5232.0.55.003 - Information paper: Product changes to Financial Accounts following revisions to international standards, 2009
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 19/10/2009 First Issue
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KEY CHANGES TO OUTPUTS
For each of the new instrument classes, a separate financial instrument table will be published. The affected tables are:
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:
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).
For each of the new sector classifications, a separate sectoral table will be published. The affected tables are:
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:
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:
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:
The ABS will continue to publish loans at nominal values, however this will be included as supplementary (electronic) tables and will be published as:
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:
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:
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:
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
Wednesday December 9 2009
Friday December 11 2009
Wednesday December 16 2009
Thursday December 24 2009
Publication tables and time series spreadsheets Available from the Downloads tab of this publication are:
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:
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. Document Selection These documents will be presented in a new window.
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