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.

265 entries in Financial Accounts Release Highlights

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Date Highlights Count
2015q1Detail on 529 Plans: New memo items showing households' assets held in 529 college savings plans and prepaid tuition plans are now included on the balance sheet of households and nonprofit organizations (table B.101). Additionally, table B.101 now includes a memo item for households' assets held in individual retirement accounts (IRAs), which is also shown on the pension entitlements instrument tables (tables F.226 and L.226).1
2015q1Nonfinancial corporate business benchmark: Assets of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2013:Q1 forward, to reflect new advance data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2013.2
2015q1Nonfinancial noncorporate business benchmark: Data for the noncorporate business sector (tables F.104, L.104, B.104, and R.104) have been revised from 2011:Q1 forward to reflect the 2011 and 2012 benchmark statistics from the Internal Revenue Service (IRS) Statistics of Income (SOI).3
2015q1FEDS Notes: The following FEDS Notes have recently become available: "Defined-Contribution Pension Plans for State and Local Government Employees in the Financial Accounts of the United States" (Matthew Hoops, Irina Stefanescu, and Ivan Vidangos ), "Deleveraging and Recent Trends in Household Debt" (Ivan Vidangos), and "The Federal Reserve's Overnight and Term Reverse Repurchase Agreement Operations in the Financial Accounts of the United States" (Ralf R. Meisenzahl). FEDS Notes are available on the Federal Reserve Board's website at www.federalreserve.gov/econresdata/notes/feds-notes /default.html.4
2015q1Seasonally unadjusted NIPA flows for non-government sectors: In 2007, BEA discontinued producing seasonally unadjusted flow data for non-government NIPA series. Later historical revisions to the seasonally adjusted time series made the previously recorded unadjusted flow series out of date. To align the Financial Accounts data for these NIPA series with that published by BEA, we have recalculated the quarterly rate unadjusted flow component to equal the seasonally adjusted annual rate flow series published by BEA, divided by four.5
2015q1New series mnemonic two-letter prefix: The two-letter prefix on level series mnemonics for real estate have been changed from "FL" to "LM" to signify that these series are recorded at market value. At this time, the mnemonics of calculated series that include components with mixed valuation have not been changed. Work to update the mnemonics of other market value series is ongoing.6
2015q1Expansion of international data submissions: The "International Data Submissions" page of the "Financial Accounts Guide" includes two new tables and SDMX files for the U.S. Public Sector Debt statistics for general government and central government. These data are disseminated for the joint use of the World Bank, the International Monetary Fund, and the Organisation for Economic Co-operation and Development.7
2014q4Domestic nonfinancial sector tables: New tables for the "domestic nonfinancial sector" (tables F.100 and L.100) have been added. The domestic nonfinancial sector aggregates the household and nonprofit organizations sector, the nonfinancial business sector, and the general government sector. Subsequent sector tables have been renumbered.8
2014q4General government sector tables: New tables for the "general government sector" (tables F.105 and L.105) have been added. The general government sector aggregates the federal government and state and local governments sectors, on an unconsolidated basis (i.e., without netting transactions between federal and state and local governments). The tables for the consolidated statement for federal, state, and local governments, previously shown as supplemental tables F.105.c and L.105.c, have been discontinued. However, new memo items on F.105 and L.105 show financial assets and liabilities of the general government sector on a consolidated basis. Subsequent sector tables have been renumbered.9
2014q4Reorganization of sector tables: To make tables easier to find and to follow international norms, a number of sector tables have been relocated and renumbered. Federal government tables now precede state and local government tables. Sim ilarly, federal government employee retirement fund tables now precede state and local government employee retirement fund tables. Tables showing the split between defined-benefit and defined-contribution pension plans have been moved from the "Supplements" section to immediately follow their respective pension sector tables. Similarly, tables showing the split between life insurance companies' general accounts and separate accounts have been moved to immediately follow the life insurance companies sector tables, and tables showing the split between equity and mortgage real estate investment trusts have been moved to immediately follow the real estate investment trusts sector tables. The rest of the world sector tables have been moved to the end.10
2014q4Individual retirement accounts (IRAs): Assets held in Individual Retirement Accounts (IRAs), previously shown in supplemental tables F.226.i and L.226.i, are now shown as memo items on the pension entitlements instrument tables (tables F.226 and L.226). Supplemental tables F.226.i and L.226.i have been discontinued.11
2014q4Detail on federal funds and security repurchase agreements: New detail is available on the federal funds and security repurchase agreements instrument tables (tables F.207 and L.207). Federal funds are now reported separately from security repurchase agreements for the following sectors: U.S.-chartered depository institutions from 2012:Q1, foreign banking offices in U.S from 2003:Q1, credit unions from 2010:Q4, and the Federal Home Loan Banks (FHLB), a government-sponsored enterprise, from 2000:Q4.12
2014q4Detail on the Federal Reserve's reverse repurchase agreement operations: A new memo section on the federal funds and security repurchase agreements instrument tables (tables F.207 and L.207) shows the borrowing of the monetary authority sector through the Federal Reserve's reverse repurchase agreement operations, which includes both overnight and term security repurchase agreements, with money market mutual funds and other financial institutions. Similar detail is also shown on the monetary authority tables (tables F.108 and L.108). A forthcoming FEDS note with more detail on this topic will soon be available on the Federal Reserve Board's website at www.federalreserve.gov/econresdata/notes/feds -notes/default.html.13
2014q4Dow Jones total U.S. stock market index: A memo item showing the percent change in the Dow Jones total U.S. stock market index is now included on the corporate equities levels instrument table (table L.213).14
2014q4Adjustments for differences between the Bureau of Economic Analysis' national income and product accounts' (NIPA) and the financial accounts' treatment of the federal government sector: The adjustment for the Office of Personnel Management's Employees' Life Insurance Fund, part of life insurance and pension reserves, has been removed from the federal government table (table F.106) to align its treatment in the NIPA and the financial accounts. Similarly, the adjustment for contributions for government social insurance for U.S. -affiliated areas has also been removed from the federal government table (table F.106). However, the adjustment for contributions for government social insurance for U.S.-affiliated areas is now included on the households and nonprofit organizations table (table F.101) because such contributions are reflected in the financial assets and liabilities of households, but are not included in the NIPA measure of domestic personal income.15
2014q4State and local government defined contribution employee retirement funds FEDS Note: The following FEDS Note, "Introducing Defined-Contribution Pensions for State and Local Government Employees in the Financial Accounts of the United States" (Matthew Hoops, Irina Stefanescu, and Ivan Vidangos), will soon be available on the Federal Reserve Board's website at www.federalreserve.gov/econresdata/notes/feds -notes/default.html.16
2014q4New series mnemonic two-letter prefix: The two-letter prefix on level series mnemonics for corporate equities and mutual funds shares have been changed from "FL" to "LM" to signify that these series are recorded at market value. At this time, the mnemonics of calculated series that include components with mixed valuation have not been changed. W ork to update the mnemonics of other market value series is ongoing.17
2014q3Expansion of international data submissions: The "International Data Submissions" page of the "Financial Accounts Guide" includes two new tables and SDMX files for: General Government Gross Operations and Financial Soundness Indicators, required by the International Monetary Fund (IMF) for adherence to the SDDS Plus initiative. It also includes updated SNA2008 compatible templates and SDMX files for the four matrices (tables 610, 620, 710, and 720) produced for the OECD.18
2014q3FEDS Notes: The following FEDS Notes have recently become available: "Accounting for Mortgage Charge-offs in the Financial Accounts of the United States" (James Kennedy, Maria Perozek, and Paul Smith), "Measuring Direct Investment in the Financial Accounts of the United States" (Priya Punatar and Youngsuk Yook ), and "Introducing Actuarial Liabilities and Funding Status of Defined- Benefit Pensions in the U.S. Financial Accounts" (Irina Stefanescu and Ivan Vidangos). FEDS Notes are available on the Federal Reserve Board's website at www.federalreserve.gov/econresdata/notes/feds-notes/default.html.19
2014q2Annual revision of the national income and product accounts: The statistics in this publication reflect the annual revisions to the national income and product accounts (NIPAs) from 1999:Q1 forward released by the Bureau of Economic Analysis (BEA) of the Department of Commerce on July 30, 2014, and subsequent information for 2014:Q2 released on August 28, 2014. The August 2014 issue of the Survey of Current Business provides details on the major features of this annual revision.20
2014q2Fixed assets: Data for investment and depreciation flows and capital stocks for all sectors have been revised to reflect updated annual estimates of fixed assets from the BEA.21
2014q2Seasonal adjustment: Seasonal factors for quarterly flows have been recalculated for the period 2004:Q1 forward. The seasonal factors were generated using the X-12-ARIMA seasonal adjustment program by the U.S. Census Bureau.22
2014q2Rest of the world comprehensive revision: Revisions to the rest of the world sector (tables F.106 and L.106) reflect new estimates of the U.S. international transactions accounts (ITAs) and the U.S. international investment position (IIP) accounts released by BEA for 1999 through 2013. With this revision, BEA introduced a new presentation of the ITAs as part of a comprehensive restructuring to bring the international accounts into closer alignment with new international statistical guidelines detailed in the International Monetary Funds' Balance of Payments and International Investment Position Manual, 6th edition. BEA's changes are detailed in the July 2014 Survey of Current Business.23
2014q2Direct investment table: U.S. direct investment abroad and foreign direct investment in the U.S. are no longer treated as part of the identified miscellaneous financial claims instrument category. Starting with this publication, a new instrument table "Direct Investment" (tables F.229 and L.229) presents these items. This table also shows additional detail on direct investment including asset/liability-basis presentations and alternative valuations made available with BEA's recent revision of the International Economic Accounts. A forthcoming FEDS note by will provide additional information.24
2014q2Defined contribution retirement funds for state and local government employees: State and local government employee retirement funds (tables F.118 and L.118) have been expanded to include defined contribution (DC) plans. These DC plans consist of 403(b) and 457 plans. Previously, only defined benefit (DB) plans were reported for this sector. A forthcoming FEDS note will provide additional information.25
2014q2Public pension supplemental tables: Detail on defined benefit (DB) and defined contribution (DC) pension plans for the public sectors are now available on supplementary tables. State and local government employee retirement DB plans are shown on tables F.118.b and L.118.b and DC plans are shown on tables F.118.c and L.118.c. Similarly, federal government employee retirement DB plans are shown on tables F.119.b and L.119.b and DC plans are shown on tables F.119.c and L.119.c.26
2014q2Nonfinancial corporate bonds: Net issuance of corporate bonds (tables F.102, F.212, L.102, L.212, and B.102) by the nonfinancial corporate business s ector has been revised from 1995:Q2 forward to reflect new methodology and data sources. The amounts outstanding are calculated using a perpetual inventory method. International data submission tables in the "Financial Accounts Guide", previously located under "All Tables," have been moved to a new page, "International Data Submissions." This page includes two new tables: General Government Total Gross Debt and Sectoral Balance Sheets, required by the International Monetary Fund (IMF) for adherence to the SDDS Plus initiative. It also includes the four matrices (tables 610, 620, 710, and 720) produced for the OECD. SDMX files for these six tables are available on the "International Data Submissions" page.27
2014q2FEDS Notes: More in-depth discussion of selected topics relevant to the "Financial Accounts of the United States" are now available in FEDS Notes. The following notes are currently available: "The Federal Debt-Limit Standoff of 2013 in the Financial Accounts of the United States" (Ivan Vidangos), "Repurchase Agreements in the Financial Accounts of the United States" (Elizabeth Holmquist and Josh Gallin), and "Enhanced Financial Accounts" (Josh Gallin and Paul Smith). Topics for forthcoming FEDS Notes include pension entitlements, direct investment, home mortgage charge-offs, and defined contribution retirement funds for state and local government employee. FEDS Notes are available on the Federal Reserve Board's website at www.federalreserve.gov/econresdata/notes/feds-notes/default.html. A link to the FEDS Notes website is available on the home page of the "Financial Accounts Guide." Links to the appropriate FEDS Notes are also available in the table descriptions of the "Financial Accounts Guide."28
2014q1Federal funds and security repurchase agreements: Additional detail on federal funds and security repurchase agreements is now available on the instrument tables F.207 and L.207 and the sector tables for U.S.-chartered depository institutions (F.110 and L.110), foreign banking offices in U.S. (F.111 and L.111), credit unions (F.113 and L.113), and security brokers and dealers (F.128 and L.128). On these tables, federal funds and security repurchase agreements, previously reported as net liabilities, are now reported separately as assets and liabilities. In addition to changes in presentation, the data have been revised to reflect methodological improvements as well. In particular, while transactions between depository institutions were previously netted out, this instrument category now includes all federal funds and security repurchase agreement transactions, regardless of counterparty.29
2014q1Security credit: Data for the security credit instrument category (tables F.224 and L.224) have been revised to reflect methodological improvements. In particular, depository institutions' security credit assets no longer include security repurchase agreement transactions with security brokers and dealers, as these are now included in the instrument category federal funds and security repurchase agreements. The methodology for the security credit of security brokers and dealers and households has also been improved. In addition, security credit of the rest of the world sector, which was discontinued in 1976:Q1, is no longer shown.30
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Last update: March 6, 2014