## Current Account Task Team: Terms of Reference

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**Canonical URL:** [Current Account Task Team: Terms of Reference](https://www.imf.org/-/media/files/data/statistics/bpm6/catt/catt.pdf)

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### Mandate and operations
- The Current Account Task Team (CATT) is one of four Task Teams established by the International Monetary Fund’s Committee on Balance of Payments Statistics to contribute to the revision of the IMF’s Balance of Payments and International Investment Position Manual, sixth edition (BPM6).
- Role:
  - Provide technical inputs and make recommendations on current account issues within the BPM6 revision framework.
  - Address current account issues drawn from the Committee’s research agenda and propose documented solutions for Committee discussion.
  - Work closely with the Balance of Payments Task Team (BPTT), which is responsible for sending CATT’s Guidance Notes to the Committee for final endorsement and ensuring coordination with other statistical domains, notably National Accounts.
- Timeline and scope:
  - BPM6 update process timeline: five-year timeline, ending in March 2025.
  - CATT will be operational mostly throughout Phase I of the update process: March 2020–March 2022.
  - After June 2022 no new issues are intended to be considered for inclusion in the new manual.
  - CATT may be consulted during Phase II (drafting of BPM7 chapters) on an as-needed basis during worldwide consultation overseen by BPTT.

### Operational framework
- Co-chairing and secretariat:
  - Co-chairs: the IMF and Eurostat share co-chair responsibilities and both provide secretarial support.
- Composition and participation:
  - Group comprises a limited number of members representing selected IMF member countries and international organizations, including national accounts and government finance experts and representation from the International Public Sector Accounting Standards Board (IPSASB).
  - Selection criteria: depth of expertise, required background to address identified issues, and geographical balance to represent views across varying degrees of statistical capacity.
  - Members work on a voluntary basis and shall not be remunerated by the IMF.
- Communication and working modalities:
  - Working language: English (no translation of documents or interpretation at meetings and videoconferences).
  - Primary working mode: electronic means, with co-chairs able to convene one or more physical meetings as needed.
  - IMF support: facilitation of virtual meetings and technologies for document flow and management.
  - IMF-hosted dedicated webpage: accommodating relevant postings including terms of reference, issues to be covered, and ensuing Guidance Notes; CATT secretariat responsible for managing webpage content.

### Guidance Notes, working procedures, and reporting
- Scope of work:
  - CATT may consider topics from the Compendium of Issues and other current account issues raised by members and other TTs relevant for the BPM update.
  - Research issues labeled as high priority should be the core of the group’s work.
- Guidance Notes (GNs):
  - Each investigated current account area will be documented as a Guidance Note with two sections: Section I detailing the issue and Section II explaining recommendations; presented according to a standard format described in Annex II.
  - Additional background documentation may be attached as appropriate.
  - Process:
    - Guidance Notes discussed by written consultations or videoconferencing.
    - Final recommendations summarized in Section II of the GN and presented to BPTT for initial review.
    - GNs that may impact the 2008 System of National Accounts (2008 SNA) will also be sent to the AEG for initial review.
    - Draft GN is made publicly available for wider consultation, including national compilers.
    - Revised GN undergoes a second round review by BPTT only if there are significant changes before presentation to the Committee; GNs impacting the 2008 SNA are resent to the AEG for a second review before presentation to the Committee and ISWGNA.
  - Governance and review:
    - BPTT has an oversight/coordinating role, primarily reviewing for overall consistency with other TTs and SNA considerations.
    - For GNs that impact the SNA, BPTT and other BPM TTs send those GNs to ISWGNA.
    - For joint TTs, Chairs of both the Committee and the ISWGNA make review requests as needed.
    - Final endorsement of recommendations on the BPM6 Update resides with the Committee, with consultation with the ISWGNA on issues of common interest.
    - If divergent views emerge, Committee and ISWGNA Chairs may request SNA/BPM editors’ views; Committee may consider retaining the status quo and placing the issue on a future research agenda.
- Working procedures and consensus:
  - CATT will strive to reach consensus; minority dissenting opinions will be documented in Guidance Notes (for instance, via footnotes).
  - Decisions on acceptance of CATT recommendations reside with the Committee, in close consultation with the ISWGNA on SNA-impacting recommendations.
- Reporting:
  - CATT will liaise with related BOP/SNA Task Teams and report findings to BPTT to avoid duplication on common topics of interest.
  - Periodic reports to the Committee: progress reports to the Committee’s annual meeting (usually in October), including outcomes and recommendations from Guidance Notes.
  - Final endorsement of CATT’s conclusions and proposals resides with the Committee, with consultation with the ISWGNA on issues of common interest.

### Key procedures and approval steps (as described)
- Life cycle highlights:
  - Draft GN: review by BPTT; first review by AEG required only for certain cases (joint groups and GNs of BPTT, CATT and DITT if issue impacts SNA).
  - Posting for public comment, finalization taking account of public comments.
  - Revised GN: second round review by BPTT and AEG if significant changes and if topic impacts the SNA.
  - Transmission to Committee and to ISWGNA where relevant; Committee and ISWGNA agreement or documented divergence of views.
  - If decision is to change/update guidance in BPM7, change is reflected in the annotated outline and the issue is closed.
- Decision hierarchy:
  - BPTT transmits to Committee; AEG sends to ISWGNA where applicable.
  - Final endorsement resides with the Committee; in absence of agreement with the ISWGNA, Committee should carefully consider retaining the status quo and placing the issue on a future research agenda.

### Annex I — Current Account Task Team composition
- Co-Chairs:
  - Ms. Maria Borga (IMF STA)
  - Ms. Cristina Pereira de Sá (Eurostat)
- Secretariat:
  - Ms. Silvia Matei (IMF STA)
  - Mr. Robert Leisch (Eurostat)
- Members (25):
  - Argentina Ms. Silvia Amiel
  - Botswana Ms. Baby Mogapi
  - Brazil Mr. Thiago Vieira
  - Canada Mr. Denis Caron
  - Denmark Mr. Casper Winther
  - Germany Mr. Jens Walter
  - Italy Mr. Andrea Carboni
  - Jamaica Mr. Esmond McLean
  - Mexico Mr. Gerardo Durand Alcántara
  - Moldova Ms. Angela Gherman–Cernei
  - Morocco Mr. Mounir Rhandi
  - Russia Mr. Robert Pupynin
  - Thailand Ms. Angsupalee Wacharakiat
  - USA Ms. Patricia Abaroa
  - Eurostat Ms. Laura Wahrig
  - OECD Ms. Antonella Liberatore
  - UNSD Mr. Markie Muryawan
  - World Bank Mr. Bedri Zymeri
  - IPSASB Mr. Joao Fonseca
  - IMF Mr. Kristy Howell (STA Balance of Payments)
  - IMF Mr. Malik Bani Hani (STA Balance of Payments)
  - IMF Mr. Kenneth Egesa (STA Balance of Payments)
  - IMF Mr. Borys Rolando Cotto Cobar (STA Balance of Payments)
  - IMF Mr. Thomas Alexander (STA Real Sector)
  - IMF Mr. David Stephen Bailey (STA Government Finance)

### Annex II — Standard framework of Guidance Notes
- Title/name of the topic to be addressed.
- SECTION I: THE ISSUE
  - Background (not exceeding two pages):
    - A clear statement of the issue (problem statement); and a quantitative size of the issue if known.
    - Current international standards for the treatment of the issue, including specific references to the manuals and paragraph or page numbers.
    - Concerns/shortcomings of the current treatment, if any (on practical as well as methodological grounds).
  - Issues for Discussion (not exceeding two pages, excluding annexes):
    - Possible alternative treatments/options (clearly distinguishing between those which would require a change in the core framework/concepts from those which would be developed outside the framework).
    - Questions/points for discussion.
  - Supplementary Information (in annexes), including references to other documentation.
- SECTION II: OUTCOMES (not exceeding two pages)
  - Recommendation: either
    - (a) to revise: describe the proposed revision, rationale, and practical feasibility; or
    - (b) not to revise: provide arguments in support of the position.
  - Rejected alternatives, setting out reasons for rejection.
  - Identify changes required to the current statistical standards.
  - If relevant, identify in an annex all chapters/paragraphs in the current statistical standards which would need to be updated (with suggested text) to introduce/retain/ensure consistency across statistical domains.

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_Source: https://www.imf.org/-/media/files/data/statistics/bpm6/catt/catt.pdf_