Presentation made by Giovanna Dabbicco, Italy, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
How to make balance sheets more relevant to fiscal analysis - Timothy Irwin, ...OECD Governance
Presentation made by Timothy Irwin, consultant, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
IPSAS Implementation at the United Nations - Unis Valencia Williams-Baker, Un...OECD Governance
Presentation made by Unis Valencia Williams-Baker, United Nations, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
Presentation made by Delphine Moretti, OECD, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
Budgetary reform in Portugal - Recent Developments - Manuela Proença, PortugalOECD Governance
Presentation made by Manuela Proença, Portugal, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
France: The state General Accounting Department... - Lionel Vareille, FranceOECD Governance
Presentation made by Lionel Vareille, France, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
Tax Expenditures - Scott Showalter, FASAB, United StatesOECD Governance
Presentation made by Scott Showalter, FASAB, United States at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
Update on the EPSAS project - Alexandre Makaronidis, EUROSTATOECD Governance
Presentation made by Alexandre Makaronidis, Eurostat, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
How to make balance sheets more relevant to fiscal analysis - Timothy Irwin, ...OECD Governance
Presentation made by Timothy Irwin, consultant, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
IPSAS Implementation at the United Nations - Unis Valencia Williams-Baker, Un...OECD Governance
Presentation made by Unis Valencia Williams-Baker, United Nations, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
Presentation made by Delphine Moretti, OECD, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
Budgetary reform in Portugal - Recent Developments - Manuela Proença, PortugalOECD Governance
Presentation made by Manuela Proença, Portugal, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
France: The state General Accounting Department... - Lionel Vareille, FranceOECD Governance
Presentation made by Lionel Vareille, France, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
Tax Expenditures - Scott Showalter, FASAB, United StatesOECD Governance
Presentation made by Scott Showalter, FASAB, United States at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
Update on the EPSAS project - Alexandre Makaronidis, EUROSTATOECD Governance
Presentation made by Alexandre Makaronidis, Eurostat, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
revenue and Expense: Recognition - David Bean, GASB, John Stanford, IPSASBOECD Governance
Presentation made by David Bean, GASB, and John Stanford, IPSASB, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
Budget Profile of Portugal - Andre Marcalo, PortugalOECD Governance
This presentation was made by André Marçalo, Ministry of Finance, Portugal, at the 38th Annual Meeting of OECD Senior Budget Officials held in Lisbon, Portugal, on 1-2 June 2017
Economic Environment - Christian KASTROP, OECDOECD Governance
This presentation was made by Christian Kastrop, OECD, at the 38th Annual Meeting of OECD Senior Budget Officials held in Lisbon, Portugal, on 1-2 June 2017
Budget Profile of Portugal - Manuela Proenca, PortugalOECD Governance
This presentation was made by Manuela Proenca, Ministry of Finance, Portugal, at the 38th Annual Meeting of OECD Senior Budget Officials held in Lisbon, Portugal, on 1-2 June 2017
Budgeting & Public Expenditures in OECD Countries 2019 - Anne KELLER, OECD Se...OECD Governance
This presentation was made by Anne KELLER, OECD Secretariat, at the 19th OECD Senior Financial Management and Reporting Officials Symposium held at the OECD Conference Centre, Paris, on 4-5 March 2019
OECD Review of Financial reporting in Ireland - Delphine Moretti, OECD Secret...OECD Governance
This presentation was made by Delphine Moretti, OECD Secretariat, at the 19th OECD Senior Financial Management and Reporting Officials Symposium held at the OECD Conference Centre, Paris, on 4-5 March 2019
Fiscal Sustainability Analysis in Denmark - John Smidt, DenmarkOECD Governance
This presentation was made by John Smidt, Danish Economic Councils, at the 8th meeting of Parliamentary Budget Officials and Independent Fiscal Institutions held in Paris on 11-12 April 2016.
New parliamentary budget procedures and IFIs - Rosemary Huxtable, AustraliaOECD Governance
This presentation was made by Rosemary Huxtable, Australia, at the 38th Annual Meeting of OECD Senior Budget Officials held in Lisbon on 1-2 June 2017.
The OBR and the UK nations - Robert Chote, United KingdomOECD Governance
This presentation was made by Robert Chote, Office for Budget Responsibility, at the 8th meeting of Parliamentary Budget Officials and Independent Fiscal Institutions held in Paris on 11-12 April 2016.
Estonian budgeting reform - Veikko Kapsta, EstoniaOECD Governance
Presentation made by Veikko Kapsta, Estonia, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
The Italian path towards accrual accounting - Fabrizio Mocavini, ItalyOECD Governance
Presentation made by Fabrizio Mocavini, Italy, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
Best Practices in Performance Budgeting - Ivor Beazley, OECDOECD Governance
This presentation was made by Ivor Beazley, OECD, at the 38th Annual Meeting of OECD Senior Budget Officials held in Lisbon, Portugal, on 1-2 June 2017
Using Performance Data to Inform Budgeting at the Subnational Level: The Onta...OECD Governance
Presentation by Greg Orencsak at the 10th annual meeting of the Senior Budget Officials Performance and Results Network held on 24-25 November 2014. Find more information at http://www.oecd.org/gov/budgeting
Forecast and Analysis of Corporate Income Tax - François Ecalle, FranceOECD Governance
This presentation was made by François Ecalle, Haut Conseil des Finances Publiques, France, at the 8th meeting of Parliamentary Budget Officials and Independent Fiscal Institutions held in Paris on 11-12 April 2016.
Subnational and Supranational IFIs from AIReF's perspective - José Luis Escri...OECD Governance
This presentation was made by José Luis Escriva, Independent Authority for Fiscal Responsibility (AIReF), at the 8th meeting of Parliamentary Budget Officials and Independent Fiscal Institutions held in Paris on 11-12 April 2016.
revenue and Expense: Recognition - David Bean, GASB, John Stanford, IPSASBOECD Governance
Presentation made by David Bean, GASB, and John Stanford, IPSASB, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
Budget Profile of Portugal - Andre Marcalo, PortugalOECD Governance
This presentation was made by André Marçalo, Ministry of Finance, Portugal, at the 38th Annual Meeting of OECD Senior Budget Officials held in Lisbon, Portugal, on 1-2 June 2017
Economic Environment - Christian KASTROP, OECDOECD Governance
This presentation was made by Christian Kastrop, OECD, at the 38th Annual Meeting of OECD Senior Budget Officials held in Lisbon, Portugal, on 1-2 June 2017
Budget Profile of Portugal - Manuela Proenca, PortugalOECD Governance
This presentation was made by Manuela Proenca, Ministry of Finance, Portugal, at the 38th Annual Meeting of OECD Senior Budget Officials held in Lisbon, Portugal, on 1-2 June 2017
Budgeting & Public Expenditures in OECD Countries 2019 - Anne KELLER, OECD Se...OECD Governance
This presentation was made by Anne KELLER, OECD Secretariat, at the 19th OECD Senior Financial Management and Reporting Officials Symposium held at the OECD Conference Centre, Paris, on 4-5 March 2019
OECD Review of Financial reporting in Ireland - Delphine Moretti, OECD Secret...OECD Governance
This presentation was made by Delphine Moretti, OECD Secretariat, at the 19th OECD Senior Financial Management and Reporting Officials Symposium held at the OECD Conference Centre, Paris, on 4-5 March 2019
Fiscal Sustainability Analysis in Denmark - John Smidt, DenmarkOECD Governance
This presentation was made by John Smidt, Danish Economic Councils, at the 8th meeting of Parliamentary Budget Officials and Independent Fiscal Institutions held in Paris on 11-12 April 2016.
New parliamentary budget procedures and IFIs - Rosemary Huxtable, AustraliaOECD Governance
This presentation was made by Rosemary Huxtable, Australia, at the 38th Annual Meeting of OECD Senior Budget Officials held in Lisbon on 1-2 June 2017.
The OBR and the UK nations - Robert Chote, United KingdomOECD Governance
This presentation was made by Robert Chote, Office for Budget Responsibility, at the 8th meeting of Parliamentary Budget Officials and Independent Fiscal Institutions held in Paris on 11-12 April 2016.
Estonian budgeting reform - Veikko Kapsta, EstoniaOECD Governance
Presentation made by Veikko Kapsta, Estonia, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
The Italian path towards accrual accounting - Fabrizio Mocavini, ItalyOECD Governance
Presentation made by Fabrizio Mocavini, Italy, at the 16th Annual OECD Accruals Symposium held at the OECD Conference Centre, Paris, on 21-22 March 2016.
Best Practices in Performance Budgeting - Ivor Beazley, OECDOECD Governance
This presentation was made by Ivor Beazley, OECD, at the 38th Annual Meeting of OECD Senior Budget Officials held in Lisbon, Portugal, on 1-2 June 2017
Using Performance Data to Inform Budgeting at the Subnational Level: The Onta...OECD Governance
Presentation by Greg Orencsak at the 10th annual meeting of the Senior Budget Officials Performance and Results Network held on 24-25 November 2014. Find more information at http://www.oecd.org/gov/budgeting
Forecast and Analysis of Corporate Income Tax - François Ecalle, FranceOECD Governance
This presentation was made by François Ecalle, Haut Conseil des Finances Publiques, France, at the 8th meeting of Parliamentary Budget Officials and Independent Fiscal Institutions held in Paris on 11-12 April 2016.
Subnational and Supranational IFIs from AIReF's perspective - José Luis Escri...OECD Governance
This presentation was made by José Luis Escriva, Independent Authority for Fiscal Responsibility (AIReF), at the 8th meeting of Parliamentary Budget Officials and Independent Fiscal Institutions held in Paris on 11-12 April 2016.
[removed]
1
Governmental and Not-for-Profit Accounting
Fall 2016
Project (100 points)
Obtain a copy of Comprehensive A
nnual Financial Report (CAFR) o
nline, either from Blackboard or
on the website of any municipality of your selection. Review t
he CAFR you select and answer the
following questions. Your answers
should be concise but to the
point.
This is an individual project
. You can collaborate with others
but you should submit project answers
individually. If you collaborat
e with your classmate(s), you s
hould indicate the name of persons you
collaborate with in the project.
A word about answering the questio
ns below: Don’t just answer “
yes” or “no”; try to elaborate by
combining the knowledge you learnt
from the class. This certai
nly will help you e
arn better grade
from this project.
You are required to type the ans
wers. Present your answers in
a nice and neat format; just think about
how you would make it easier to
read. A portion of your grade
will be based on the p
resentation of
project.
Part I Overview of report
1.
What are three main sections of the report?
2.
Review the introductory secti
on of the CAFR. What are key issu
es addressed in the letter of
transmittal?
3.
Review the financial section.
a.
Does the report provide a r
econciliation betw
een total governme
ntal net position per the
government-wide statement of net position and total governmenta
l fund balances per the
governmental funds balance sheet? If so, what are the main rec
onciling items?
b.
What are the major governmental
funds maintained by the entity?
c.
Does the report include “require
d supplementary information?”
If so, what are the main
areas addressed?
d.
Does the report include “combin
ing statements?” If so, what is
the nature of these
statements?
4.
Review the statistical section.
a.
What is the population of th
e entity being reported on?
b.
Who is the entity’s major employer?
c.
What is the amount of net debt per
capita? The city’s legal de
bt margin? The amount of
direct and overlapping debt?
5.
Component units
a.
Does the notes to the financial s
tatements indicate the compone
nt units that are included
within the reporting entity? D
o they indicate any units that a
re not included? Do they
explain why these units are
included or excluded?
b.
How are the component units presented in the government-wide fi
nancial statements? In
the fund statements?
2
Part II Budget
1.
In which section of the CAFR are
the budget-to-actual compariso
ns of the major funds?
a.
Which accounting basis did the City follow to prepare its annua
l operating budget?
b.
Are the actual amounts on a GAAP or a budgetary basis? Do the
statements include a
reconciliation of any difference
s between GAAP and budgetary am
ounts? If so, what are
the largest reconciled items?
c.
Are the reported variances base
d on the original budget or the
year-end amended budget?
2.
Does the CAFR include budget-to-
actual comparisons of nonmajor
funds? If so, in what sections?
3.
Do.
We welcome the decision by the International Public Sector Accounting Standards Board (IPSASB) to review the Cash Basis IPSAS, but we are reminded of the story of the pedestrian who was asked by a motorist for directions, and replied, “If I was you I wouldn’t start from here...”.
1.Union Budget: Revenue Budget, Capital Budget
2. Revenue Receipts, Revenue Expenditure, Revenue Deficit
3. Capital Budget, Capital receipts, Capital Payments
4. Taxes: Direct Taxes, Indirect Taxes
5. Two components of expenditure, Plan and Non-Plan
6. Fiscal Policy, Fiscal DeficIt, Finance Bill
7. The Budget process stages
STAGE 1: Estimates. Part A – Expenditure
8. STAGE 1: Estimates. Part B - Revenue
9. STAGE 2: First estimates of deficit
10. STAGE 3: Narrowing of the deficit
11. How India balances its books
12. Consolidated Fund, Contingency Fund
13. Public Account, Appropriation bills
14. Budget deficit, Fiscal deficit, Primary deficit
Session 5.2 - Ali Uppal - Shirley Beard, United KingdomOECD Governance
This presentation was made by Ali Uppal and Shirley Beard, United Kingdom, at the 18th Annual Meeting of OECD Senior Financial Management and Reporting Officials held at the OECD Conference Centre, Paris, on 1-2 March 2018
This presentation was made by Giovanna Dabbicco, Italy, at the 19th OECD Senior Financial Management and Reporting Officials Symposium held at the OECD Conference Centre, Paris, on 4-5 March 2019
This presentation was made by Marie-Pierre Calmel & Jean-Paul Milot, France, at the 19th OECD Senior Financial Management and Reporting Officials Symposium held at the OECD Conference Centre, Paris, on 4-5 March 2019
In this report published in September 2019, we present a legal and technical understanding of the general budget in Lebanon. We discuss the general budget, its components, its method of preparation, its main principles, and provide definitions to basic economic terms necessary to understand the public budget.
In addition to comparing the 2017 draft budget with the actual disbursements of the administrations that provided us with their financial statements, we analyze the 33 financial statements we acquired. We found it difficult to provide a comprehensive comparative study in terms of disbursements, however, because each administration has its own way of tabulating, identifying functions, and detailing disbursements (not identical to those published in the General Budget Project). In addition, many of the administrations that responded to us do not make any collection in favor of the treasury of the state, thus they only provided us with their disbursements without their collections.
Medium-Term Budgetary Framework in France - François Monier, FranceOECD Governance
This presentation was made by François Monier, Haut Conseil des Finances Publiques, at the 8th meeting of Parliamentary Budget Officials and Independent Fiscal Institutions held in Paris on 11-12 April 2016.
Similar to Debt measures in Statistics and Financial Statements - Giovanna Dabbicco, Italy (20)
Summary of the OECD expert meeting: Construction Risk Management in Infrastru...OECD Governance
Presented at the OECD expert meeting "Construction Risk Management in Infrastructure Procurement: The Loss of Appetite for Fixed-Price Contracts", held on 17 May 2023 at the OECD, Paris and online.
Using AI led assurance to deliver projects on time and on budget - D. Amratia...OECD Governance
Presented at the OECD expert meeting "Construction Risk Management in Infrastructure Procurement: The Loss of Appetite for Fixed-Price Contracts", held on 17 May 2023 at the OECD, Paris and online.
ECI in Sweden - A. Kadefors, KTH Royal Institute of Technology, Stockholm (SE)OECD Governance
Presented at the OECD expert meeting "Construction Risk Management in Infrastructure Procurement: The Loss of Appetite for Fixed-Price Contracts", held on 17 May 2023 at the OECD, Paris and online.
Building Client Capability to Deliver Megaprojects - J. Denicol, professor at...OECD Governance
Presented at the OECD expert meeting "Construction Risk Management in Infrastructure Procurement: The Loss of Appetite for Fixed-Price Contracts", held on 17 May 2023 at the OECD, Paris and online.
Procurement strategy in major infrastructure: The AS-IS and STEPS - D. Makovš...OECD Governance
Presented at the OECD expert meeting "Construction Risk Management in Infrastructure Procurement: The Loss of Appetite for Fixed-Price Contracts", held on 17 May 2023 at the OECD, Paris and online.
Procurement of major infrastructure projects 2017-22 - B. Hasselgren, Senior ...OECD Governance
Presented at the OECD expert meeting "Construction Risk Management in Infrastructure Procurement: The Loss of Appetite for Fixed-Price Contracts", held on 17 May 2023 at the OECD, Paris and online.
ECI Dutch Experience - A. Chao, Partner, Bird&Bird & J. de Koning, Head of Co...OECD Governance
Presented at the OECD expert meeting "Construction Risk Management in Infrastructure Procurement: The Loss of Appetite for Fixed-Price Contracts", held on 17 May 2023 at the OECD, Paris and online.
ECI in Sweden - A. Kadefors, KTH Royal Institute of Technology, StockholmOECD Governance
Presented at the OECD expert meeting "Construction Risk Management in Infrastructure Procurement: The Loss of Appetite for Fixed-Price Contracts", held on 17 May 2023 at the OECD, Paris and online.
EPEC's perception of market developments - E. Farquharson, Principal Adviser,...OECD Governance
Presented at the OECD expert meeting "Construction Risk Management in Infrastructure Procurement: The Loss of Appetite for Fixed-Price Contracts", held on 17 May 2023 at the OECD, Paris and online.
Geographical scope of the lines in Design and Build - B.Dupuis, Executive Dir...OECD Governance
Presented at the OECD expert meeting "Construction Risk Management in Infrastructure Procurement: The Loss of Appetite for Fixed-Price Contracts", held on 17 May 2023 at the OECD, Paris and online.
Executive Agency of the Dutch Ministry of Infrastructure and Water Management...OECD Governance
Presented at the OECD expert meeting "Construction Risk Management in Infrastructure Procurement: The Loss of Appetite for Fixed-Price Contracts", held on 17 May 2023 at the OECD, Paris and online.
Presentation of OECD Government at a Glance 2023OECD Governance
Paris, 30 June, 2023
Presentation by Elsa Pilichowski, Director for Public Governance, OECD.
The 2023 edition of Government at a Glance provides a comprehensive overview of public governance and public administration practices in OECD Member and partner countries. It includes indicators on trust in public institutions and satisfaction with public services, as well as evidence on good governance practices in areas such as the policy cycle, budgeting, procurement, infrastructure planning and delivery, regulatory governance, digital government and open government data. Finally, it provides information on what resources public institutions use and how they are managed, including public finances, public employment, and human resources management. Government at a Glance allows for cross-country comparisons and helps identify trends, best practices, and areas for improvement in the public sector.
See: https://www.oecd.org/publication/government-at-a-glance/2023/
The Protection and Promotion of Civic Space: Strengthening Alignment with Int...OECD Governance
Infographics from the OECD report "The Protection and Promotion of Civic Space Strengthening Alignment with International Standards and Guidance".
See: https://www.oecd.org/gov/the-protection-and-promotion-of-civic-space-d234e975-en.htm
OECD Publication "Building Financial Resilience
to Climate Impacts. A Framework for Governments to manage the risks of Losses and Damages.
Governments are facing significant climate-related risks from the expected increase in frequency and intensity of cyclones, floods, fires, and other climate-related extreme events. The report Building Financial Resilience to Climate Impacts: A Framework for Governments to Manage the Risks of Losses and Damages provides a strategic framework to help governments, particularly those in emerging market and developing economies, strengthen their capacity to manage the financial implications of climate-related risks. Published in December 2022.
OECD presentation "Strengthening climate and environmental considerations in infrastructure and budget appraisal tools"
by Margaux Lelong and Ana Maria Ruiz during the 9th Meeting of the OECD Paris Collaborative on Green Budgeting held on 17 and 18 of April 2023 in Paris.
OECD presentation "Building Financial Resilience to Climate Impacts. A Framework to Manage the Risks of Losses and Damages" by Andrew Blazey, Stéphane Jacobzone and Titouan Chassagne. Presented during the 9th Meeting of the OECD Paris Collaborative on Green Budgeting held on 17 and 18 of April 2023 in Paris
OECD Presentation "Financial reporting, sustainability information and assurance" by Peter Welch during the 5th Session during the 9th Meeting of the OECD Paris Collaborative on Green Budgeting held on 17 and 18 of April 2023 in Paris
Presentation "Developments in sovereign green bond markets" by Ms. Fatos Koc during the 4th Session of 9th Meeting of the OECD Paris Collaborative on Green Budgeting held on 17 and 18 of April 2023 in Paris.
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
Many ways to support street children.pptxSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
Debt measures in Statistics and Financial Statements - Giovanna Dabbicco, Italy
1. Debt measures in Statistics
and Financial Statements
Giovanna Dabbicco
16th ANNUAL OECD ACCRUALS SYMPOSIUM
OECD Conference Centre, Paris, March 21-22, 2016
2. OUTLINE
1. Financial Statement VS GFS/NA: Similarities and Differences
2. Identities and balances from GFS and FS: Net worth
3. Comparing Government Debt
4. Complementarity of the Various Measures of Government Debt
5. Value(s) Added of Consolidated Financial Statements
compared to GFS
Using the Balance Sheet in the Public Sector Giovanna Dabbicco OECD 22 March 2016
3. Using the Balance Sheet in the Public Sector Giovanna Dabbicco OECD 22 March 2016
SNA/ESA vs. IPSAS: Similarities and
Differences
National accounts
IPSAS
SNA / ESA GFS
Balance sheet Balance sheet Statement of financial
position
Non-
financial
assets
Liabilities Financial
assets
Liabilities Non-Current
Assets
Non-current
liabilities
Financial
assets
Non-
financial
assets
Net
financial
worth
Current
assets
Current
liabilities
Net worth Net worth Net Assets
/ Equity
• Stocks broadly
similar.
• IPSAS: Current
vs Non- Current
assets.
• GFS: Financial
vs non financial
assets; Domestic
vs foreign.
• Classifications
e.g. COFOG.
• The balancing item of financial assets and liabilities is called financial
net worth (BF.90) (ESA 2010 7.10).
• For institutional sectors the balancing item on the balance sheet is net
worth (ESA 2010 7.04).
1
4. Net Worth Estimates in Statistics and
Financial Statements
As a result of the different valuation of entries, net worth estimates in
statistics and IPSAS based financial statements usually differ.
Changes in net
worth due to the
net operating
balance plus
other economic
flows.
GFS
A basic
accounting
identity links the
value of the stock
of a specific type
of asset in the
opening balance
sheet and the
closing balance
sheet.
ESA
The net
assets/equity is
the residual
interest in the
assets of the
entity after
deducting all its
liabilities. It may
be positive or
negative.
IPSAS
2 Using the Balance Sheet in the Public Sector Giovanna Dabbicco OECD 22 March 2016
5. Comparing Government Debt
GFS Financial Statements
(IPSAS)
General Government Sector S.13 Whole-of-Government/Sub consolidation
(includes public corporations)
Deposits; Loans ; Debt securities (do
not include financial derivatives)
Deposit; Loans; Debt securities (include
Financial derivatives); Trade payables;
Provisions; Pension liabilities.
Nominal Value (Face value for
Maastricht Debt)
Market Value
Using the Balance Sheet in the Public Sector Giovanna Dabbicco OECD 22 March 2016
Three axis for the comparison: coverage, elements reported, and
measurement.
"Debt" not formally defined under IPSAS, whether gross or net. Which
balance sheet items should be included?
3
6. Complementarity of the Various Measures of
Government Debt
• Maastricht: Only liabilities;
only bodies within general
government
• PSND : Consolidated gross
debt less liquid assets; public
sector
• WGA : Net liabilities (include
pensions, contingents); public
sector
• Market values: information
on the investors exposure
to government (i.e. gain and
losses)
• Nominal values: for debt
sustainability analysis (i.e.
interest rate changes on
debt servicing)
Market and Nominal
value: complementary
perspectives
Debt: broader to narrower
Coverage: narrower to
broader
Using the Balance Sheet in the Public Sector Giovanna Dabbicco OECD 22 March 20164
7. Value(s) Added of Consolidated Financial
Statements compared to Statistics
A more comprehensive balance sheet
• Net liability includes public sector pension liabilities, long term
provisions and PFI liabilities not included in the National Accounts
• Public sector’s contingent assets and liabilities beyond the usual
government statistics
Fundamental for public finances planning, and fiscal sustainability
issues.
Coverage of public sector entities:
• CFS may include public market corporations, notably relevant at
WGA level.
5 Using the Balance Sheet in the Public Sector Giovanna Dabbicco OECD 22 March 2016
8. Using the Balance Sheet in the Public Sector Giovanna Dabbicco OECD 22 March 2016
9. Using the Balance Sheet in the Public Sector Giovanna Dabbicco OECD 22 March 2016
Balance Sheet ESA/GFS definitions
6
A statement of the values of
assets economically owned
and of liabilities owed by an
institutional unit or group of
units, at a point in time (ESA
2010 7.01)
Asset and liability boundary
exclusions:
(a) human capital;
(b) natural assets (e.g. air, river
water);
(c) consumer durables; and
(d) contingent assets and liabilities
An economic asset is a store of value
representing the benefits accruing to the
economic owner by holding or using the
entity over a period of time…. (ESA 2010
7.15)
Liabilities are established when a
debtor is obliged to provide a
payment or a series of payments to a
creditor (ESA 2010 5.06)
Economic benefits:
• Primary incomes /Property income
• Value, including holding gains and losses,
realised by disposing of the asset or terminating
it.
Economic owner: risks/ rewards - not
necessarily legal owner.
ESA Balance sheet logic :A matrix approach: Sectors, Asset/Liability,
Instruments
10. Using the Balance Sheet in the Public Sector Giovanna Dabbicco OECD 22 March 2016
IPSAS Statement of financial position:
definitions
7
Also referred to as a
balance sheet or
statement of assets
and liabilities, at a
reporting date.
• Contributions from
owners: future economic
benefits or service
potential contributed to
the entity by external
parties
• A financial interest in the
net assets/equity of the
entity
IPSAS (2014) 1. 7. Liabilities are
present obligations of the entity arising
from past events, the settlement of
which is expected to result in an
outflow from the entity of resources
embodying economic benefits or
service potential.
Assets are resources controlled by an
entity as a result of past events and
from which future economic benefits or
service potential are expected to flow to
the entity (IPSAS (2014) 1.7)
11. Comparing Government Debt
Using the Balance Sheet in the Public Sector Giovanna Dabbicco OECD 22 March 2016
S. 1311
Central
Government
Government
department
and
ministries
S. 11001
Public non-
financial
corporations
Public
corporation
s controlled
by central
government
Public
corporation
s controlled
by central
government
Public
corporation
s controlled
by local
government
Public
corporations
controlled by
SSF
NPIs
controlled
by central
government
NPIs
controlled
by local
government
Debt Public Sector
= S.13 +S. 11001 +S. 12001
Maasticht Debt S. 13 General Government Sector
Central Bank
Other
Financial
corporations
NPIs
controlled
by local
government
NPIs
controlled by
SSF
S. 12001 Public financial
corporations
Public
Market
producers
(goods and
non-financial
services)
Public Market producers
(financial services)
Non-market producers
Public producers
S. 1312
State
S. 1313
Local
Government
S. 1314
Social
Security
Funds
AlternativemeasuresofUKpublicsectordebt
2011-12
£ %GDP
WGA(Netliabilities) 1347 87
PSND 1104 74
Maastrichtdefinition 1312 85
Source:OBR(2014)andHMTreasury(2013)
“WGA liabilities includes
all amounts owed by
government such as public
sector pension liabilities
and provisions for future
cash expenditure, as a
result of events that have
already happened” (UK,
WGA 2013-2014)
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