## GFSM 2014 update — GFS Notice of Decision: 1.12 Reverse Transactions

## Source details

**Canonical URL:** [GFSM 2014 update — GFS Notice of Decision: 1.12 Reverse Transactions](https://www.imf.org/-/media/files/data/statistics/gfsm/global-consultations/research-projects/notice-of-decision-gfsm-2014-update-112-reverse-transactions.pdf)

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### Purpose and overall decision
- Provide additional and concise clarification and references regarding reverse transactions (RTs).
- Maintain consistency with the draft 2025 SNA and draft BPM7 on:
  - The treatment of interest under RTs.
  - The treatment as negative assets of short (negative) positions generated by on-selling.

### Specific updates to the GFSM
- Adopt the definition of RTs as contained in the Glossary of System of Nationals Accounts terms and definitions.
- Align to the treatment of interest under RTs as described in the draft 2025 SNA (para. 8.125).
- Align to the treatment of short (negative) positions as described in the draft 2025 SNA (para. 12.83).
- Ensure the consistent treatment of reverse transactions in line with draft 2025 SNA paras. 12.80-12.85 and GFSM Update research projects:
  - 1.15 (treatment of cash collateral)
  - 1.18 (the recording of crypto assets in macroeconomic statistics)
  - 1.13 (financial derivatives by type)
  - 1.16 (treatment of factoring transactions)
- Include one or more worked examples to support the updated guidance on the treatment of RTs.

### Consultation and related materials
- GFS Proposed Recommendations Document: GFSM PR 1.12
- GFS Discussion Note: Not applicable
- GFS Global Consultations: July 2025
- Discussions at GFSAC Meeting(s): October 2025
- SNA/BPM Related Documents: Guidance/Issue Note SNA/BPM F.3
- Global Consultation(s) BPM Consultation: June 2021
- Discussions at the AEG/BOPCOM Meeting(s): BOPCOM: February 2021

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_Source: https://www.imf.org/-/media/files/data/statistics/gfsm/global-consultations/research-projects/notice-of-decision-gfsm-2014-update-112-reverse-transactions.pdf_