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Overview: General rules Polish experiences Conclusions and Future

Consolidation in the Polish Financial Accounts OECD WORKING PARTY ON FINANCIAL STATISTICS PARIS, OCTOBER 2003. Overview: General rules Polish experiences Conclusions and Future. Consolidation in the Polish Financial Accounts. General Rules. what does consolidation mean?. elimination of :

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Overview: General rules Polish experiences Conclusions and Future

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  1. Consolidation in the Polish Financial AccountsOECD WORKING PARTY ON FINANCIAL STATISTICSPARIS, OCTOBER 2003

  2. Overview: General rules Polish experiences Conclusions and Future Consolidation in the Polish Financial Accounts

  3. General Rules • what does consolidation mean? elimination of: • transactions occurring between units classifiedwithin the same sector/sub-sector • reciprocal assets and liabilities

  4. General Rules • two versions of financial accounts FINANCIAL ACCOUNTS Non-consolidated (ESA’95) Consolidated (OfficialTransmission Program)

  5. General Rules • two-level consolidation process sector level • financial flows between units inside the sector are eliminated sub-sector level • financial flows between units insidethe sub‑sector are eliminated

  6. GeneralRules • conclusions • For financial assets/liabilities and financial transactions:  sub-sectors (after consolidation) ≠ consolidated sector (except from the case of no flows between sub-sectors) BUT • For net lending/net borrowing:  sub-sectors (after consolidation)  consolidated sector

  7. Overview: General rules Polish experiences Conclusions and Future Consolidation in the Polish Financial Accounts

  8. PolishExperiences • producer of financial accounts Central Statistical Office National Accounts and Finance Division Financial Accounts Section (9 persons involved in compiling process)

  9. PolishExperiences • availability of financial accounts data Financial accounts for 1995-1997 • consolidated data only Financial accounts for 1998-1999 • non-consolidated data only Financial accounts for 2000 (and further years) • consolidated and non-consolidated data

  10. Polish Experiences • consolidation by sectors

  11. Polish Experiences • estimations used to consolidation process(example) • claims on deliveries and services (S.11) = 1000 • liabilities on deliveries and services and trade credits liabilities: • S.11 = 450 • S.12 = 180 • S.13 = 110 • S.2 = 40 • shares of above liabilities in S.11: • S.11 = 390 • S.12 = 150 • S.13 = 90 • S.2 = 30  660 • 1000-660 = 340 • 90% x 340 = 306

  12. Polish Experiences

  13. Polish Experiences

  14. Polish Experiences

  15. Polish Experiences

  16. Overview: General rules Polish experiences Conclusions and Future Consolidation in the Polish Financial Accounts

  17. Conclusions and Future • Consistency with consolidation requirements • Improvement of data quality and consolidation methods • Estimations should be limited • Non-financial corporations sector needs a lot of attention because of significant influence on consolidation • Regular work between CSO, Ministry of Finance and NBP is needed • Adjustment to „t+9 delay” requirement

  18. Consolidation in the Polish Financial Accounts THANK YOU

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