29
when payment is made or received, which may be either
before or after (or at the same time as) the transaction
takes place. Thus, transactions should be recorded,
whenever possible, on an accrual rather than a cash-
accounting basis. Services received are expenses and are
recorded as
debit entries,
while services provided are
revenues and are recorded as
credit entries. Transactions
in services should be recorded on a gross basis––that is,
debit (imports) and credit (exports) transactions should
be separately compiled, rather than recorded as the net
of credits minus debits.
3.20. Transactions in services
between residents of an
economy and international organizations are included
within the scope of resident/non-resident transactions.
3.21. Transactions may take place in a range of
currencies, including the domestic currency of either the
provider or the consumer of the services. To produce
meaningful statistics, however, it is necessary for the
compiler to convert all transaction
values to a common
unit of account. Most often, the common unit will be the
national currency; this will facilitate the use of such
statistics in conjunction with other economic statistics
relating to the domestic economy. However, if this
currency is subject to significant
depreciation relative to
other currencies involved in the international
transactions of the economy, growth in money terms in
transactions over time may result from this depreciation.
A similar effect may be observed if a country is
experiencing hyperinflation. In such cases it may be
more analytically useful to express all transactions in
another, more stable currency.
3.22. The most appropriate
exchange rate to be used in
converting transaction values from the currency of
transaction to the currency of compilation is the market
rate prevailing at the time that the transaction takes
place. The mid-point between buying and selling rates
should be used so that any service charge (the spread
between the mid-point and those rates) is excluded.
However, because the actual mid-point rate at the time at
which the transaction occurs may not be available to the
compiler, an accepted practice
is to take the average
mid-point rate for the period for which the data are being
compiled.
3.23. BPM5 should be consulted for recommendations
on conversion where there are multiple official exchange
rates, or black or parallel market rates.
42
42
See BPM5, paras. 132–138.
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