The implementation of the new manuals poses new challenges to national accountants. This study focuses on the main methodological changes in the field of financial accounts and on the initiatives to address them in the case of Portugal. Some specific topics will be covered in this study. Firstly, we will assess the impact of the redefinition institutional sectors' boundaries. In the particular case of the financial sector, two major changes will be analysed: the inclusion of the Holdings' Corporations and the new structure at the level of the sub-sectors, e.g. captive institutions. Regarding other sectors, we will show how additional data sources, such as the Securities Statistics Integrated System and the Central Credit Register database can be helpful for the delimitation of Households and Non-Profit Institutions serving Households.
Focus will also be given to specific methodological changes like the Financial Intermediary Services Indirectly Measured (FISIM). The on-going work of the existing FISIM Task-Force provides the opportunity for an in depth debate on the most suitable methods to take into account the effect of different currencies, maturities and risks.
Another important topic concerns pension liabilities, in the context of the new supplementary table. This work implies setting up the methodological assumptions of a national model, defining the software and implementing the model according to a given timetable. Moreover, the implementation of the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual (BPM6) will also pose important challenges in the field of the Direct Investment Relationships (definition of ultimate control/influence) and contingent assets and liabilities.
Throughout the text we will show that one of the keys to succeed in this endeavour is institutional cooperation and coordination, namely among the institutional compilers.
Keywords: Financial accounts; Institutional sectors; FISIM; Pension liabilities
Biography: At present I am Head of the Development and Methodological Unit at the Statistics Department of the Banco de Portugal. Formerly I was an Economist-Statistician working in the field of Financial Accounts, at the Statistics Department of the Banco de Portugal. Previously I worked as Seconded National Expert at Eurostat (Unit C3 – Public Finance). I have started my professional career in the Portuguese National Statistical Institute where I reached the positions of Head of the Institutional Sectors Unit and Head of the General Government Sector in the National Accounts Department. I have been involved in bilateral cooperation projects with the European Commission and the IMF in the field of statistics in some African and European countries. I have a PhD in Economics (Technical University of Lisbon, ISEG - Economics at Management Institute).