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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371 entries in Financial Accounts Release Highlights

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Date Highlights Count
2018q3New Enhanced Financial Accounts project: A new Enhanced Financial Accounts (EFA) project on an Alternative Measure of Owner-Occupied Real Estate has been added to our EFA page at https://www.federalreserve.gov/releases/efa/enhanced-financialaccounts.htm. More information about the EFA project is available in the accompanying FEDS Note, "A New Measure of Housing Wealth in the Financial Accounts of the United States" (Hannah Hall, Eric Nielsen, and Kamila Sommer), and FEDS working paper, "Measuring Aggregate Housing Wealth: New Insights from an Automated Valuation Model" (Joshua H. Gallin, Raven Molloy, Eric Nielsen, Paul Smith, and Kamila Sommer).1
2018q3FEDS Notes: Two new FEDS notes are now available: "Accounting for Reinsurance Transactions in the Financial Accounts of the United States" (Michael Batty) and "Intercorporate Equity Holdings in the Financial Accounts of the United States" (Joseph Briggs and Hannah Hall).2
2018q3Foreign banking offices' open market paper: Open market paper issued by foreign banking offices in the U.S. (tables F.112 and L.112) now includes asset-backed commercial paper. Revisions begin in 2010:Q1.3
2018q3Methodology change for federal government employee retirement funds: defined contribution plans: Defined contribution plans' (tables F.119.c and L.119.c) claims of pension fund on sponsor have been reclassified as other loans and advances. Previously, suspended reinvestments of the federal government Thrift Savings Plan G fund were treated as an unfunded claim of the pension fund on its sponsor. These suspended reinvestments are now treated as loan assets of the retirement plans and loan liabilities of the federal government, bringing the Financial Accounts more in line with the guidance set forth in the System of National Accounts 2008. Because loans are included in the Financial Accounts' measurement of debt, this change affects federal government debt and debt growth, shown on tables D.1 through D.3.4
2018q3Government fixed assets annual benchmark: Investment, depreciation, and capital stock data for the government sectors have been revised beginning in 1988:Q1 to reflect updated annual estimates of fixed assets from the Bureau of Economic Analysis.5
2018q3Nonprofit organizations benchmark: The supplementary balance sheet table for nonprofit organizations (table B.101.n) has been updated to include Internal Revenue Service Statistics of Income data for 2015.6
2018q2New supplementary household balance sheet table: A new balance sheet for households, excluding nonprofit organizations, has been added as a supplementary table to the Financial Accounts (table B.101.h). The memo section of the table shows the reconciliation of the households' balance sheet (B.101.h) and the nonprofit organizations' balance sheet (table B.101.n), described below, with the combined households and nonprofit organization sector balance sheet shown in the core Financial Accounts (table B.101). Transactions and quarterly data can be obtained from the Federal Reserve Board's data download program.7
2018q2Nonprofit organizations balance sheet: A full balance sheet, including nonfinancial assets, for nonprofit organizations has been added as a supplementary table to the Financial Accounts (table B.101.n). Data for nonprofit organizations have been estimated through the latest publication period. This table replaces the previously published tables F.101.a and L.101.a. Transactions and quarterly data can be obtained from the Federal Reserve Board's data download program.8
2018q2National income and product accounts comprehensive update: The statistics in this publication reflect the 2018 comprehensive update of the National Income and Product Accounts (NIPAs) released by the Bureau of Economic Analysis (BEA) on July 27, 2018, as well as information for 2018:Q2 released by BEA on August 29, 2018. See the September 2018 issue of the Survey of Current Business for details on the 2018 comprehensive update. Major changes related to the Financial Accounts of the United States are described in some of the items below.9
2018q2Fixed assets annual benchmark: Investment, depreciation, and capital stock data for all private sectors have been revised beginning in 1988:Q1 to reflect updated annual estimates of fixed assets from BEA.10
2018q2Reclassification of payments made by Federal Reserve Banks to the federal government: Transfers of excess operating surpluses from the Federal Reserve Banks (monetary authority sector) to the federal government have been reclassified as dividend payments in the NIPAs and the Financial Accounts (tables F.3 and F.106). Previously, these transactions were recorded as taxes on corporate income.11
2018q2State and local government employee defined benefit retirement funds' pension entitlements valued using PBO approach: Pension entitlements of state and local government employee defined benefit retirement funds (tables F.120.b, L.120.b, F.227, and L.227) are now presented on a projected benefit obligation (PBO) basis; previously, they were presented on an accumulated benefit obligation (ABO) basis. The PBO method is also used to estimate the pension entitlements of federal government employee defined benefit pension plans. Private sector defined benefit plans will continue to be presented on an ABO basis.12
2018q2NIPA not seasonally adjusted estimates for GDP, GDI, and their major components: BEA's newly published not seasonally adjusted (NSA) estimates for GDP, GDI, and their major components have been incorporated from 2002:Q1 forward. Previously, NSA data were only available for the government sectors.13
2018q2Nonfinancial corporate business holdings of corporate equities: Corporate equities are now shown as an asset of the nonfinancial corporate business sector (tables F.103, F.223, L.103, L.223, B.103, and R.103). Previously, the sector's holdings were netted against its outstanding amount of corporate equities.14
2018q2Nonfinancial noncorporate business benchmark: Data for the nonfinancial noncorporate business sector (tables F.104, L.104, B.104, and R.104) have been revised to reflect new 2015 benchmark statistics from the Internal Revenue Service (IRS) Statistics of Income (SOI).15
2018q2Private 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 in 2016:Q1 to reflect new data from the U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 files for plan year 2016.16
2018q2New source data for money market funds from SEC: New source data for money market funds from the U.S. Securities and Exchange Commission's (SEC) form N-MFP have been incorporated into the sector's asset holdings (tables F.121 and L.121). Money market funds not available to the public, which are included in the SEC data, are excluded from Financial Accounts' estimates. Data revisions begin 2013:Q1.17
2018q2Holders of money market fund shares: Holdings of money market fund shares by households and nonprofit organizations, state and local governments, and funding corporations (tables F.206 and L.206) have been revised due to a change in methodology based on detail from the Investment Company Institute. Data revisions begin 1976:Q1.18
2018q2Holding companies: The holding company sector (tables F.131 and L.131) has been revised due to a methodology change to properly account for transactions between holding companies and their subsidiaries and to reflect additional foreign companies' investment in their U.S. holding company subsidiaries. Additionally, holding companies that file form FR Y-9SP have been incorporated from 1986:Q2 through 2006:Q1.19
2018q2Rest of the world sector: The rest of the world sector (tables F.133 and L.133) has been revised to reflect new data for the U.S. international transactions accounts and the U.S. international investment position accounts released by BEA from 2010:Q1 forward. BEA's changes are detailed in the July 2018 issue of the Survey of Current Business.20
2018q2Tax on foreign earnings retained abroad required in the December 2017 Tax Cuts and Jobs Act: The 2017 Tax Cuts and Jobs Act (TCJA) required corporations to pay taxes on all foreign earnings retained abroad between 1986 and the 2017 fiscal year. Payments may be spread over an eight-year period, with the first payments expected in 2018:Q2. The 2018:Q2 tax payments have been estimated as 8 percent of the corporations' TCJA tax liability. The payments are shown as a reduction in the taxes payable of the corporations and a reduction in taxes receivable for the federal government (tables F.228 and L.228). The affected corporations are included in the following sectors: nonfinancial corporate business, U.S.chartered depository institutions, property-casualty insurance companies, life insurance companies, finance companies, and security brokers and dealers.21
2018q2Accounting for reinsurance transactions in the Financial Accounts: In accordance with System of National Accounts (SNA 2018) standards, the property-casualty insurance company sector (tables F.115 and L.115) and the life insurance company sector (tables F.116, F.116.g, F.116.s, L.116, L.116.g, and L.116.s) are now reported gross of reinsurance transactions between unaffiliated U.S. insurers, and between U.S. insurers and foreign insurers. The life insurance sector also now includes the assets and liabilities of U.S. captive reinsurers. Memo items on the insurance company sector tables show the reinsurance transactions that have been incorporated into these sectors. Accounting for these changes also affected the rest of the world sector (tables F.133 and L.133) and a number of instrument categories, including insurance reserves and trade payables. The forthcoming FEDS Note, "Accounting for Reinsurance Transactions in the Financial Accounts of the United States," by Mike Batty, summarizes the effects of these changes and describes the treatment of reinsurance in more detail.22
2018q2Seasonal adjustment: Seasonal factors for quarterly transactions have been recalculated from 2008:Q1 forward. The seasonal factors are generated using the X-13-ARIMA seasonal adjustment program from the U.S. Census Bureau.23
2018q2SDDS Plus: From-Whom-to-Whom Holdings of Debt Securities: The "International Data Submissions" webpage of the Financial Accounts Guide includes a new table and an SDMX file for quarterly estimates of From-Whom-to-Whom Holdings of Debt Securities, as required by the International Monetary Fund (IMF) for adherence to the SDDS Plus initiative.24
2018q1"Flows" now referred to as "transactions": As of this publication, the term "flow" is being replaced by the term "transactions." The concept being referred to, which is the acquisition of assets or incurrence of liabilities, is not being changed. The change in terminology is intended to prevent confusion with the broader concept sometimes called "economic flow," which is the change in level from one period to the next and is composed of transactions, revaluations, and other changes in volume. The new terminology brings the Financial Accounts of the United States into better alignment with international guidelines in the System of National Accounts 2008 (SNA2008).25
2018q1Tax on foreign earnings retained abroad required in the December 2017 Tax Cuts and Jobs Act: The 2017 Tax Cuts and Jobs Act requires corporations to pay taxes on all foreign earnings retained abroad after 1986 until the end of the company's most recent fiscal year. Payments may be spread over an eight-year period. The Bureau of Economic Analysis (BEA) shows this tax assessment as a capital transfer in 2017:Q4 (table F.5) from corporations to the federal government. These capital transfers appear on the Financial Accounts' sector tables as part of "gross savings less net capital transfers" for the nonfinancial corporate business, U.S.-chartered depository institutions, property and casualty insurance companies, life insurance companies, finance companies, and brokers and dealers sectors (tables F.103, F.111, F.115, F.116, F.128, and F.130). On the instrument table taxes payable by businesses (tables F.228 and L.228), these tax assessments have been added to the federal government sector as taxes receivable and as taxes payable for the corresponding business sectors. The taxes receivable and payable will be reduced over the next eight years as payments are made. For additional information, see the Financial Accounts technical Q&A on the effects of the Tax Cuts and Jobs Act on Financial Accounts transactions.26
2018q1"Total internal funds + IVA" renamed "Gross savings less net capital transfers paid" for the nonfinancial corporate business sector: The nonfinancial corporate business sector series "Total internal funds + IVA" (table F.103) has been renamed "Gross savings less net capital transfers paid," consistent with the language in the SNA2008 and in other sector tables. There was no change in the calculation of the series. In addition, the calculation of the sector's financing gap shown as a memo item has been corrected to exclude the sector's net capital transfers paid.27
2018q1Changes to the components of liquid assets of the nonfinancial business sector: Liquid asset components of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised back to 2010:Q4 to incorporate the Census Bureau's Quarterly Financial Report data for the service industry. Also, the allocation of deposits between checkable deposits and currency, and time and savings deposits for the nonfinancial corporate business sector and the nonfinancial noncorporate business sector (tables F.104, L.104, B.104, and R.104) has been re-estimated back to 2004:Q1 because of a change in methodology.28
2018q1Nonfinancial corporate business benchmark: Assets of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2016:Q1 forward to reflect new data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2016.29
2018q1Corporate credit unions: The credit union sector (tables F.114 and L.114) has been revised from 1997:Q1 to 2010:Q4 to incorporate data from the National Credit Union Administration (NCUA) for all corporate credit unions. Previously, the Financial Accounts included only natural person credit unions and the U.S. Central Credit Union for this period. Additionally, U.S. Central Credit Union holdings of non-agency-related mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities have been reclassified from the instrument category agency- and GSE-backed securities to corporate and foreign bonds based on NCUA Form 5310 data.30
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