BPM5Balance of Payments Manual 5 (International Monetary Fund)
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Under BEA's current treatment, which follows BPM5, a change in ownership is imputed, and as a result, these goods are included in merchandise exports and imports along with other merchandise that crosses the border.
Under this treatment, which follows BPM5, BEA obtains information on the difference between the sales proceeds and the acquisition cost of the goods and includes these net receipts as a component of "other" private services.
BEA plans to make significant changes to the presentation of the financial account in order to adopt a classification by functional category that was first introduced in BPM5.
Other items are shown in the alternative presentation using current statistics based on BPM5 definitions when it was not possible to adjust the accounts to match the BPM6 definitions with current data.
Under BPM5 and MSITS, in contrast, a $100 export of insurance and a $5 import of insurance would have been recorded, the latter representing the U.
Third, the measure includes revenues derived from the provision of services auxiliary to insurance, and in this regard, it is consistent with the treatment recommended in BPM5 and in the MSITS and with the above-described changes in data collection for cross-border trade.
The inclusion of these services in the value of exports of goods follows the treatment recommended in BPM5 and MSITS and reflects the fact that data on cross-border trade are collected by product.
The guidance for compiling statistics on trade in services offered by the SNA, BPM5, and the MSITS differs on the treatment of these unpriced financial services.
In contrast to the SNA, BPM5 excludes the imputed value of "services provided without payment by financial intermediaries" from exports and imports of financial services because of concerns that it would be impractical to collect the necessary data to impute a value for cross-border trade in these unpriced services.
Both BPM5 and MSITS call for recording the contractors' gross operating revenues derived from the fulfillment of foreign contracts as exports of construction services.
The differences among BEA's current method and the methods of BPM5 and MSITS can be illustrated using U.
In the estimates of cross-border trade, BEA follows the recommendation of BPM5 and treats trade in products such as electricity and natural gas as trade in goods.