reserves
Unfunded Superannuation Claims Unfunded Superannuation Claims
Prepayments of premiums and reserves Prepayments of premiums and reserves
Net equity of pension funds in life offices Net equity of pension funds in life offices
Other Accounts Payable/Receivable Other Accounts Payable/Receivable
Other Accounts Payable/Receivable Other Accounts Payable/Receivable



For each of the new instrument classes, a separate financial instrument table will be published. The affected tables are:
  • Table 23. The Currency Market
  • Table 24. The Transferable Deposits Market
  • Table 25. The Other Deposits Market
  • Table 30. The Short Term Loans and Placements
  • Table 31. The Long Term Loans and Placements

Where an institutional sector has a stock and/or flow in these instrument classes, a new series will be published in the respective sectoral table. The affected tables are:
  • Tables 3 to 21 - Financial Assets and Liabilities


Institutional sector classification

A new institutional sector classification is also being implemented. These changes mostly revolve around further dissection of the category financial intermediaries n.e.c. Further information about these changes can be found in the information paper, Implementation of new international statistical standards in ABS National and International Accounts (cat. no. 5310.0.55.002).

Sector classification - SNA93 Sector classification - SNA08

Non-financial Corporations Non-financial Corporations
Private non-financial Corporations Private non-financial Corporations
Private non-financial investment funds
Other Private non-financial Corporations
Public non-financial Corporations Public non-financial Corporations
National Public non-financial Corporations National Public non-financial Corporations
State & Local non-financial Corporations State & Local non-financial Corporations
Financial Corporations Financial Corporations
Central Bank Central Bank
Depository Corporations Depository Corporations
Banks Banks
Other Depository Corporations Other Depository Corporations
Pension fund and insurance corporations Pension fund and insurance corporations
Pension Funds Pension Funds
Life Insurance Corporations Life Insurance Corporations
Other Insurance Corporations Non-life Insurance Corporations
Central Borrowing Authorities Central Borrowing Authorities
Financial Intermediaries n.e.c. Financial Investment funds
Money Market financial investment funds
Non-Money Market financial investment funds
Securitisers
Other Financial Corporations
General Government Sector General Government Sector
National General Government National General Government
State & Local General Government State & Local General Government
Households Households
Rest of World Rest of World



For each of the new sector classifications, a separate sectoral table will be published. The affected tables are:
  • Table 3. Financial Assets and Liabilities of Private Non-Financial Investment Funds
  • Table 13. Financial Assets and Liabilities of Money Market Financial Investment Funds
  • Table 14. Financial Assets and Liabilities of Non-Money Market Financial Investment Funds
  • Table 16. Financial Assets and Liabilities of Securitisers
  • Table 17. Financial Assets and Liabilities of Other Financial Corporations

To the extent that these sectors have stocks and/or flows in a financial instrument class, these will appear as a new series in the respective Financial Markets table. The affected tables are:
  • Table 23 to 33 - Financial Markets tables

Valuation of loans

Under the prevailing international standards, loans are to be recorded at their nominal values. Going forward, the ABS will adopt its preferred approach which is to record loans at their 'fair value' (calculated as the nominal value minus specific provisions for impairment). This will affect the numbers published in:
  • Table 30. Short term loans and placements market
  • Table 31. Long term loans and placements market

Where an institutional sector has a stock and/or flow in these instrument classes, a new series will be published in the respective sectoral table. The affected tables are:
  • Tables 3 to 21 - Financial Assets and Liabilities

The ABS will continue to publish loans at nominal values, however this will be included as supplementary (electronic) tables and will be published as:
  • spreadsheet Table 41. Nominal value of short term loans and placements
  • spreadsheet Table 42. Nominal value of long term loans and placements


Product improvements

In addition to product changes resulting from changes to the standards and classifications, there a number of other product changes being implemented to improve the structure, layout and usability of this publication.

Consolidation of amounts outstanding and net transactions

The sectoral tables and financial markets tables in the PDF will incorporate data for both the amounts outstanding (stocks) and the net transactions (flows) in the same table. To facilitate this, the length of the time series in the PDF has been reduced from the most recent 8 quarters to 4. In addition, the annual series will no longer be published. The affected tables are:
  • Tables 3 to 21 - Financial Assets and Liabilities
  • Table 23 to 33 - Financial Markets

The full time series are still available for download as time series spreadsheets. For these spreadsheets the net transactions and amounts outstanding will no longer be published as separate spreadsheets - they will now be combined for each sector and instrument.

Counterparty details for liabilities

For the time series spreadsheets, the sectoral tables have been updated to include the counterparty sector to the liabilities. These will appear as new series in the time series spreadsheets. The corresponding PDF tables will continue to publish the total instrument liability only.

The bonds market

For the bonds market, the data published for asset holders currently aggregates bonds that are issued in Australia and offshore. There has always been an implicit assumption that bonds issued offshore are held exclusively by the rest of the world sector, and therefore the data for domestic asset holders would relate only to bonds issued in Australia. This assumption holds true in most cases except where the rest of the world is the issuing sector. This is due to the fact that the rest of the world can issue into the Australian market and which are commonly referred to as 'kangaroo bonds'. For this reason, the data for asset holders of bonds issued by rest of the world will separately identify amounts issued in Australia and offshore. The affected tables are:
  • Table 26. The Bonds Market

Flow of funds matrix

In the PDF the flow of funds matrix has been modified to include only the most recent 4 quarters along with the matrix for the most recent financial year. The full time series are still available for download as time series spreadsheets.

Accounts receivable/payable

The financial instrument table, accounts payable/receivable (previously tables 50 and 51) has undergone significant changes as part of work to improve the overall quality of the financial accounts. Previously, for each sector's total accounts payable/receivable, counterparty details were published for only a limited number of sectors for which reliable data was available. The remaining amount was then treated as being "unallocated" to a particular sector. Going forward, full counterparty details are now available for all sectors where there are identified flows. In addition to these changes, the presentation of the table has also changed which removes some series and brings into line with the presentation of other instrument markets. These changes affects the following table:
  • spreadsheet Table 34. Accounts payable/receivable


Backcasting

The changes being implemented with these new standards will impact on the value of some key aggregates. However, data quality improvements will result in a shift in the level of some series. To maintain the integrity of time series, level shifts will be backcast. The length of backcasting varies for individual series, but this backcasting will provide data back to the same start dates as previously published.


Implementation timing

The first National and International Accounts products incorporating these updated standards will be released according to the following schedule:

Tuesday December 8 2009
  • Balance of Payments and International Investment Position, Australia, Sep qtr 2009 (cat. no. 5302.0)
  • Australian System of National Accounts, 2008-09 (cat. no. 5204.0)

Wednesday December 9 2009
  • International Trade in Goods and Services, Australia, October 2009 (cat. no. 5368.0)

Friday December 11 2009
  • Australian National Accounts: State Accounts, 2008-09 (cat. no. 5368.0)

Wednesday December 16 2009
  • Australian National Accounts: National Income, Expenditure and Product, Sep qtr 2009 (cat. no. 5206.0)

Thursday December 24 2009
  • Australian National Accounts: Financial Accounts, Sep qtr 2009 (cat. no. 5232.0)


Publication tables and time series spreadsheets

Available from the Downloads tab of this publication are:
  • an Adobe pdf file that includes a preview of the full tables that will be published in Australian National Accounts: Financial Accounts, September quarter 2009 (cat. no. 5232.0) on Thursday December 24 2009;
  • previews of the set of time series spreadsheets that will be published in Australian National Accounts: Financial Accounts, September quarter 2009 (cat. no. 5232.0) on Thursday December 24 2009.


Time series identifiers

The changes described above will result in new time series identifiers for all series.


Time series spreadsheets

Data available free on the ABS web site www.abs.gov.au from the Downloads tab of this issue include longer time series in $ millions of all tables contained in this publication as well as the additional spreadsheets listed below:
  • Table 34. Accounts payable/receivable
  • Table 35. Financial accounts summary of financial assets and liabilities of private non-financial sector
  • Table 36. Financial accounts summary of financial assets and liabilities of households and unincorporated enterprises
  • Table 37. National capital account by sector and subsector
  • Table 38. Financial accounts summary of consolidated public non-financial corporations, general government and the non-financial public sector
  • Table 39. Financial accounts summary of bank deposits and lending split by household subsectors
  • Table 40. Financial accounts summary of loan outstandings to households for housing by type of lending institution
  • Table 41. Nominal value of short term loans and placements
  • Table 42. Nominal value of long term loans and placements


Concepts, sources and methods

The underlying concepts and structure of the national accounts and sources, methods and terms used in compiling the estimates are described in the product Australian National Accounts: Concepts, Sources and Methods (cat. no. 5216.0). The current version of this product reflects SNA93 concepts and a number of references to data sources and methods which are, or will be, out of date. A revised Concepts, Sources and Methods product is scheduled for release in late 2010.


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