BPM5Balance of Payments Manual 5 (International Monetary Fund)
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In contrast, Australia converted its international accounts to a BPM6 basis in 2010, but will continue to also provide its accounts on a BPM5 basis for some time.
(7.) According to both BPM5 and BPM6, cross-border trade is recorded only when a change in ownership occurs.
"Embrace Pet Insurance (www.embracepetinsurance.com) is in the process of implementing Bluespring BPM5 with Microsoft Dynamics CRM.
Prior to this change, BEA followed the recommendation of BPM5 and excluded SDR allocations from international transactions.
In this vein, BPM5 recommended that only permanent debt between these entities be classified as direct investment; permanent debt was defined as debt that represents a lasting interest.
BEA currently classifies permanent debt between affiliated banks, bank holding companies, and financial holding companies as direct investment, following BPM5. Beginning with statistics for the first quarter of 2007, permanent debt between these affiliated financial intermediaries will be excluded from direct investment and will be recorded as "other investment." (9)
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.
According to BPM5, for nonlife insurance, these items should be recorded under current transfers, while for whole life insurance, (11) these items should be recorded in the financial account.
Despite its potential significance, both the 1993 SNA and BPM5 allow income on technical reserves to be disregarded in insurance transactions between residents and nonresidents because of estimation problems, particularly for imports.
Under BPM5, insurance services include agent commissions related to insurance transactions.
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.S.