13
an “external account of goods and services”, in which
trade in goods and trade in services are separately
recorded.
2.28. The 1993 SNA identifies “foreign-controlled
corporations” as sub-sectors of the two institutional
sectors -
financial corporations and
non-financial
corporations. Foreign-controlled enterprises are defined
more broadly in the 1993 SNA than are the majority-
owned foreign affiliates covered by FATS statistics and
described in chapter IV below. The difference is that the
1993 SNA suggests that
countries may wish to treat
some “associated enterprises”, which are enterprises in
which the non-resident ownership is between 10 per cent
and 50 per cent, as foreign-controlled. The foreign
affiliates for which the core FATS statistics are to be
compiled exclude associated enterprises and so are a
subset of foreign-controlled enterprises as defined in the
1993 SNA. However, the
Manual encourages countries
that can do so to provide supplemental statistics
covering other cases where foreign control may be
deemed to exist, such as majority ownership by multiple
foreign direct investors, ownership of exactly 50 per cent
by a foreign direct investor, and cases where effective
control is deemed to have
been achieved through a
minority stake in an enterprise. Thus, for countries that
produce such supplemental statistics, the total coverage
of FATS statistics may be identical to that of the
statistics on foreign-controlled enterprises based on 1993
SNA.
2.29. 1993 SNA statistics on foreign-controlled
enterprises relate to what is usually termed
inward
FATS, i.e., to enterprises operating in the compiling
country that are controlled by non-residents. The 1993
SNA statistics for a given country do not provide
information on
outward FATS, i.e., on enterprises
established abroad that are controlled by residents of that
country (though these enterprises would be covered by
the 1993 SNA statistics of their respective host
countries).
2.30. The 1993 SNA provides the definitions of most
of the economic variables that chapter IV recommends
should be collected for FATS.
These include the
priority variables (gross output, employment and value
added) as well as the lower priority items (financial and
non-financial assets, net worth, operating surplus, gross
fixed capital formation, taxes on income and
compensation of employees). The 1993 SNA also
provides the definition of an enterprise, which is
required for compiling the priority variable
number of
enterprises.
(b) Fifth edition of the IMF Balance of Payments
Manual
2.31. BPM5 describes the conceptual framework that
underlies balance of payments statistics. The balance of
payments statement systematically summarizes, for a
specific time period, transactions
that take place between
an economy and the rest of the world. Transactions, for
the most part between residents and non-residents,
consist of those involving goods, services and income;
those involving financial claims on, and liabilities to, the
rest of the world; and those (such as gifts) that are
classified as transfers. A transaction itself is defined as
an economic flow that reflects the creation,
transformation, exchange, transfer or extinction of
economic value and involves changes in ownership of
goods and/or financial assets, the provision of services
or the provision of labour or capital.
2.32. The international transactions in trade in services
that take place between residents
and non-residents of an
economy that are described in the present
Manual are
based on the BPM5 classification and definition of
services, but the detail recommended in chapter III of
the present
Manual is greater than that of BPM5.
2.33. The 1993 SNA and BPM5 have a common
conceptual framework. The definitions of residence and
time of recording and the principles of accrual
accounting recommended in the present
Manual are the
same as those in both BPM5 and the 1993 SNA.
2.34. The scope of
international trade in services
between residents and non-residents in the present
Manual is the same as that in BPM5. The one difference
with respect to the 1993 SNA relates to the
recommended treatment of financial intermediation
services indirectly measured (FISIM), which for
practical reasons is excluded from trade in services in
BPM5. FISIM is discussed in
some detail in paragraphs
3.108-3.115 below.
(c) Central Product Classification, Version 1.0
2.35. The
Central Product Classification, Version 1.0
is a part of the international system of interrelated
classifications of economic activities and products (i.e.,
goods and services). It is the standard for all products
that are an output of an economic activity, including
transportable and non-transportable goods and services.
For the description of goods, CPC, Version 1.0 is fully
harmonized with the
Harmonized Commodity
14
Description and Coding System
24
(HS) of the World
Customs Organization. For services, CPC, Version 1.0
is the first international classification covering the whole
spectrum of outputs of the various industries, and it can
serve the different analytical
needs of statistical and
other users. For example, the Provisional CPC was used
for the elaboration of the categories of services that were
used during the negotiations leading to GATS that were
conducted during the Uruguay Round, and was also used
to describe the balance of payments services components
recommended in BPM5. The general service product
classification of CPC, Version 1.0 will serve as a
guideline for the elaboration of such classifications for
specific areas of the economy, including international
trade in services.
(d) International Standard Industrial Classification
of All Economic Activities, Revision 3
2.36. The
International Standard Industrial
Classification of All Economic Activities, Revision 3 is a
basic tool for fostering international comparability of
data across a wide range of economic and social
statistics, including production, value added,
employment and other economic statistics. It is a
standard classification of productive economic activities
linked as far as possible with the way economic
processes are organized in units. An industry is thus
defined as the set of production units engaged primarily
in the same or similar kinds of productive economic
activity. Criteria relating to the economic transactors
(e.g., financial institutions) and to types of transactions
(intermediate and
final consumption, capital formation
etc.) reinforce the considerations for identifying stages
of production. In line with the United Nations
programme for the harmonization of international
economic classifications, ISIC, Rev.3 categories are
correlated with those of CPC, Version 1.0. A correlation
table indicates the main kinds of activities that produce
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