Joint Financial and Payments Systems Task Team (FITT)
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Mandate and Role
- The Joint Financial and Payments Systems Task Team (FITT) will advise the Inter‑secretariat Working Group on National Accounts (ISWGNA) and IMF’s Committee on Balance of Payments Statistics (BOPCOM) in the process of updating the System of National Accounts 2008 (2008 SNA) and the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6).
- FITT will deal with issues arising from evolution of financial/payments systems and on the treatment of specific issues relating to equity income within the framework of the revision.
- Further details on the mandate and operations; guidance notes and working procedures; composition; and key issues to be addressed by the FITT are provided in the Terms of Reference.
Timeline and Operations
- FITT will be operational mostly throughout Phase I of the update process (March 2020–March 2022).
- FITT may also be consulted during Phase II (drafting of the 2025 SNA and the BPM7 chapters) on an as-needed basis, should any significant issues arise during the worldwide consultation process.
Consultation Process and Objectives
- The purpose of the global consultation is to receive feedback from worldwide compilers/users of macroeconomic statistics not involved in the update process, with a view to informing further the proposals to be presented for formal approval to the IMF’s Committee on Balance of Payments Statistics (BOPCOM)/Advisory Expert Group on National Accounts (AEG).
- Each Guidance Note (GN) will be available for a period of four-weeks for global consultation after its posting.
- If users want to provide comments on a GN, they are directed to submit responses via the accompanying survey links.
Guidance Notes, Topics, and Survey Status (selected entries)
- F.1 Draft Guidance Note F.1; Copy of Survey for GN F.1
- F.2 Asymmetric Treatment of Retained Earnings (Survey on this Guidance Note closed on June 19, 2021); Draft Guidance Note F.2
- F.3 Reverse Transactions (Survey on this Guidance Note closed on February 1, 2021); Draft Guidance Note F.3
- F.4 Financial Derivatives by Type (Survey on this Guidance Note closed on May 31, 2021); Draft Guidance Note F.4
- F.5 Treatment of Credit Default Swaps (Survey on this Guidance Note closed on October 19, 2020); Draft Guidance Note F.5
- F.6 Capturing Non-Bank Financial Intermediation in the System of National Accounts and the External Sector Statistics (Survey on this Guidance Note closed on June 19, 2021); Draft Guidance Note F.6
- F.7 Impact of Fintech on Macroeconomic Statistics (Survey on this Guidance Note closed on February 4, 2022); Draft Guidance Note F.7; Copy of Survey for GN F.7
- F.8 Valuation of Debt Securities at Both Market and Nominal Value (Survey on this Guidance Note closed on October 19, 2020); Draft Guidance Note F.8
- F.9 Valuation of Loans (Fair Value) (Survey on this Guidance Note closed on October 20, 2021); Draft Guidance Note F.9; Copy of Survey for GN F.9
- F.10 Treatment of Cash Collateral (Survey on this Guidance Note closed on February 10, 2021); Draft Guidance Note F.10
- F.12 Covering Hybrid Insurance and Pension Products (Survey on this Guidance Note closed on October 22, 2021); Draft Guidance Note F.12; Copy of Survey for GN F.12
- F.13 Margins on Buying and Selling Transactions (Survey on this Guidance Note closed on June 10, 2022); Draft Guidance Note F.13; Copy of Survey for GN F.13
- F.14 Treatment of Factoring Transactions (Survey on this Guidance Note closed on June 10, 2022); Draft Guidance Note F.14; Copy of Survey for GN F.14
- F.15 Debt Concessionality (Survey on this Guidance Note closed on February 25, 2022); Draft Guidance Note F.15; Copy of Survey for GN F.15
- F.16 Subscription Rights (Survey on this Guidance Note closed on May 31, 2021); Draft Guidance Note F.16
- F.18 The Recording of Crypto Assets in Macroeconomic Statistics (Survey on this Guidance Note closed on February 25, 2022); Draft Guidance Note F.18; Copy of Survey for GN F.18
- F.18 The Recording of Fungible Crypto Assets in Macroeconomic Statistics: Users Consultation (Survey closes March 3, 2023)
- Background Note F.18; Copy of Survey for BN F.18
Related Institutional Context
- FITT advises ISWGNA and IMF’s Committee on Balance of Payments Statistics (BOPCOM) as part of the update process for the 2008 SNA and BPM6.
- FITT’s work connects with the BPM6 Update: Compendium of Research Issues and the broader drafting work toward the 2025 SNA and BPM7.
Content in this bundle
- Compendium of Issues Note
- Compendium of Issues Note
- F.5 Treatment of Credit Default Swaps: Classification by Type and Risk Category, BPM6, IMF
- F.8 Valuation of Debt Securities at Both Market and Nominal Value
- Draft Guidance Note F.1
- Treatment of cash collateral
- Draft Guidance Note F.12
- F.13 Margins on Buying and Selling Transactions
- F.14 Treatment of Factoring Transactions
- F.15 Debt Concessionality
- F.16 Subscription Rights, IMF
- F.18 The Recording of Crypto Assets in Macroeconomic Statistics
- F.18 The Recording of Fungible Crypto Assets in Macroeconomic Statistics - Background Note
- Copy of Survey for BN F.18
- Asymmetric Treatment of Retained Earnings
- Section I: The Issue
- F.4 Financial Derivatives by Type, IMF
- Draft Guidance Note F.6
- Section I: The Issue
- Valuation of Loans
- F.1 More Disaggregated Institutional Sector and Financial Instrument Breakdowns, FITT, IMF
- F.12 Covering Hybrid Insurance and Pension Products, IMF
- F.13 Margins on Buying and Selling Transactions
- F.14 Treatment of Factoring Transactions
- F.15 Debt Concessionality
- F.18 The Recording of Crypto Assets in Macroeconomic Statistics
- F.7 Impact of Fintech on Macroeconomic Statistics, FITT, IMF
- F.9 Valuation of Loans
- FITT Inaugural Meeting
- Financial and Payments Systems Task Team
- Financial and Payments Systems Task Team
- FITT Second Meeting
- Financial and Payments Systems Task Team
- Financial and Payments Systems Task Team: Terms of Reference
References