GFSM 2014 Update: Research Project Global Consultations
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Overview and purpose
- The GFSM 2014 Update Research Project is conducting global consultations to inform Proposed Recommendations for updating the GFSM.
- A summary of consultation responses will be published shortly after each consultation closes.
- Full documentation related to the research projects is available at Research Projects.
- For feedback or comments contact STA-GFSM-Coord@imf.org.
- GFSM 2014 Update Progress - July 2026 is recorded as a status marker for the project.
Consultations with closing dates in 2026 (July / August cycles)
- Consultation cycle: Consultation on Discussion Notes: July 2026 (Electronic Consultation Survey; For reference: Copy of Consultation Survey).
- 2.3 Indigenous governments — Consultation Closing Date: August 28, 2026 — Summary of Consultation Responses: N/A.
- 2.19 Accounting for natural resources and their exploitation in GFS — Consultation Closing Date: August 28, 2026 — Summary of Consultation Responses: N/A.
- 2.22 Government Assumption of Pension Obligations — Consultation Closing Date: August 28, 2026 — Summary of Consultation Responses: N/A.
- 2.23 Employee benefits – defined benefit schemes — Consultation Closing Date: August 28, 2026 — Summary of Consultation Responses: N/A.
- 2.29 Retained earnings of public corporations and their impact on fiscal analysis — Consultation Closing Date: August 28, 2026 — Summary of Consultation Responses: N/A.
Consultations with closing dates extended to June 26, 2026
- Consultation cycle: Consultation on Discussion Notes: May 2026 (Electronic Consultation Survey; For reference: Copy of Consultation Survey).
- 2.10 Valuation and recognition of loans — Extended to ; June 26, 2026 — Summary of Consultation Responses: Download PDF.
- 2.16 Treatment of privatization and nationalization — Extended to ; June 26, 2026 — Summary of Consultation Responses: Download PDF.
- 2.17 Boundary between current and capital transfers — Extended to ; June 26, 2026 — Summary of Consultation Responses: Download PDF.
- 2.21 Social security schemes — Extended to ; June 26, 2026 — Summary of Consultation Responses: Download PDF.
- 2.27 Relationship between GFS and IPSAS/ IFRS — Extended to ; June 26, 2026 — Summary of Consultation Responses: Download PDF.
- 2.32 Balance Sheet Analysis — Extended to ; June 26, 2026 — Summary of Consultation Responses: Download PDF.
Consultations with closing dates April 8, 2026 (March cycle)
- Consultation cycle: Consultation on Discussion Notes: March 2026 (Electronic Consultation Survey; For reference: Copy of Consultation Survey).
- 2.1 Boundary between government-controlled nonmarket producers engaged in nonfinancial activities (government units) and public nonfinancial corporations — Consultation Closing Date: April 8, 2026 — Summary of Consultation Responses: Download PDF.
- 2.6 Further defining and subclassifying extrabudgetary units — Consultation Closing Date: April 8, 2026 — Summary of Consultation Responses: Download PDF.
- 2.8 Debt valuation issues — Consultation Closing Date: April 8, 2026 — Summary of Consultation Responses: Download PDF.
- 2.9 Debt assumption and debt payments on behalf of others — Consultation Closing Date: April 8, 2026 — Summary of Consultation Responses: Download PDF.
- 2.30 Methodological guidance on compilation and analyzing SOE data — Consultation Closing Date: April 8, 2026 — Summary of Consultation Responses: Download PDF.
- 2.31 GFS within fiscal analysis and policymaking — Consultation Closing Date: April 8, 2026 — Summary of Consultation Responses: Download PDF.
SNA/BPM-related research project consultations (Group 3) — closing date August 1, 2025
- Group 3 of SNA/BPM-related research projects: Electronic Consultation Survey; For reference: Copy of Consultation Survey.
- 1.1 Valuation principles and methodologies — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
- 1.3 Treatment of centralized currency unions in macroeconomic statistics — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
- 1.12 Reverse transactions — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
- 1.13 Financial derivatives by type — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
- 1.14 Capturing non-bank financial intermediation — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
- 1.15 Treatment of cash collateral — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
- 1.16 Treatment of factoring transactions — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
- 1.18 The recording of crypto assets in macroeconomic statistics — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
- 1.26 Treatment of trusts and other types of funds as separate institutional units — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
- 1.32 Recording of share buybacks — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
- 1.33 Clarification on the statistical treatment of negative interest rates — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
- 1.34 Clarification on reserve position in IMF — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
- 1.35 Recording of Central Bank swap arrangements in macroeconomic statistics — Consultation Closing Date: August 1, 2025 — Summary of Consultation Responses: Download PDF.
SNA/BPM-related research project consultations (Group 2) — closing date May 2, 2025
- Group 2 of SNA/BPM-related research projects: Link to Electronic Consultation Survey; For reference: Copy of Consultation Survey Questions.
- 1.8 Valuation of unlisted Equity — Consultation Closing Date: May 2, 2025 — Summary of Consultation Responses: Download Summary.
- 1.10 Super dividends and reinvested earnings of public corporations — Consultation Closing Date: May 2, 2025 — Summary of Consultation Responses: Download Summary.
- 1.17 Debt concessionality — Consultation Closing Date: May 2, 2025 — Summary of Consultation Responses: Download Summary.
- 1.20 Payments for non-produced knowledge-based capital (marketing assets) — Consultation Closing Date: May 2, 2025 — Summary of Consultation Responses: Download Summary.
- 1.21 Islamic finance — Consultation Closing Date: May 2, 2025 — Summary of Consultation Responses: Download Summary.
- 1.25 Relationship between SNA and IPSAS/IFRS — Consultation Closing Date: May 2, 2025 — Summary of Consultation Responses: Download Summary.
- 1.27 Consistency in the application of the sum-of-costs approach — Consultation Closing Date: May 2, 2025 — Summary of Consultation Responses: Download Summary.
- 1.28 Work-in-progress, transfer of ownership and capital services — Consultation Closing Date: May 2, 2025 — Summary of Consultation Responses: Download Summary.
- 1.29 Clarifications on the treatment of terminal costs during ownership transfer for different types of assets — Consultation Closing Date: May 2, 2025 — Summary of Consultation Responses: Download Summary.
- 1.30 Distinction between maintenance and capital repairs for intangible assets — Consultation Closing Date: May 2, 2025 — Summary of Consultation Responses: Download Summary.
- 1.31 Treatment of the transfer of leased assets at the end of the lease period — Consultation Closing Date: May 2, 2025 — Summary of Consultation Responses: Download Summary.
- 1.36 Treatment of precious metal accounts — Consultation Closing Date: May 2, 2025 — Summary of Consultation Responses: Download Summary.
SNA/BPM-related research project consultations (Group 1) — closing date March 28, 2025
- Group 1 of SNA/BPM-related research projects: Link to Electronic Consultation Survey; For reference: Copy of Consultation Survey Questions.
- 1.2 Treatment of Rent — Consultation Closing Date: March 28, 2025 — Summary of Consultation Responses: Download Summary.
- 1.4 Citizenship-by-Investment Programs — Consultation Closing Date: March 28, 2025 — Summary of Consultation Responses: Download Summary.
- 1.5 Treatment of external assets and related income declared under tax. — Consultation Closing Date: March 28, 2025 — Summary of Consultation Responses: Download Summary.
- 1.6 Operating and Financial Leases — Consultation Closing Date: March 28, 2025 — Summary of Consultation Responses: Download Summary.
- 1.7 Recording of Fines and Penalties — Consultation Closing Date: March 28, 2025 — Summary of Consultation Responses: Download Summary.
- 1.9 Nonresident Government controlled SOEs — Consultation Closing Date: March 28, 2025 — Summary of Consultation Responses: Download Summary.
- 1.11 Identifying, valuing and reporting government data assets. — Consultation Closing Date: March 28, 2025 — Summary of Consultation Responses: Download Summary.
- 1.19 Treatment of SPEs and residency — Consultation Closing Date: March 28, 2025 — Summary of Consultation Responses: Download Summary.
- 1.22 Treatment of Emissions Trading Schemes — Consultation Closing Date: March 28, 2025 — Summary of Consultation Responses: Download Summary.
- 1.23 Environmental Classifications within GFS — Consultation Closing Date: March 28, 2025 — Summary of Consultation Responses: Download Summary.
- 1.24 Distinction between taxes, services and other flows — Consultation Closing Date: March 28, 2025 — Summary of Consultation Responses: Download Summary.
Content in this bundle
- GFSM 2014 Update Progress
- Copy of Consultation Survey
- For reference: Copy of Consultation Survey Questions
- For reference: Copy of Consultation Survey Questions
- Gfsm Discussion Note 219 Accounting in Gfs for Natural Resources and Their Exploitation
- Gfsm Discussion Note 222 Assumption of Pension Obligations
- Discussion Note: 2.23 Employee benefits
- Gfsm Discussion Note 229 Retained Earnings of Public Corporations and Their Impact on Fiscal Analys
- 2.3 Indigenous Governments
- Copy of Consultation Survey
- Discussion Note 21 — Boundary Between Government and Public Nonfinancial Corporations
- Discussion Note 230 Methodological Guidance on Compilation and Analyzing Soe Dataconsultationmarch2
- Discussion Note 231 Gfs in Fiscal Analysis Policymaking Consultation March2026
- Discussion Note: 2.6 Further defining and subclassifying extrabudgetary units
- Discussion Note 28 — Debt valuation issues: Consultation, March 2026
- Discussion Note 29 — Debt Assumption and Debt Payments on Behalf of Others
- Summary of Consultation Responses: Proposed Recommendations - Group 1
- Summary of Consultation Responses: Proposed Recommendations - Group 2
- Copy of Consultation Survey
- Proposed Recommendations Document: 1.1 Valuation principles and methodologies
- GFSM 2014 update — Proposed Recommendations Document: 1.12 Reverse transactions
- Proposed Recommendations Gfsm 2014 Update 113 Financial Derivatives by Type
- Proposed Recommendations Gfsm 2014 Update 114 Capturing Nonbank Financial Intermediation
- Proposed Recommendations Gfsm 2014 Update 115 Treatment of Cash Collateral
- Proposed Recommendations Gfsm 2014 Update 116 Treatment of Factoring Transactions
- F.18 The Recording of Crypto Assets in Macroeconomic Statistics
- Proposed Recommendations Gfsm 2014 Update 126 Treatment of Trusts and Other Types of Funds as Sepa
- Proposed Recommendations: 1.3 Treatment of centralized currency unions in macroeconomic statistics
- Proposed Recommendations Gfsm 2014 Update 132 Recording of Share Buybacks
- Proposed Recommendations Gfsm 2014 Update 133 the Statistical Treatment of Negative Interest Rates
- Proposed Recommendations Gfsm 2014 Update 134 Clarification on Reserve Position in the Imf
- Proposed Recommendations Gfsm 2014 Update 135 Recording of Central Bank Swap Arrangements in Macro
- IMF GFSAC: Summary of Consultation Responses: Proposed Recommendations - Group 3
- Summary of Consultation Responses April 2026
- Consultation on Discussion Notes for updating the GFSM 2014 — Consultation Questionnaire
- Gfsm Discussion Note 210 Valuation and Recognition of Loans
- Gfsm Discussion Note 216 Treatment of Privatization and Nationalization
- Boundary between capital and current transfers
- 2.21 Social Security Schemes
- Gfsm Discussion Note 227 Relationship Between Gfs and Ipsas Ifrs
- Gfsm Discussion Note 232 Balance Sheet Analysis
- Summary of Responses to Second Consultation on Gfsm Update Discussion Notes June 2026
- Proposed Recommendations Gfsm 2014 Update 1 11 Identifying Valuing and Reporting Government Data as
- Proposed Recommendations Gfsm 2014 Update 1 19 Treatment of Spes and Residency
- Proposed Recommendations: 1.2 Treatment of Rent
- Proposed Recommendations Gfsm 2014 Update 1 22 Treatment of Emission Trading Schemes
- Proposed Recommendations Gfsm 2014 Update 1 23 Environmental Classifications Within Gfs
- Proposed Recommendations Gfsm 2014 Update 1 24 Distinction Between Taxes Services and Other Flows
- Proposed Recommendations: 1.4 Citizenship-by-Investment
- Proposed Recommendations Gfsm 2014 Update 1 5 Treatment of External Assets and Related Income Decla
- GFSM 2014 update — Proposed Recommendations: 1.6 Financial and Operating Leases
- Proposed Recommendations Gfsm 2014 Update 1 7 Recording of Fines and Penalties
- Proposed Recommendations Gfsm 2014 Update 1 9 Improving the Recording of Governmentcontrolled Nonre
- Proposed Recommendations: 1.10 Super-dividends and Reinvested Earnings of Public Corporations
- Proposed Recommendations: 1.17 Debt concessionality
- Proposed Recommendations Gfsm 2014 Update 120 Payments for Nonproduced Knowledgebased Capital Mark
- Proposed Recommendations Document: 1.21 Islamic finance
- Proposed Recommendations Gfsm 2014 Update 125 Relationship Between Sna and Ipsasifrs
- Proposed Recommendations Gfsm 2014 Update 127 Consistency in the Application of the Sumofcosts App
- Proposed Recommendations Gfsm 2014 Update 128 Workinprogress Transfer of Ownership and Capital Ser
- Proposed Recommendations Gfsm 2014 Update 129 Add Clarifications on the Treatment of Terminal Cost
- Proposed Recommendations Gfsm 2014 Update 130 Distinction Between Maintenance and Capital Repairs
- Proposed Recommendations Gfsm 2014 Update 131 Treatment of the Transfer of Leased Assets At the En
- Proposed Recommendations: 36 Statistical Treatment of Precious Metal Accounts
- Proposed Recommendations Gfsm 2014 Update 18 Valuation of Unlisted Equity
References