NIPA

1
NIPA Flow of Funds Accounts Integration

• BEA Government Statistics Users Conference
• September 14, 2006
• Susan Hume McIntosh
• Flow of Funds Section
• Federal Reserve Board

2
Project Goals

• Produce integrated accounts based on NIPA, ITA,
  and FFA.
• Identify inconsistencies among existing accounts.
• Eliminate inconsistencies where possible.
• Develop a program to
• Deal with remaining inconsistencies.
• Correct other deficiencies.
• Enhance presentation.

3
What are Integrated Accounts?

• Follows SNA93 structure with a complete sequence
  of accounts
• Current (production and income).
• Capital accumulation.
• Financial accumulation.
• Other changes in volume.
• Revaluation.
• Balance sheet.

4
Progression of Accounts
5
Government Sector Balance Sheet

• No full balance sheet in the FFA.
• Nonfinancial assets only structures and
  equipment and software.
• No outstanding value of land and nonproduced
  nonfinancial assets.
• Other volume changes balancing item.
• Focus on annual balance sheets

6
Federal Government Sector Issues

• Timing differences on receipts and expenditures.
• Accrual versus cost accounting.
• Trade receivables timing adjustment.
• Treasury versus ITA data on gold, SDRs, and
  official foreign exchange.
• Government enterprises.

7
State and Local Government Sector Issues

• Similar timing and accounting issues.
• Work with Census Bureau on improving their data
  collection.
• Use of annual reports of state and local
  governments.

8
Where Are We and Whats Next?

• Real time accounts can be calculated.
• Fame database and software can be shared
• Publish data on BEAs website for 1960-2005 at
  end of September 2006.
• Tables can be updated each quarter.
• Article in Survey of Current Business by Ian Mead
  (BEA) and Susan Hume McIntosh (FRB) in November
  2006.
• Continue work on greater SNA consistency, sharing
  data sources, and narrowing discrepancies.