An Introduction to System of National Accounts - Basic Concepts
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1 Lesson-VI: Printable Lesson: VI Sequence of Accounts An Introduction to System of National Accounts - Basic Concepts Fourth e-learning Course on the 2008 System of National Accounts October December 2013
2 Contents Accounting Structure General features of the accounts Goods & Services Account Transaction Accounts Production account Income accounts Accumulation accounts Capital and Financial accounts Balance Sheets SIAP 2
3 Reference Materials Please take a print out of the MS-WORD file Main Aggregates of Slovenia included in this lesson: Main Macroeconomic Aggregates at current prices Aggregates Final consumption expenditure Household This will be required illustration. Also please keep the Integrated Transaction Accounts of 2008 SNA in Brief on page 79 of the Reading Materials ready at hand while going through this presentation. SIAP 3
4 Accounting Structure SIAP 4
5 Accounting Structure Sequence of Accounts In the SNA framework, the economic processes are reflected through sequence of accounts. The sequence of accounts provides an overview of a given economy is the core of the accounting framework and is structured by institutional sectors (incl. ROW) and three sub-sets of accounts. SIAP 5
6 Accounting Structure Sequence of Accounts The sequence of accounts consists of three subsets of Accounts: Current accounts Accumulation accounts and Balance sheet The first two subsets current and accumulation accounts - are meant for recording flows during an accounting period. The third balance sheet is recording stocks of assets and liability at the beginning and end of the accounting period. SIAP 6
7 Accounting Structure Current Accounts Current accounts record production, distribution & redistribution of income and final consumption expenditures. This subset consists of production account income accounts Generation of income account Allocation of primary income account Secondary distribution of income account Use of income account SIAP 7
8 Accounting Structure Accumulation Accounts Accumulation accounts record all changes in assets and liabilities, through capital formation and other flows. It consists of : capital account financial account other changes in assets account» other changes in volume of assets account» revaluation account The first two record the changes in assets & liabilities brought about by transactions. The other changes in assets accounts are meant for recording other flows. SIAP 8
9 Accounting Structure Balance Sheets Balance sheets record the stocks of assets and liabilities at the beginning and end of accounting. The difference between the figures of the two balance sheets is equal to sum of the changes recorded in the accumulation accounts. SIAP 9
10 General Features of the Accounts SIAP 10
11 General Features General Features of Accounts Entries made in these accounts are based on the principle of double accounting, thus permit checking consistency. Like business accounts, each of the accounts of SNA is organised as a T-accounts, as illustrated below: Resources / changes in assets Uses / changes in liability & net worth Balancing Item Total resources Total uses SIAP 11
12 General Features Two sides of the Accounts Each transaction is recorded twice on two sides. Two sides are called resources and uses for current accounts changes in liability & net worth and changes in assets for accumulation accounts liabilities & net worth and assets for Balance sheet Thus, total of transactions on the two sides must be equal. SIAP 12
13 General Features Applicability of Accounting structure The entire accounting structure can be applied to record all transactions and other flows of a single institutional unit or an institutional sub-sectors / sectors as well as total economy. However, all transactions are not relevant for all sectors. SIAP 13
14 General Features Balancing Items The balancing item of an account is the sum of resources (right side) minus the sum of uses (left side) in each of the current accounts, and is shown on the left side (uses side) of the account. SIAP 14
15 General Features Balancing Items (contd.) The balancing item of each account is significant as a macro-economic aggregate like gross / net domestic product (GDP / NDP) gross / net national income (GNI/ NNI) disposable income saving and net lending/borrowing. SIAP 15
16 General Features Links between Accounts Among the transaction accounts: The balancing item (in the uses side) of one account is carried forward as the first item (in the resources) of the next account. The changes in assets and liabilities brought about by transactions (and other changes) are reflected in the Balance Sheet. The sequence of accounts thus provides an integrated view of the entire economy. SIAP 16
17 General Features Links between the Accounts Opening Balance Sheet Production Account GDP Income Accounts savings Capital Account (non-financial assets) Net lending/borrowing Financial Account (financial assets/ liabilities) Other Economic flows Closing Balance Sheet SIAP 17
18 Goods & Services Accounts SIAP 18
19 Goods & Services Account Supply and Use of Goods and Services - Production Output Supply of goods and services Imports - + Intermediate consumption Final consumption Gross capital formation Exports = = Value added/gdp = + + Final consumption Gross capital formation Net exports SIAP 19
20 Goods & Services Account Goods and Services Account The Goods and Services Account captures all transactions in goods and services. It shows the sources of goods and services (production and imports), and the uses (intermediate and final consumption, investment in fixed capital and inventories, and exports). SIAP 20
21 Goods & Services Account Underlying Identity This account is founded on the identity: GVO mp = IC + PFCE + GFCE + GFCF + CII + acquisition less disposal of valuables + X M GVO bp + (t-s) on products + M = IC + PFCE + GFCE + GFCF + CIS + acquisition less disposal of valuables + X SIAP 21
22 Goods & Services Account Goods and Services Account of Slovenia Resources Uses Output, basic prices 21,346 Intermediate consumption 1,200 Taxes less subsidies on Final Consumption expnd: 17,357 2,983 products & imports Government 4,422 Imports of goods & Households & 12,504 services NPISHs 12,936 Gross Capital Formation 5,500 GFCF 5,332 Changes in Inventories 146 Acquisition less disposal of valuables 22 Exports of goods & services 12,775 Total supply 36,832 Total use 36,832 SIAP 22
23 Transaction Accounts Production account Income accounts Accumulation accounts Capital and Financial accounts SIAP 23
24 Transaction Accounts Transaction accounts Transaction accounts - All the accounts, except Balance Sheets and the Other Changes in Assets Accounts, consist of values of transactions and are linked to the basic economic activities of production, income generation and distribution, consumption and capital formation. [Please refer to page 91 of the Reading Materials] SIAP 24
25 Production Accounts Production Account This account is founded on the identity: GDP mp Σ (O pp IC bp ) Σ GVA bp + product (t-s) + (t-s) on imports GDP bp + product (t-s) + (t-s) on imports GVA / GDP is the balancing item in production account Can be measured in gross or net terms, gross concept is preferred Compiled by industries and institutional sectors. SIAP 25
26 Production Accounts Production Account Slovenia 2002 Uses Intermediate consumption 1200 Output Market output Output for own final use Other non-market output Resources 21,346 GVA /GDP 23,128 Taxes on products 2,986 Consumption of fixed capital 3,768 Subsidies on products (-)??? 3 NVA / NDP 19,360 SIAP 26
27 Income Accounts Structure of the Income Accounts Generation of income account Allocation of primary income account Entrepreneurial income account [not discussed] Allocation of other primary income account [not discussed] Secondary distribution account Redistribution of income in kind account [not discussed] Use of income Use of disposable income account Use of adjusted disposable income account [not discussed] SIAP 27
28 Income Accounts Income Accounts and the Circular Flow of Money Production Capital Formation Gen of Income Allocation of Primary Income Final Consumption Financing & Capital transfers Secondary distribution of income Saving Redistribution of income in kind Use of Disposable income SIAP 28
29 Income Accounts Generation of Income Account This account is founded on the identity: GDP mp = (CE + OS & MI) generated in domestic enterprises + (taxes subsidies) on production and imports This account can be compiled by industries (economic activities, i.e ISIC codes) and institutional sectors in parallel with the production account. Part of the SNA accounting structure but also an approach income approach for the GDP calculation The estimates presented in this account are from the view point of the enterprises, rather than the recipient of primary income. SIAP 29
30 Income Accounts Generation of Income Account - Slovenia 2002 Uses Resources Compensation of employees 11,855 Value added/gdp 23,128 Taxes less subsidies on products 2,983 Other taxes less subsidies on production 263 Operating surplus/mixed income 8,027 SIAP 30
31 Income Accounts Allocation of Primary Income Account This account is founded on the identity: GNI / balance of primary income = GDP mp + (net) income from RoW = (CE + OS & MI) generated in domestic enterprises + production (t-s) + (t-s) on imports + CE from RoW (net) + PI from RoW (net) It can be compiled by institutional sectors only, and not by industries (economic activities). Balancing item Gross/Net National Income or Balance of primary income. GNI is same as GNP of 1968 SNA. SIAP 31
32 Income Accounts Allocation of Primary Income Account - Slovenia 2002 Uses Resources Operating surplus/mixed income 8,027 Compensation of employees (net of payable) 11,855 Taxes on production and imports 3,246 Property income payable 579 Property income receivable 450 Balance of primary incomes / GNI 23,000 SIAP 32
33 Income Accounts Secondary Distribution of Income Account Current transfers (in cash only) made both within the country and across the border, causes difference between the balance of primary incomes and disposable income Records transfers as resources in addition to the balance of primary incomes: current taxes on income, wealth etc., social contributions and benefits (excl. social transfers in kind) and other current transfers Balancing item Gross/Net National Disposable income SIAP 33
34 Income Accounts Secondary Distribution of Income Account This account is founded the identity: [discussed earlier] Gross National Disposable Income (GNDI) = GNI + Taxes on income & wealth receivable by government + Social contributions and benefits - Taxes on income & wealth payable to RoW + net current transfers receivable from RoW. SIAP 34
35 Income Accounts Secondary Distribution of Income Account - Slovenia 2002 Uses Current transfers & taxes on income and wealth, etc. 62 Resources Balance of primary incomes (GNI) 23,000 Current transfers & taxes on income and wealth, etc. 470 Disposable income 23,062 SIAP 35
36 Income Accounts Use of Income Account Shows how disposable income is divided between final consumption and savings Contains only three entries: Individual consumption expenditure Collective consumption expenditure Adjustment for the change in the net equity of households in pension funds reserves Relevant for three institutional sectors government, NPISHs and households Balancing item Gross/Net Saving SIAP 36
37 Income Accounts Use of Income Account (2) This Account is based on the identity: Gross Savings = disposable income minus (PFCE + GFCE) [discussed earlier] SIAP 37
38 Income Accounts Savings Gross (or net) savings is balancing item of this account. Saving can be positive or negative If saving is positive - non-spent income is used for the acquisition of assets or for paying off liabilities If saving is negative, certain assets are liquidated or certain liabilities increase Savings results from current transactions and establishes the link with accumulation SIAP 38
39 Income Accounts Use of Income Account Slovenia 2002 Uses Final consumption expenditure 17,357 Households 12,645 NPISHs 291 Government 4,422 Resources Disposable income 23,061 (Gross) Saving 5,704 SIAP 39
40 Accumulation Accounts Accumulation Accounts Among the transaction accounts, the Capital and Financial Accounts are the accumulation accounts of the system These accounts record transactions in balance-sheet items, i.e., in assets and liabilities RHS: Changes in liabilities and net worth, instead of Resources LHS: Changes in assets, instead of Uses. SIAP 40
41 Accumulation Accounts Accumulation Accounts Both Accumulation accounts and Balance sheets are concerned with ownership. Balance sheets specify the ownership of assets and liabilities to other units at given points in time, Accumulation accounts show the changes in assets and liabilities over given periods. In this course, financial account and the accounts for recording the other flows are not included. These are only mentioned in the Reading Materials. SIAP 41
42 Accumulation Accounts Capital Account The purpose of the Capital account is to record the values of non-financial assets that are acquired or disposed of by institutional units by engaging in transactions, show the change in net worth due to saving and capital transfers Measures the change in net worth due to saving and capital transfers SIAP 42
43 Accumulation Accounts Capital Account - Slovenia 2002 Changes in assets Changes in liabilities and net worth Gross fixed capital formation 5,332 Saving 5,704 Consumption of fixed capital (-) 3,768 Changes in inventories 146 Acquisition less disposals of valuables 22 Acquisition less disposals of nonproduced non-financial assets 1 (net) Capital transfers, receivable (+) Changes in net worth due to saving and capital transfers 5,563 Net lending (+)/ Net borrowing (-) 63 SIAP 43
44 Balance Sheets SIAP 44
45 Balance Sheets Balance Sheets Balance sheets are statements of assets and liabilities, classified by type, drawn up at a particular point in time. These are presented in two identically formatted (Opening and Closing) sheets The balancing item net worth - difference between assets and liabilities is also entered on the right-hand side, whether it is positive or negative. Closing balance sheet of one period is identical to the opening balance sheet of the next period. SIAP 45
46 Balance Sheets Balance Sheet Shows the stock of assets on the left-hand side and financial liabilities & net worth on the right-hand side of the account A balance sheet may be drawn up for institutional units institutional sectors the total economy SIAP 46
47 Balance Sheets Balance Sheet - Components Beginning/Opening Balance Sheet Gross capital formation & change in non-produced assets Net acquisition of financial assets Other changes In volume Changes due To revaluation Ending/Closing Balance Sheet SIAP 47
48 Opening Balance Sheet Asset Non Financial (NF) Assets Produced assets Non-produced assets Liabilities and net worth Financial Liabilities (FL) Financial Assets (FA) Net Worth (NW) SIAP 48
49 Closing Balance Sheet Asset Liabilities and net worth Opening NF asset + Change in NF asset produced assets non-produced assets Opening FA + Change in FA Opening FL + Change in FL Opening Net Worth+ Change in Net Worth SIAP 49
50 Thanks SIAP 50
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