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Implementation of the 2008 SNA in the Financial Accounts The Australian Experience

Implementation of the 2008 SNA in the Financial Accounts The Australian Experience Amanda Seneviratne Australian Bureau of Statistics. Overview. Background Changes to Financial Corporations sector Reinvested earnings of Investment Funds Planning process Changes to data collections

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Implementation of the 2008 SNA in the Financial Accounts The Australian Experience

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  1. Implementation of the 2008 SNA in the Financial Accounts The Australian Experience Amanda Seneviratne Australian Bureau of Statistics

  2. Overview Background Changes to Financial Corporations sector Reinvested earnings of Investment Funds Planning process Changes to data collections Systems specifications Conclusion/Questions

  3. Background History of Australian Financial Accounts Timing of changes Concurrent implementation BPM6 SESCA08 ANZSIC06 Two main changes Financial Corporations Sector Reinvested Earnings of Investment Funds

  4. Financial corporations sector Seperate identification of investment funds Money market funds Other investment funds Development of ABS definition Centers around 4 criteria: Pooling of investors' monies Seperate legal entity Open to the public Ability to dispose of shares/units

  5. Financial corporations sector continued Treatment of wholesale trusts (WST's) Non-financial investment funds Securitisers

  6. Financial corporations sector continued

  7. Reinvested Earnings of Investment Funds Scope of reinvested earnings Reinvested earnings = Earnings (net of capital gains/losses) – Distributions Practical Issues Negative reinvested earnings Impacts

  8. Reinvested Earnings of Investment Funds continued

  9. Reinvested Earnings of Investment Funds continued

  10. Planning Process Review Boards MESC MAMB Consultation/Communication with users Feedback from users Impact of changes to key aggregates Impact of changes to statistical products

  11. Changes to data collections Main data sources Survey of Financial Information Survey of International Investment Australian Prudential Regulatory Authority Minimal changes in general Existing collection for investment funds Identification of investment funds in counterparty reporting

  12. Systems specification Overview of Financial Accounts system Metadata driven system Forecasting and Modelling Environment (FAME) Implementation of changes Timing

  13. Conclusion Concluding Remarks Questions/Comments?

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