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Implementation of the 2008 SNA in the OECD

Implementation of the 2008 SNA in the OECD. Charles Aspden Working Party on National Accounts, October 2008. Implementation of 2008 SNA OECD (as of October 2007). Country Intentions Australia 2009 for most, if not all, changes Canada 2012/13 for all changes

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Implementation of the 2008 SNA in the OECD

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  1. Implementation of the 2008 SNA in the OECD Charles Aspden Working Party on National Accounts, October 2008

  2. Implementation of 2008 SNA OECD (as of October 2007) Country Intentions Australia 2009 for most, if not all, changes Canada 2012/13 for all changes US 2012/13 for most (outstanding) changes EU 2014 Korea 2014? Japan 2015? New Zealand no schedule yet, but all changes at once Mexico no schedule yet, but introduced piecemeal Switzerland, Iceland and Norway same as EU Turkey?

  3. Implementation of 2008 SNA Summary • Australia, Canada and US have quite firm plans to introduce the update SNA quite rapidly. • All three intend to adopt at least all the major proposed changes, including • Employers’ pension schemes (2), • R&D (9), • Government and non-market producers – cost of capital (16), • Military expenditures (19). • Australia and Canada more or less all at once • US staggered introduction

  4. Implementation of 2008SNA Summary • Australia has published an information paper (Introduction of revised international standards in ABS economic standards Cat No. 5310.0.55.001) describing its intentions. • Japan and Korea have tentative plans to synchronise their adoptions of the updated SNA and SICs in 2015 and 2014, respectively. • NZ and Mexico have no firm plans • Any updates?

  5. Achieving consistent and internationally comparable national accounts • Proposal to CSTAT : • formulating a strategy to ensure comparability of data • developing handbooks and manuals • defining a research agenda for the OECD WPNA

  6. Formulating a strategy to ensure comparability of data • Accepted that countries will implement the 2008 SNA at different times and there will be a lack of comparability during the transition. • Countries should undertake a one-off exercise to quantify and publish the impact of the update on their major aggregates. To be included in metadata on OECD databases. • Countries should supply data to the Secretariat as per either 1993 or 2008 SNA • Promote comparability between European and non-European countries by the latter commenting on draft ESA.

  7. Developing handbooks and manuals • The OECD is producing a • revised edition of the Manual on Measuring Capital, • a Handbook on Deriving Capital Measures of Intellectual Property Products , • and a Handbook on the Measurement of Volume Output of Health and Education.

  8. Defining a research agenda for the OECD WPNA • OECD WPNA will have two streams of work concerned with 2008 SNA • 2008 SNA implementation issues: • Identify major issues, countries undertake investigations, especially the early adopters, and report to WPNA • Address issues on the research agenda: • Identify ones that should be pursued quickly and develop a work programme. May require setting up task forces. Discuss next meeting?

  9. CSTAT Response • It expressed support for the overall OECD strategy for the SNA revision, while expressing concern that the implementation by countries is not taking place quickly enough. • It accepted the need to supply estimates according to both old and new standards for one period (according to SNA 1993 and 2008 definitions) while the adoption of the new standard takes place.

  10. CSTAT Response • It also asked countries to report data in compliance with the new standard should they decide not to do so in their own publications. • It noted that the preferred set of estimates was still to be determined. • It suggested that the new Bureau should discuss the issue of different timings in the implementation of 2008 SNA by individual OECD countries, including a possible Council recommendation on the scheduled implementation.

  11. Conclusion • Countries should adopt the 2008 SNA as quickly as they can. An important factor is international comparability • Countries should undertake a one-off exercise to quantify and publish the impact of the update on their major aggregates. • Supply data as per 1993 or 2008 SNA • Countries to report investigations into dealing with major changes • Start thinking about the research agenda

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