## FITT Inaugural Meeting (June 10, 2020) — Summary of Discussions

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**Canonical URL:** [FITT Inaugural Meeting (June 10, 2020) — Summary of Discussions](https://www.imf.org/-/media/files/data/statistics/bpm6/fitt/fitt-inaugural-meeting-minutes-june-10-2020.pdf)

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### OVERVIEW OF FITT’S TOR
- Members sought clarification about the possibility and procedure for adding new topics to the Compendium of Issues.
- Clarification provided: addition of new topics is possible provided new proposed items are on methodological issues rather than on compilation issues; compilation issues would be dealt with during the preparation of the corresponding compilation guide.
- New topics are to be submitted with a description of the issues through the Secretariat for consideration by the co-Chairs.

### AGREED ACTION POINTS (TOR)
- Members with proposal of new topics dealing with methodological issues to submit descriptions of the topics to the Secretariat for consideration by the co-Chairs.

### RESEARCH TOPICS ASSIGNED TO FITT
- Clarification: the Task Team (TT) is established as a joint TT for balance of payments statistics and national accounts (NA) to ensure coordination of the update of the two standards.
- High priority topics are to be addressed first, then other topics; some high priority topics could take longer to complete, particularly cross-cutting topics requiring coordination with other TTs.
- Proposal to discuss research items as a separate issues note and then prepare Guidance Notes (GNs) was considered not feasible due to tight timelines.
- Alternative approach: drafters of GNs are encouraged to cover all possible perspectives in the first part of the notes, with additional, more detailed information included as appendices to the GNs if needed.

### AGREED ACTION POINTS (RESEARCH)
- Lead authors of guidance notes on similar topics (such as F1 and F6) to coordinate with each other and, where possible, related topics to be discussed as a package.
- Both balance of payments statistics and NA needs to be considered during preparation of GNs given that the FITT is a joint TT of NA and balance of payments statistics.
- Implications of developments in international financial reporting standards (IFRS) on statistical standards to be considered during preparation of GNs.

### TIMELINE, DRAFTING PRESSURES, AND COORDINATION
- The three-weeks drafting time is intended for the first wave of GNs for consideration by the IMF Committee on Balance of Payments Statistics during the October 2020 meeting; these will mainly refer to topics in advanced stages of discussion.
- Other topics that require coordination with other TTs or which are complicated could take longer provided all work of FITT is completed by October 2021.
- Global consultations during the vacation period may cause possible delays.

### AGREED ACTION POINTS (TIMELINE & ADMIN)
- Members to submit expression of interest in the different research topics to the Secretariat for consolidation, within two days of the meeting.
- IMF to consider comments on possible delays due to scheduling of global consultations during vacation period.

### SUMMARY AND CONCLUDING REMARKS
- Chair summarized the discussion and the action points.

### ATTENDANCE
- Members present included:
  - Mr. Artak Harutyunyan (co-Chair) IMF (co-Chair)
  - Mr. Celestino Giron ECB (co-Chair)
  - Mr. Mher Barseghyan Armenia
  - Ms. Pujiastuti Abassuni Indonesia
  - Mr. Gabriele Semeraro Italy
  - Ms. Masako Kominami Japan
  - Ms. Paula Menezes Portugal
  - Mr. Robert Pupynin Russia
  - Ms. Maja Gavrilovic Serbia
  - Mr. Simon Boesenberg Switzerland
  - Mr. Barend De Beer South Africa
  - Mr. Perry Francis United Kingdom
  - Ms. Ruth Judson United states of America
  - Mr. Patrick McGuire BIS
  - Ms. Prunela Charles-Williams ECCB
  - Mr. Enrico Infante Eurostat
  - Mr. Jorrit Zwijnenburg OECD
  - Mr. Benson Sim UNSD
  - Mr. Carlos Sanchez Muñoz IMF
  - Ms. Bese Goksu Evrim IMF
  - Mr. Perez Renato IMF
  - Mr. Moreno-Ramirez Jose Carlos IMF
  - Mr. Reinsdorf Marshall B IMF
  - Mr. Ishikawa Joi (co-Secretary) IMF
  - Mr. Kenneth Egesa (co-Secretary) IMF

- Members absent:
  - Ms. Natasha Karugaba Uganda
  - TBD FSB

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_Source: https://www.imf.org/-/media/files/data/statistics/bpm6/fitt/fitt-inaugural-meeting-minutes-june-10-2020.pdf_