## GFSM 2014 Update Progress

## Source details

**Canonical URL:** [GFSM 2014 Update Progress](https://www.imf.org/-/media/files/data/statistics/gfsm/gfsm-2014-update-progress-july-2026.pdf)

## Other formats

- [Markdown version](/-/media/files/data/statistics/gfsm/gfsm-2014-update-progress-july-2026.pdf.md)
- [Structured JSON version](/-/media/files/data/statistics/gfsm/gfsm-2014-update-progress-july-2026.pdf.json)

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### Overview and Status
- 36 Notices of Decisions Published
- Discussion note consultation pipeline as of July 2026:
  - 12 Discussion Notes Consultation Complete
  - 5 Discussion Notes Consultation Active
  - 15 Discussion Notes Consultation Upcoming

### Objectives of the update
- Harmonize with other statistical standards to ensure consistency in common areas of guidance
- Meet user needs by providing additional guidance and clarity for evolving fiscal policy
- Main objectives are to harmonize with other international statistical standards and address user needs resulting from evolving fiscal policy

### Global consultation — Completed
- 2.1 Boundary between government units and public nonfinancial corporations
- 2.6 Further defining and subclassifying extrabudgetary units
- 2.8 Debt valuation issues
- 2.9 Debt assumption and debt payments on behalf of others
- 2.30 Methodological guidance on compilation and analyzing SOE data
- 2.31 GFS within fiscal analysis and policymaking
- 2.17 Boundary between capital and current transfers
- 2.21 Social Security Schemes
- 2.10 Valuation and recognition of loans
- 2.16 Treatment of privatization and nationalization
- 2.27 Relationship between GFS and IPSAS / IFRS
- 2.32 Balance Sheet Analysis

### Global consultation — Currently taking place
- 2.3 Indigenous governments
- 2.22 Government assumption of pension obligations
- 2.23 Employee benefits – defined benefit schemes
- 2.19 Accounting for natural resources and their exploitation in GFS
- 2.29 Retained earnings of public corporations and their impact on fiscal analysis

### Global consultation — Expected in September/October
- 2.5 Treatment of zakat
- 2.7 Treatment of government / public nonlife insurance schemes
- 2.12 Stock positions and related flows with the IMF and other international organizations
- 2.14 Treatment of public-private partnerships (PPPs)
- 2.2 Boundary between government units and public financial corporations
- 2.4 Transactions of government with sovereign wealth funds (and similar)
- 2.11 Recording of provisions and contingent liabilities
- 2.13 Equity for public corporations
- 2.15 Treatment of capital injections by government into corporations
- 2.18 Recording and valuation of infrastructure assets
- 2.20 Climate-sustaining and climate-damaging subsidies and other transfers
- 2.26 Presentation of GFS flows related to natural resources
- 2.24 A framework for the presentation of GFS metadata
- 2.25 Communicating GFS to users
- 2.28 Tax expenditures, tax deferrals, and other similar incentives

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_Source: https://www.imf.org/-/media/files/data/statistics/gfsm/gfsm-2014-update-progress-july-2026.pdf_