## Updating the GFSM 2014

## Source details

**Canonical URL:** [Updating the GFSM 2014](https://www.imf.org/-/media/files/data/statistics/gfsm/updating-the-gfsm-2014-july2025.pdf)

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- [Markdown version](/-/media/files/data/statistics/gfsm/updating-the-gfsm-2014-july2025.pdf.md)
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### Context and Rationale
- The IMF Statistics Department notes that updates of the 2008 SNA and BPM6 were launched in March 2020 and concluded in March 2025 with the release of the white cover versions of the 2025 SNA and BPM7.
- Many GFS-specific issues were not fully resolved by the SNA/BPM updates; a fast-evolving global economy requires sound methodological guidance to improve data for analysis and evidence-based decision-making.
- Updates of related standards (for example, COFOG, SEEA CF) launched in 2024 and have timelines similar to the proposed GFSM 2014 update.
- The IMF Statistics Department considers updating the GFSM 2014 a logical next step.

### Objectives and Intended Outcome
- Objectives:
  - Harmonization with other statistical standards.
  - Meeting user needs for better fiscal analysis / reporting.
- Intended outcome:
  - A new GFS manual updating and replacing the GFSM 2014.
- Time aim:
  - Updated GFSM by end-2027.
- Leadership and collaboration:
  - An IMF-led project requiring extensive collaboration and consultation with statistical compilers and users worldwide.

### Update Process, Stages, and Timeline
- Key features:
  - Two overlapping, non-linear stages: Research phase and Drafting phase.
  - Research phase: develop new guidance for each research project, including:
    - Existing research projects with guidance notes prepared as part of the 2008 SNA and BPM6 updates.
    - New research projects identified as important to GFS compilers and users that were not covered by the SNA/BPM update.
  - Drafting phase: prepare the new manual (structure and content).
- Overview timeline highlights:
  - Research Phase starts in 2024Q2.
  - Final list of projects confirmed by 2024Q3 with low resource research projects advanced by 2025Q2.
  - Drafting Phase starts in 2025Q2 with agreement of new manual structure.
  - Final draft of new manual available for dissemination by end 2027.
- Process stages for research projects:
  - Project Initiation Document (prepared by IMF STA).
  - Discussion note (prepared by Task Team).
  - Review and endorsement of discussion note for stakeholder consultation by GFSAC.
  - Global consultation on discussion note followed by publication of summary of consultation responses.
  - Proposed recommendations developed based on discussion note (or SNA/BPM guidance note) and stakeholder feedback.
  - Review and endorsement of proposed recommendations for posting.
  - Posting of proposed recommendations.
  - Draft notice of decision (prepared by IMF STA).
  - Endorsement of draft notice of decision by GFSAC.
  - Sign off of notice of decision by STA Director and posting.
- Research projects will start either at the research and development stage or at the review and approval stage depending on prior work completed before the update launch.

### Governance, Task Teams, and Roles
- Overall responsibility:
  - IMF Statistics Department has overall responsibility; the project is coordinated by the GFSM Update Coordination Team.
- Advisory and review:
  - Government Finance Advisory Committee (GFSAC) provides technical advice to the IMF through review and endorsement of update materials; GFSAC is chaired by the Director of the Statistics Department.
- Task teams and secretariats:
  - Four Task Teams provide technical input, conduct research on specific projects, and prepare discussion notes and recommendations; supported by Task Team Secretariats.
  - Four Task Teams:
    - Task Team 1: GFS Compilation Issues.
    - Task Team 2: Debt and Other Monetary and Financial.
    - Task Team 3: Environmental.
    - Task Team 4: Fiscal analysis and GFS communication.
  - Each task team is led by 2 co-chairs and has 10-20 members, working on a voluntary basis, including IMF staff serving as experts and secretariat support.
  - Task team composition may change as the update progresses; additional expert input may be invited as needed.

### Research Projects (Selected lists)
- Research projects related to SNA/BPM changes include (selected items, preserving source numbering and terminology):
  - 1.1 Valuation principles and methodologies
  - 1.4 Citizenship-by-investment (CBI) programs
  - 1.6 Financial and operating leases
  - 1.11 Identifying, valuing and reporting government data assets
  - 1.18 The recording of crypto assets in macroeconomic statistics
  - 1.22 Treatment of Emissions Trading Schemes
  - 1.34 Clarification on Reserve Position in the IMF
  - 1.36 Statistical Treatment of Precious Metals Accounts
- New research projects under Task Teams (selected items, preserving source numbering and terminology):
  - TT1 (GFS Compilation Issues): 2.1 Boundary between government and nonfinancial public corporations; 2.3 Indigenous governments; 2.6 Defining and subclassifying extrabudgetary units; 2.16 Treatment of privatization.
  - TT2 (Debt and Other Monetary and Financial): 2.8 Debt valuation issues; 2.9 Debt assumption and debt payments on behalf of others; 2.10 Valuation and recognition of loans; 2.19 Accounting for natural resources and their exploitation in GFS.
  - TT3 (Environmental): 2.20 Climate-sustaining and climate-damaging subsidies and other transfers; 2.21 Social Security Schemes; 2.26 Presentation of GFS flows related to natural resources; 2.24 A framework for the presentation of GFS metadata.
  - TT4 (Fiscal Analysis & GFS Communication): 2.25 Communicating GFS to users; 2.31 GFS within fiscal analysis and policymaking; 2.32 Balance sheet analysis; 2.28 Tax expenditures, tax deferrals, and other similar incentives.

### Achievements to Date (as reported by the IMF Statistics Department)
- Governance and consultation:
  - Newly reconstituted GFS Advisory Committee (GFSAC) established.
  - GFSAC reviewed, discussed and endorsed documentation relating to the process, timeline and contents of the GFSM 2014 update.
- SNA/BPM incorporation:
  - Global consultations on proposed recommendations for incorporating the SNA/BPM changes into the updated GFSM resulted in GFSAC endorsement of 23 Notices of Decision in May 2025.
  - Final global consultation on proposed recommendations for incorporating the SNA/BPM changes into the updated GFSM was launched in July 2025.
  - Process for consulting on the incorporation of SNA/BPM recommendations will continue until 2025Q3.
- Task teams and research progress:
  - Task Teams established to progress research on GFS-specific issues not covered by the SNA/BPM update.
  - Task Teams 1, 2 and 4 initiated their research projects and submitted their first quarterly report to GFSAC in May 2025.
  - Task Team 3 inaugural meeting set for June 2025.
- Drafting and structure:
  - Discussions were initiated on the potential structure of the updated GFSM.
- Outreach:
  - A website for the GFSM 2014 Update was established by the IMF Statistics Department.

### Global Consultation and Stakeholder Engagement
- The IMF Statistics Department invited global consultation on proposed recommendations to ensure a comprehensive and inclusive update of the GFSM 2014.
- Documents included in the consultation were made available via the IMF Statistics Department consultation portal.
- Contact for consultation and questions:
  - STA-GFSM-Coord@IMF.org

### Government Finance Advisory Committee (GFSAC) Membership (selected)
- GFSAC membership as reported by the IMF Statistics Department includes representatives from:
  - Central Bank of Belgium: Mr. Kris Van Cauter.
  - OECD: Mr. Jorrit Zwijnenburg.
  - UK Office for Budget Responsibility: Mr. Jim Ebdon.
  - Eurostat GFS: Ms. Rasa Jurkoniené.
  - Israel Central Bureau of Statistics: Ms. Galina Braverman.
  - IPSASB: João Carlos Fonseca.
  - Rwanda Accountant General: Mr. Marcel Mukeshimana.
  - World Bank: Ms. Evis Rucaj.
  - South African Reserve Bank: Ms. Susana Paulse.
  - IMF, FAD: Ms. Aiko Mineshima and Ms. Majdeline El Rayess.
  - IMF, STA (Chair): Mr. Bert Kroese.
  - National Treasury Brazil: Ms. Karla de Lima Rocha.
  - Additional members include officials from Australian Bureau of Statistics, Statistics Canada, Ministries of Finance, and other national and international institutions.

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_Source: https://www.imf.org/-/media/files/data/statistics/gfsm/updating-the-gfsm-2014-july2025.pdf_