In 1987, the year for which BEA presents the IEESA asset accounts, the calculated value of reserve additions roughly offsets reserve depletions, so including mineral assets in the NIPA for that year would not substantially alter the estimate of the level of net domestic product (NDP).
BEA presents an IEESA Asset Account and an IEESA Product Account that supplement the NIPA.
Resource accounting, such as that in the current IEESA, generally treats the entire national stock as one heterogeneous deposit whose value is calculated by multiplying the average unit value of that reserve by the quantity of the reserve.
This discrepancy will affect the IEESA production account since with a lower value for additions, the adjusted GDP and NDP figures will be lower.
And in 1993, BEA was given a mandate by the Clinton Administration to develop first-phase resource accounts within the framework of the national accounts and to pursue construction of the IEESA.
The central issues discussed in this report are whether BEA's IEESA represent a useful activity for the United States and whether work on IEESA should resume.
3c Congress should authorize and fund BEA to recommence its work on IEESA development.
BEA's proposal for the IEESA envisions a phased extension of the accounts.
Table 1 presents the nonfinancial assets that BEA would try to include in IEESA asset accounts, The table's rows generally follow the subcategories of the SNA 1993 and the SEEA, but some of
The farm inventories of finished goods for agriculture are extensions of the existing inventory data in the NIPA's (following the IEESA, crops not yet harvested are shown as work-in-progress).
not available--in the table, many valuation and measurement issues remain before an IEESA production account can be completed.
The more complete IEESA
estimate deducts depletion and adds additions to property-type income, and it adds the value of resource stocks to the value of structures, equipment, and inventories.