IWS Documented News DAILY POSTINGS

IWS Documented News Service

_______________________________

Institute for Workplace Studies-----------------Professor Samuel B. Bacharach

School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies

Cornell University

16 East 34th Street, 4th floor--------------------Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau

________________________________________________________________________

This service is supported, in part, by donations. Please consider making a donation by following the instructions at http://www.ilr.cornell.edu/iws/news-bureau/support.html

 

European Commission

Eurostat

 

MANUAL ON GOVERNMENT DEFICIT AND DEBT--IMPLEMENTATION OF ESA 2010 - 2014 EDITION [29 August 2014]

http://epp.eurostat.ec.europa.eu/portal/page/portal/product_details/publication?p_product_code=KS-GQ-14-010

or

http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-GQ-14-010/EN/KS-GQ-14-010-EN.PDF

[full-text, 431 pages]

 

Seventh edition

This new 2014 edition of the Manual is an updated version of the edition published in November 2013 which was an adaption to the new European System of Accounts (ESA 2010) entering into force on 1 September 2014. In the current edition only a few parts were amended: Part I on issues linked to the delimitation of the general government sector, Part II where several issues related to taxes and social contributions (tax refunds, tax amnesties, deferred tax assets) were added while the provisions on tax credits were reinforced. Also Part IV the chapter on defeasance structures was slightly amended and Part VIII on the measurement of general government debt was included. As usual, this edition results form a collective work under the supervision of Eurostat, in cooperation with experts representing EU Member States and other international institutions.

 

Contents

Part I Delimitation of the general government sector..............................................9

I.1 Overview.......................................................................................................................... 9

I.2 Criteria for classifying units to the general government sector...................................... 11

I.3 Pension institutions........................................................................................................ 27

I.4 Market regulatory agencies in agriculture...................................................................... 34

I.5 Units engaged in financial activities: general issues ..................................................... 41

I.6 Specific public entities.................................................................................................... 45

I.7 Government debt management offices.......................................................................... 58

I.8 Joint ventures................................................................................................................. 59

I.9 European entities related to the euro area sovereign debt crisis .................................. 61

I.10 Keywords and accounting references............................................................................ 65

Part II Time of recording............................................................................................69

II.1 Overview........................................................................................................................ 69

II.2 Recording of taxes and social contributions .................................................................. 70

II.3 Changes in the due for payment dates.......................................................................... 77

II.4 Recording of interest...................................................................................................... 79

II.5 Military expenditure...................................................................................................... 103

II.6 Grants from the EU Budget ......................................................................................... 117

II.7 Court decisions with retroactive effect......................................................................... 133

II.8 Keywords and accounting references.......................................................................... 135

Part III General government and corporations controlled by government..........139

III.1 Overview...................................................................................................................... 139

III.2 Capital injections into public corporations.................................................................... 141

III.3 Capital injections into public quasi-corporations.......................................................... 157

III.4 Capital injections in kind .............................................................................................. 164

III.5 Dividends, super dividends, interim dividends............................................................. 168

III.6 Impact on government accounts of transfer of pension obligations ............................ 173

III.7 Annex: selected ESA 2010 transactions ........................................................................... 185

III.8 Keywords and accounting references.......................................................................... 190

Part IV Relations between government and the financial sector..........................193

IV.1 Overview...................................................................................................................... 193

IV.2 Payments between the Central Bank and government ............................................... 194

IV.3 The sale of gold and foreign exchange by the central bank........................................ 202

IV.4 Non-returned banknotes and coins after a cash changeover...................................... 209

IV.5 Financial defeasance................................................................................................... 218

IV.6 Capital increases in multilateral development banks................................................... 234

IV.7 Keywords and accounting references.......................................................................... 238

Part V Sale of assets ................................................................................................241

V.1 Overview...................................................................................................................... 241

V.2 Sales of financial and non-financial assets.................................................................. 242

V.3 Privatisation proceeds from public corporations.......................................................... 248

V.4 Restitution and use of vouchers for privatisation......................................................... 251

V.5 Securitisation operations undertaken by general government .................................... 260

V.6 Low interest rate loans and sale of government low interest loans to third parties..... 282

V.7 Keywords and accounting references.......................................................................... 284

Part VI Leases, licences and concessions .............................................................287

VI.1 Overview...................................................................................................................... 287

VI.2 Sale and leaseback...................................................................................................... 295

VI.3 Contracts with non-government units related to fixed assets...................................... 299

VI.4 Public-Private Partnerships (PPPs)............................................................................. 308

VI.5 Emission trading allowances ....................................................................................... 327

VI.6 Keywords and accounting references.......................................................................... 335

Part VII Debt related transactions and guarantees .................................................339

VII.1 Overview...................................................................................................................... 339

VII.2 Debt assumption and debt cancellation....................................................................... 340

VII.3 Debt rescheduling........................................................................................................ 350

VII.4 Government guarantees .............................................................................................. 360

VII.5 Keywords and accounting references.......................................................................... 379

Part VIII Measurement of general government debt ................................................383

VIII.1 Overview...................................................................................................................... 383

VIII.2 The calculation of general government debt ............................................................... 384

VIII.3 Recording of swaps ..................................................................................................... 389

VIII.4 Repurchase agreements and securities lending ...................................................... 403

VIII.5 Keywords and references ............................................................................................ 409

Annex 1 Legal texts (references and links)...............................................................411

Annex 2 EDP Notification tables ................................................................................413

 

 

________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.