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.


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501 entries in Financial Accounts Release Highlights

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Date Highlights Count
2023q4Financial subsector corporate equity issues at market value: New detail on corporate equity issues outstanding at market value (table L.224) is now available for U.S.-chartered depository institutions, property-casualty insurance companies, life insurance companies, closed-end funds, exchange-traded funds, government-sponsored enterprises, mortgage REITs, securities brokers and dealers, holding companies, and other financial business. Previously, only total financial business sector corporate equity issuance outstanding was available. Additional detail on the split between publicly traded and closely held equity outstanding are also newly available on table L.224. Corresponding sector levels tables for all corporate equity issuing sectors now include line items for total liabilities and equity, total liabilities, and total equity. While transactions in financial sector corporate equities were unaffected for most sectors, estimates of net issues for government-sponsored enterprises have been revised due to new methodology.1
2023q4Corporate equities included in Issuer-to-Holder data: The next release of the Enhanced Financial Accounts Issuer-to-Holder (From-Whom-to-Whom) data will include the corporate equities instrument category. Previously, corporate equities were excluded from the issuer-to-holder dataset due to insufficient detail on financial sector issuance. With the incorporation of corporate equities, the issuer-to-holder dataset now covers all Financial Accounts instrument categories.2
2023q4Nonmarketable Treasury securities reclassified: Nonmarketable Treasury securities have been reclassified from the instrument category for Treasury securities (tables F.210 and L.210), a type of debt security, to other loans and advances (tables F.216 and L.216). This change aligns the Financial Accounts more closely with the System of National Accounts 2008 (SNA) international guidelines under which only negotiable debt instruments, such as marketable Treasury securities, are classified as debt securities. Measures of total debt (tables D.1-D.3), which include loans and debt securities, are unaffected.3
2023q4Central clearing counterparties supplementary table: A new supplementary table (L.132.c) showing financial assets and liabilities levels outstanding for central clearing counterparties (CCPs) has been added to the release. CCPs are included in the other financial business sector (tables F.132 and L.132). A forthcoming FEDS note, "Central Clearing Counterparties in the Financial Accounts of the United States" (Matthew Guse, Matthew Hoops, and Maria Perozek), details the construction of these data.4
2023q4Fraternal insurance companies reclassified: Fraternal insurance companies have been reclassified from the households and nonprofit organizations sector (tables F.101, L.101, B.101, R.101, and B.101.n) to the life insurance companies sector (tables F.116, L.116, F.116.g, L.116.g, F.116.s, and L.116.s) in accordance with System of National Accounts 2008 international guidelines. Historical revisions related to the reclassification extend back to 1987:Q1. While fraternal insurance companies in the United States are nonprofit organizations and file returns with the Internal Revenue Service under Section 501(c)(8) of the Internal Revenue Code, for statistical purposes they are included in the financial sector because they provide insurance services at economically significant prices.5
2023q4Change in net worth tables reformatted: The investment section of the change in net worth tables for the households and nonprofit organizations, nonfinancial corporate business, and nonfinancial noncorporate business sectors (tables R.101, R.103, and R.104, respectively) has been reformatted to align more closely with the presentation of assets and liabilities shown on the sector balance sheets (tables B.101, B.103, and B.104).6
2023q4New table on debt securities statistics added to the "International Data Submissions" page: A new table, Debt Securities Issues by Sector, Currency, Maturity, Interest Rate and Market of Issuance, Stocks at Market Value, has been added to the set of tables for the Bank for International Settlements (BIS) on the Financial Accounts Guide "International Data Submissions" webpage. The table is constructed using Enhanced Financial Accounts Issuer-to-Holder (From-Whom-To-Whom) estimates based on Z.1 Financial Accounts aggregate debt securities holdings data. These tables satisfy Recommendation 7 of the Second Phase of the G20 Data Gaps Initiative (DGI-2) and are submitted to the BIS in SDMX format.7
2023q3Equity REIT reclassification: The equity real estate investment trust (eREIT) sector (previously tables F.129.e and L.129.e) has been reclassified to the nonfinancial corporate business sector (tables F.103, L.103, B.103, R.103, and S.5.a) to better align with the System of National Accounts (SNA 2008) international guidelines.  As a result, REITs reported in the domestic financial sector (tables F.129 and L.129) comprise only mortgage REITs (previously tables F.129.m and L.129.m) and the tables have been renamed accordingly. eREIT tables (F.129.e and L.129.e) are no longer separately available.8
2023q3National Income and Product Account comprehensive update: The statistics in this publication reflect the 2023 comprehensive update of the National Income and Product Accounts (NIPAs) released by the Bureau of Economic Analysis (BEA) on September 28, 2023, as well as information for 2023:Q3 released by BEA on November 29, 2023. This comprehensive update includes the reclassification of equity REITs to the nonfinancial business sector as well as updates to treatment of investment funds. See the November 2023 issue of the Survey of Current Business at https://apps.bea.gov/scb/ for further details on the 2023 comprehensive update.9
2023q3Fixed assets comprehensive update: Investment, depreciation, and capital stock data for private and government sectors have been revised beginning in 2013 for most series while a reclassification of equity REITs from the financial sector to the nonfinancial corporate business sector was incorporated for the full history. These revisions reflect updated annual estimates of fixed assets from BEA.10
2023q3Nonfinancial noncorporate business benchmark: Nonfinancial noncorporate business sector data (tables F.104, L.104, B.104, and R.104) have been revised beginning 2021:Q1 to reflect new benchmark data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2021.11
2023q2Instrument table reorganization and renumbering: Transaction and level instrument tables have been reordered and renumbered beginning with F.223 and L.223, respectively, to accommodate new "other equity" instrument tables, which align the Financial Accounts more closely with international guidelines set forth in the System of National Accounts 2008. The new and previous table references are as follows:Direct investment intercompany debt is shown on F.223 and L.223 (previously F/L.230). Corporate equities are shown on F.224 and L.224 (previously F/L.223). Other equity is shown on F.225 and L.225.Direct investment equity, a component of Other equity, is shown on F.225.a and L.225.a (previously included on F/L.230). Miscellaneous other equity, a component of Other equity, is shown on F.225.b and L.225.b (proprietors' equity in noncorporate business was previously shown on F/L.229, while the remaining line items were previously shown on F/L.232). Mutual fund shares are shown on F.226 and L.226 (previously F/L.224). Life insurance reserves are shown on F.228 and L.228 (previously F/L.226). Pension entitlements are shown on F.229 and L.229 (previously F/L.227). Trade credit is shown on F.230 and L.230 (previously F/L.225). Taxes payable by businesses are shown on F.231 and L.231 (previously F/L.228). Total miscellaneous financial claims are shown on F.232 and L.232 (previously F/L.231). Identified miscellaneous financial claims-part I is shown on F.233 and L.233 (previously F/L.232). Identified miscellaneous financial claims-part II is shown on F.234 and L.234 (previously F/L.233). Unidentified miscellaneous financial claims are show on F.235 and L.235 (previously F/L.234). Note that tables F.227 and L.227 are skipped; these are reserved for the hedge fund shares instrument to be released at a later date.12
2023q2New Other equity instrument table: Equity-like assets and liabilities, other than those classified as corporate equities, have been recategorized into a new aggregate instrument, other equity (tables L.225 and F.225), to align more closely with the System of National Accounts 2008 (SNA) international guidelines. The Other equity instrument table includes Direct investment equity, also shown separately on tables F.225.a and L.225.a, and Miscellaneous other equity, also shown separately on tables F.225.b and L.225.b. Miscellaneous other equity includes proprietors' equity in noncorporate business (previously F.229 and L.229) and equity-like items previously reported on the Identified miscellaneous financial claims - part I table. In accordance with SNA guidelines, miscellaneous other equity transactions are now included in net equity issuance and removed from the net increase in liabilities for issuing sectors. Similarly, levels of miscellaneous other equity are now reported in memo items rather than in liabilities for issuing sectors. Other equity assets are identified as separate line items on sector tables. The Integrated Macroeconomic Accounts (tables S.1.A - S.9.A and S.1.Q - S.9.Q) and international data submissions already align with this treatment and are therefore not affected.13
2023q2Miscellaneous liability calculation revisions: Due to the change in classification of other equity items, "Equity investment by holding company parent" is no longer included in the calculation of unidentified miscellaneous liabilities of U.S-chartered depository institutions and Securities brokers and dealers. Instead, these other equity items are included in net equity issuance on the respective sectors' transaction tables (see F.111 and F.130) and in the memo items for their levels tables (see L.111 and L.130).14
2023q2FDIC receivership assets and liabilities reclassified: All assets and liabilities of failed banks (U.S. depository institutions excluding credit unions) held in Federal Deposit Insurance Corporation (FDIC) receivership for the purposes of liquidation are now included in the U.S.-chartered depository institutions sector (tables F.111 and L.111) in accordance with System of National Accounts 2008 international guidelines. Previously, mortgage assets of failed banks held in FDIC receivership were classified as assets of the Federal Government sector and some assets and liabilities were not captured. Liabilities due to the monetary authority and the Federal Home Loan Banks were already included in the U.S.-chartered depository institution sector.15
2023q2Private pension 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 2021:Q1 to reflect new 2021 plan year data from U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500.16
2023q2Finance company benchmark: The finance company sector data (tables F.128 and L.128) have been revised from 2021:Q2 forward to incorporate the Federal Reserve 2020 Census of Finance Companies (CFC) and Survey of Finance Companies (SFC). Transactions are not affected, but rather other changes in volume accounts record the change to amounts outstanding due to the benchmark revision. The CFC and SFC are conducted every five years but were delayed during the COVID-19 pandemic.17
2023q1Other loans and advances, margin accounts and cash accounts at security brokers and dealers: Beginning 2000:Q1, additional detail has been added to margin accounts and cash accounts at security brokers and dealers shown on the instrument table for other loans and advances (tables F.216 and L.216). Security brokers and dealers sector (tables F.130 and L.130) receivables from customers and noncustomers are now reported separately for margin accounts. Similarly, security brokers and dealers sector payables to customers and noncustomers are now reported separately for cash accounts. The customer and noncustomer detail are combined in the customer series prior to 2000:Q1.18
2023q1Monetary authority Bank Term Funding Program loans and other credit extensions: Additional detail has been added to the monetary authority sector (tables F.109 and L.109) interbank loans for loans to U.S.-chartered depository institutions provided under the new Bank Term Funding Program and other credit extensions, consistent with the H.4.1 Federal Reserve Balance Sheet: Factors Affecting Reserve Balances statistical release.19
2023q1Residential real estate revision: Beginning 2021:Q2, the value of owner-occupied residential real estate shown on the Balance sheet for households and nonprofit organizations (tables B.101, R.101, and B.101.h) has been revised due to the incorporation of updated housing value estimates from a new Zillow automated valuation model (AVM).20
2023q1Rest of the world holdings of municipal securities: Beginning 2012:Q1, rest of the world (tables F.133 and L.133) holdings of municipal securities are now reported at market value.21
2023q1Nonprofit organizations benchmark data for Section 501(c)(3-9) nonprofit organizations and private foundations: Nonprofit organizations data (tables F.101, L.101, B.101, R.101, and B.101.n) have been revised beginning 2019 to reflect new Internal Revenue Service Statistics of Income (IRS/SOI) data for Section 501(c)(3-9) nonprofit organizations and private foundations for 2019. (Section 4947(a)(1) Nonexempt Charitable Trusts data have not revised).22
2023q1Nonfinancial corporate business benchmark: Assets of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2021:Q1 forward to reflect new data for partnerships and sole proprietorships from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2021.23
2023q1Nonfinancial noncorporate business benchmark: Nonfinancial noncorporate business sector data (tables F.104, L.104, B.104, and R.104) have been revised beginning 2020:Q1 to reflect new benchmark data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2020.24
2022q4Households and nonprofit organizations vacant land benchmark: The value of residential vacant land held by households and nonprofit organizations (tables B.101 and R.101) has been revised beginning 2004:Q3 to reflect benchmark data for 2016:Q3 and 2019:Q3 from the triennial Survey of Consumer Finances (SCF). Note: SCF benchmark data for 2007:Q3, 2010:Q3, and 2013:Q3 are not used due to apparent valuation challenges that arose during the housing boom and bust over that period.25
2022q4Residential real estate revision: The value of residential real estate held by households and nonprofit organizations (tables B.101, R.101, B.101.h, and B.101.n), nonfinancial corporate businesses (tables B.103 and R.103), and nonfinancial noncorporate businesses (tables B.104 and R.104) has been revised to reflect updated source data. Beginning 2021:Q1, the value of owner-occupied residential real estate (excluding vacant land and mobile homes) has been revised due to updated historical data from Zillow. Beginning 1990:Q1, the value of residential real estate held by nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses has been revised to reflect updates in the ZHVI house price index used to estimate revaluations.26
2022q4Debt securities held by households and nonprofit organizations: Beginning 1996:Q4, household and nonprofit organization sector (tables L.101, B.101, R.101, and B.101.h) holdings of Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds have revised, reflecting new methodology. Now, the component of changes in the rest of the world's holdings of these debt securities that excludes transactions and revaluations, also called "other volume changes," no longer residually impacts the household and nonprofit sector. Instead, these residual other volume changes from the rest of world have been shifted to the discrepancies between debt security issuance and holdings (see tables L.208, L.210, L.211, L.212, and L.213).27
2022q4Nonfinancial corporate business unidentified miscellaneous assets and liabilities: The unidentified miscellaneous assets and liabilities held by nonfinancial corporate businesses (tables F.103, L.103, B.103, and R.103) have been revised based on new methodology that sets revaluations to zero for these financial instruments. This results in changes to the levels of miscellaneous assets and liabilities. In addition, private pension funds' claims on the corporate sponsor are no longer deducted from the calculation of unidentified miscellaneous liabilities.28
2022q4From-Whom-to-Whom Enhanced Financial Accounts project beta release: The March 24, 2023 release of the Enhanced Financial Accounts will include a new project that provides preliminary estimates of issuer-to-holder relationships by instrument within the Financial Accounts. A forthcoming FEDS note describes the data and the methodology in detail: FWTW: "Issuer-to-Holder (From-Whom-to-Whom) Relationships in the Financial Accounts of the United States: A New Methodology and Some Early Results" (Michael Batty, Elizabeth Holmquist, and Robert Kurtzman).29
2022q3National Income and Product Accounts annual update: The statistics in this publication reflect the 2022 annual update of the National Income and Product Accounts (NIPAs) released by the Bureau of Economic Analysis (BEA) on September 29, 2022, as well as information for 2022:Q3 released by BEA on November 30, 2022. See the October 2022 issue of the Survey of Current Business at https://apps.bea.gov/scb/ for details on the 2022 annual update.30
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