Accrual basis of recording
Recording basis in which flows are recorded at the time economic value is created, transformed, exchanged, transferred, or extinguished, irrespective of whether cash has been received or paid.
Capital grants
Transfers of a capital nature (i.e. relating to the acquisition of assets, other than inventories, that will be used in production for one year or more).
Cash flow statement
The GFS financial statement that records cash flows from operating, investing and financing activities.
Consolidation
The process of eliminating intra-group flows and stocks from aggregates for a group of units for which statistics are to be presented.
Current grants
Current transfers made between government units or between government units and international organisations.
Current transfers
Amounts payable or receivable for current purposes for which no economic benefits are receivable or payable in return.
Depreciation
The estimated consumption of non-financial assets other than inventories during the accounting period.
General government sector
Institutional sector comprising all government units and non-profit institutions controlled and mainly financed by government.
GFS Net lending/borrowing
The financing requirement of government, calculated either as the net operating balance less the net acquisition of capital assets or as the net change in financial assets and liabilities (including shares and other contributed capital) arising from transactions.
GFS Net operating balance
Total GFS revenues less total GFS expenses and the change in net worth due to transactions.
Gross fixed capital formation
The value of acquisitions of new and existing produced assets, other than inventories, less the value of disposals of new or existing produced assets, other than inventories.
Interest
Form of property income earned by making financial assets available to other units which is equal to the amount the debtor becomes liable to pay to the creditor over a given period of time without reducing the amount of the principal outstanding.
Inventories
Stocks of goods held that are intended for sale, use in production, or other use at a later date.
Local level of government
The level of government of public sector units that have a local role or function i.e. the political authority underlying their functions is limited to a local government area or other region within a State or Territory or the functions involve policies that are primarily of concern at a local level.
Multi-jurisdictional sector
The multi-jurisdictional sector contains units where jurisdiction is shared between two or more governments, or classification of a unit to a jurisdiction is otherwise unclear. The main type of units currently falling into this category are the public universities.
Net acquisition of non-financial assets
Gross fixed capital formation less depreciation plus change in inventories plus other transactions in non-financial assets.
Non-financial asset
Any asset that is not in the form of a financial claim on another economic unit, monetary gold or a statutory reserve deposit at the IMF.
Operating statement
The GFS financial statement that records the results of all transactions, which are classified as revenues, expenses or net acquisition of non-financial assets.
State/Territory level of government
The level of government of public sector units that have a state or territory role or function, i.e. the political authority underlying their functions is limited to a State or Territory or the functions involve policies that are primarily of concern at a state or territory level.
Subsidies
Current transfers that government units make to enterprises either on the basis of the levels of their production activities or on the basis of the quantities or values of the goods or services that they produce, sell, or import.
Surplus/deficit
Supplementary balance in the GFS cash flow statement that is derived as net cash flows from operating activities plus net cash from investments in non-financial assets less distributions paid less value of assets acquired under finance leases.
Taxes
Compulsory, unrequited transfers to the general government sector.
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