Board of Governors of the Federal Reserve System

Financial Accounts Guide


Release Highlights

With each Z.1 release, major data and structural revisions are highlighted at the beginning of the publication. This page consolidates these highlights in a searchable format for all releases beginning with 2004q1.

310 entries in Financial Accounts Release Highlights

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Date Highlights Count
2016q2Revisions to the market value of residential real estate: The market value of residential real estate (tables B.101 and B.104) has been revised from 2000:Q1 forward to reflect revised data for the repeat-sales house-price index from LoanPerformance (a division of First American CoreLogic).1
2016q2Closed-end funds and exchange-traded funds now shown on separate tables: Closed-end funds are now shown separately on tables F.123 and L.123 and exchange-traded funds are now shown on tables F.124 and L.124. Previously, both sectors were shown on tables F.123 and L.123. The sector tables that follow have been renumbered.2
2016q2Closed-end funds' debt securities now reported at market value and new investment objective detail: Debt securities held by closed-end funds (tables F.123 and L.123) are now reported at market value, consistent with the international standards described in the System of National Accounts (SNA2008). New memo items show financial assets by investment objective: domestic equity funds, world equity funds, domestic taxable bond funds, municipal bond funds, and world bond funds. Investment objective data are available beginning 2007:Q1.3
2016q2Exchange-traded funds' debt securities now reported at market value and new investment objective detail: Debt securities held by exchange-traded funds (tables F.124 and L.124) are now reported at market value, consistent with the international standards described in the System of National Accounts (SNA2008). A new miscellaneous asset series reflects commodities, currencies, and futures; previously these assets were included with corporate equities. New memo items show financial assets by investment objective: domestic equity funds, world equity funds, commodity funds, hybrid funds, taxable bond funds, and municipal bond funds. Investment objective data are available beginning 2001:Q4.4
2016q2Private pension fund benchmark: Assets of the private pension fund sector (tables F.118, F.118.b, F.118.c, L.118, L.118.b, and L.118.c) have been revised beginning in 2014:Q1 to reflect new data from the U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 filed for plan year 2014.5
2016q2National income and product accounts annual revision: The statistics in this publication reflect the annual revisions to the national income and product accounts (NIPAs) from 2012:Q1 forward released by the Bureau of Economic Analysis (BEA) of the Department of Commerce on July 29, 2016, and subsequent information for 2016:Q2 released on August 26, 2016. The August 2016 issue of the Survey of Current Business provides details on the major features of this annual revision.6
2016q2Fixed assets annual revision: Data for investment and depreciation flows and capital stocks for all sectors have been revised beginning 2012 to reflect updated annual estimates of fixed assets from the BEA.7
2016q2Rest of the world sector revision: Revisions to the rest of the world sector (tables F.133 and L.133) reflect revised estimates of the U.S. international transactions accounts (ITAs) and the U.S. international investment position (IIP) accounts released by BEA for 2012:Q1 forward. BEA's changes are detailed in the July 2016 Survey of Current Business.8
2016q2Seasonal adjustment: Seasonal factors for quarterly flows have been recalculated for the period 2006:Q1 forward. The seasonal factors are generated using the X-12-ARIMA seasonal adjustment program by the U.S. Census Bureau.9
2016q2New Enhanced Financial Accounts projects: Two new Enhanced Financial Accounts (EFA) projects: (1) Funding Agreement-Backed Securities (FABS) and (2) International Portfolio Investment Holdings of Long-term Securities by Country have been added to the EFA page at www.federalreserve.gov/apps/fof/efa/enhancedfinancialaccounts.htm . More information about each of these EFA projects is available in the accompanying FEDS Notes: "Funding Agreement-Backed Securities in the Enhanced Financial Accounts" (Nathan Foley-Fisher, Ralf Meisenzahl, Borghan Narajabad, Maria Perozek, and Stephane Verani) and "International Portfolio Investment Holdings of Long-term Securities in the Enhanced Financial Accounts" (Elizabeth Holmquist, Max Miller, and Youngsuk Yook).10
2016q1Variable annuity mutual funds: The mutual fund sectors have been expanded to include variable annuity mutual funds, which are funding vehicles for variable annuities. Variable annuity mutual funds were previously included as part of corporate equities held in the separate accounts of life insurers (shown on life insurance sector tables F.116, L.116, F.116.s, and L.116.s), but are now included in the mutual fund sector (tables F.122 and L.122) and the money market mutual fund sector (tables F.121 and L.121). This aligns the treatment of variable annuity mutual funds with the fund data reported by the Investment Company Institute (ICI). Assets held in variable annuity mutual funds are shown as memo items on the mutual fund and money market mutual fund sector tables.11
2016q1Mutual funds' holdings of debt securities reported at market value: Debt securities held by the mutual fund sector (tables F.122 and L.122) are now reported at market value, consistent with the international standards described in the System of National Accounts (SNA2008).12
2016q1Mutual funds by investment objective: New memo items have been added to the mutual fund tables (tables F.122 and L.122) to show financial assets by investment objective: domestic equity funds, world equity funds, hybrid funds, taxable bond funds, and municipal bond funds. Data are available beginning in 1991:Q1.13
2016q1Life insurance company separate accounts: Data for life insurance company separate accounts (tables F.116.s and L.116.s) have been extended back to 1987:Q4. Previously, detail on life insurance companies general accounts and separate accounts was only available beginning 1997:Q4.14
2016q1Treatment of CREF assets: CREF assets are now treated as variable annuity mutual funds and are included in the holdings of mutual fund shares by state and local government employee defined contribution retirement funds (tables F.120.c and L.120.c) and private defined contribution pension plans (tables F.118.c and L.118.c). Previously, these tables showed the financial instrument detail underlying CREF's variable annuity mutual funds.15
2016q1Nonfinancial corporate business benchmark: Assets of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2014:Q1 forward, to reflect new data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2014.16
2015q4Effective federal funds rate: A memo item showing the effective federal funds rate in percent is now included on the federal funds and security repurchase agreements instrument table (L.207). The effective federal funds rate is a weighted average of rates on brokered trades, annualized using a 360-day year.17
2015q4FHLB advances: Federal home loan bank (FHLB) advances are now shown separately from other government-sponsored enterprise (GSE) loans on the other loans and advances instrument table (tables F.216 and L.216). FHLB advances to insurance companies are broken down further into loans to life insurance companies, property and casualty insurance companies, and captive insurance companies that are affiliated with finance companies and real estate investment trusts (REITs). Also, equity in the FHLB held by these sectors is now shown on the identified miscellaneous financial claims -- part 1 instrument table (tables F.232 and L.232).18
2015q4New Enhanced Financial Accounts projects: Two new Enhanced Financial Accounts (EFA) projects: (1) State and Local Government Defined Benefit Pension Plans: State-level Detail, and (2) Depository Institutions: Mortgage and Consumer Loan Portfolios by Probability of Default have been added to our EFA page at www.federalreserve.gov/apps/fof/efa/enhanced-financialaccounts.htm.19
2015q4Expansion of international data submissions: The "International Data Submissions" page of the "Financial Accounts Guide" includes five new tables and SDMX files for IMF Financial Soundness Indicators (FSIs). These include Table 1. Data Report Form for FSIs and Underlying Series, Annex 5. Sectoral Financial Statement: Other Financial Corporations -- Balance Sheet, Annex 6. Sectoral Financial Statement: Nonfinancial Corporations -- Income and Expense Statement, Annex 7. Sectoral Financial Statement: Nonfinancial Corporations -- Balance Sheet, and Annex 8. Sectoral Financial Statement: Households.20
2015q4FEDS Notes: A number of new FEDS notes are now available: "Introducing Section 529 Plans into the U.S. Financial Accounts and Enhanced Financial Accounts" (Madeline McCullers and Irina Stefanescu), "Saving for College and Section 529 Plans" (Simona Hannon, Kevin Moore, Max Schmeiser, and Irina Stefanescu), "State and Local Pension Funding in the Enhanced Financial Accounts" (Matthew Hoops, Paul Smith, and Irina Stefanescu), "Funding Agreement-backed Securities in the Financial Accounts of the United States" (Elizabeth Holmquist and Maria Perozek), and "Corporate Equities by Issuer in the Financial Accounts of the United States" (Damian Thomas, Missaka Warusawitharana, and Rick Ogden).21
2015q3Enhanced Financial Accounts Updates: The EFA initiative is an ambitious and long-term effort to enhance the "Financial Accounts" by providing additional detail and disaggregation, higher-frequency data, and additional documentation and analysis of financial data, in order to improve our picture of financial intermediation and activity in the United States. The website provides further information on the initiative, preliminary data, and documentation for the EFA projects, which will be updated periodically as data become available. http://www.federalreserve.gov/apps/fof/efa/enhanced-financialaccounts.htm.22
2015q3New Enhanced Financial Accounts Projects: Two new EFA projects will be released in the next few weeks, including one project on U.S. money market mutual funds showing additional detail and one project showing assets of 529 college savings plans by state and plan type.23
2015q3Integrated Macroeconomic Accounts (IMA) financial subsectors: In conjunction with the Bureau of Economic Analysis, five new IMA financial subsector tables are now available with annual data beginning in 2001. These tables cover the following subsectors: Central Bank (table S.61.a), Depository Institutions (table S.62.a), Insurance Companies (table S.63.a), Pension Funds (table S.64.a), and Other Financial Business (table S.65.a).24
2015q3New detail on the market value of domestic corporations: New detail has been added to the corporate equities level table (table L.223) to show the split between publicly traded and closely held equity issues of nonfinancial corporate business and financial corporations. Also, new memo items show the market value of total domestic publicly traded equity and total domestic closely held equity which is now split between S corporations and C corporations. Data for these new items begin in 1996:Q4. A forthcoming FEDS Note will provide additional information.25
2015q3Funding agreements backing securities: Funding agreements issued by life insurance companies (tables F.116 and L.116) and held by issuers of asset-backed securities (ABS) (tables F.126 and L.126) are shown explicitly as miscellaneous liabilities of life insurance companies and miscellaneous assets of the ABS issuers sector. These funding agreements are also shown on the table for miscellaneous financial claims -- part II (tables F.233 and L.233). These funding agreements are the collateral backing debt securities issued by domestic ABS issuers. A forthcoming FEDS Note will provide additional information.26
2015q3Municipal securities held by private pension funds: Holdings of municipal bonds have been added to the private defined contribution pension plans sector (tables F.118.c, F.118, F.117, L.118.c, L.118, and L.117). Previously these securities had been included in the corporate and foreign bonds instrument category.27
2015q3Nonfinancial noncorporate business benchmark: Data for the noncorporate business sector (tables F.104, L.104, B.104, and R.104) have been revised to reflect new 2013 benchmark statistics from the Internal Revenue Service (IRS) Statistics of Income (SOI).28
2015q3FEDS Notes: Two new FEDS Notes have recently become available: "Federal Debt in the Financial Accounts of the United States" (Marco Cagetti, Matthew Hoops, Susan McIntosh and Rick Ogden) and "U.S. Net Wealth in the Financial Accounts of the United States" (Elizabeth Holmquist and Susan Hume McIntosh).29
2015q2Enhanced Financial Accounts: New pages on the Federal Reserve Board's website have been added for the Enhanced Financial Accounts (EFA) initiative. The EFA initiative is an ambitious and long-term effort to enhance the "Financial Accounts" by providing additional detail and disaggregation, higher-frequency data, and additional documentation and analysis of financial data, in order to improve our picture of financial intermediation and activity in the United States. The website provides further information on the initiative, preliminary data, and documentation for the first EFA projects, including new detail on depository institutions and syndicated loans. More information about these EFA projects is available in two related FEDS Notes, one by Ralf Meisenzahl and one by Paul Smith. Other EFA projects will be added in coming months.30
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Last update: March 10, 2016