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2.1. The previous chapter described the main features of the IMF system for compiling government finance statistics and the SNA93 framework for compiling national accounting information relating to the public sector. The aim of this chapter is to provide a detailed account of the conceptual framework of the GFS system in Australia. The chapter sets out the broad objectives of the system, the institutional units that fall within the scope of the system, the coverage of those units achieved in the statistics, and the classifications that are applied to the units. The chapter also describes the broad nature of the economic flows and stocks that are recorded in the system and the accounting rules that govern that recording. The analytical framework in which flows and stocks are presented is then described, followed by detailed descriptions of the classifications that are applied to flows and stocks.