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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347 entries in Financial Accounts Release Highlights

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Date Highlights Count
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).1
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.2
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.3
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.4
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 2016.5
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.6
2018q1Foreign financial sector issuance of commercial paper in the United States: Foreign financial sector issuance of commercial paper in the United States (tables F.209 and L.209) has been revised back to 2003:Q1 because of a change in the method for estimating foreign versus domestic issuance of asset-backed commercial paper. This change aligns the Financial Accounts with the BEA's International Transactions Accounts measure of foreign issuance of commercial paper in the United States.7
2018q1Depository institution loans n.e.c.: The instrument category depository institution loans n.e.c. (tables F.215 and L.215) has been revised due to several changes in methodology. First, depository institution loans n.e.c. to holding companies have been reclassified as corporate and foreign bonds (tables F.131, L.131, F.213 and L.213). Additionally, depository institution loans n.e.c. to the rest of the world sector (tables F.133 and L.133) have been changed in two ways: Loans to foreign banks have been reclassified as interbank transactions (tables F.203 and L.203) to be consistent with the treatment recommended in the SNA2008 and, beginning in 2010:Q1, loans to foreign non-depository financial institutions have been added to depository institution loans n.e.c. of the rest of the world sector.8
2017q4Data visualization tools added: New data visualization tools show the evolution of key Financial Accounts statistics such as household net worth, changes in household debt for each county and metro area in the United States, and developments in state and local pension funding for each state. The data visualization tools are available at www.federalreserve.gov/data/dataviz.htm or on the current release webpage and under our Enhanced Financial Accounts page.9
2017q4New Enhanced Financial Accounts project: A new interactive Enhanced Financial Accounts (EFA) project on Household Debt has been added to our EFA page at www.federalreserve.gov/apps/fof/efa/enhanced-financialaccounts.htm. More information about the EFA project is available in the accompanying FEDS Note: "Household Debt-to-Income Ratios in the Enhanced Financial Accounts" (Michael Ahn, Mike Batty, and Ralf R. Meisenzahl).10
2017q4Deposits of Federal Home Loan Banks (FHLBs) at the monetary authority: Deposits of FHLBs at the monetary authority have been reclassified from depository institution reserves to checkable deposits and currency due to government-sponsored enterprises (tables F.109 and L.109).11
2017q3Banks in U.S.-affiliated areas' reserves at the Federal Reserve: A new line item for reserves at the Federal Reserve has been added to the banks in U.S.-affiliated areas sector tables (F.113 and L.113) and the net interbank transactions instrument tables (F.203 and L.203).12
2017q3Property-casualty insurance companies financial and mortgage guarantors: New memo items have been added to the property-casualty insurance companies sector (table L.115) to show total assets of financial guaranty insurers and mortgage guaranty insurers.13
2017q3Nonprofit organizations benchmark: The supplementary tables on nonprofit organizations (tables F.101.a and L.101.a) have been updated to include data through 2014. Data revisions back to 1988 reflect an improved method for estimating market gains on corporate equity and debt security holdings of organizations that are tax-exempt under Section 501(c)(3) through 501(c)(9) of the Internal Revenue code.14
2017q2National income and product accounts annual revision: The statistics in this publication reflect annual revisions to the national income and product accounts (NIPAs) from 2014:Q1 forward released by the Bureau of Economic Analysis (BEA) of the Department of Commerce on July 28, 2017, and subsequent information for 2017:Q2 released on August 30, 2017. The August 2017 issue of the Survey of Current Business provides details on the major features of this annual revision.15
2017q2Fixed assets annual benchmark: Data for investment and depreciation flows and capital stocks for all sectors have been revised beginning in 2014 to reflect updated annual estimates of fixed assets from the BEA.16
2017q2Seasonal adjustment: Seasonal factors for quarterly flows have been recalculated for the period 2007:Q1 forward. The seasonal factors are generated using the X-12-ARIMA seasonal adjustment program from the U.S. Census Bureau.17
2017q2Private 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 2015: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 2015.18
2017q2Private pension funds' holdings of debt securities reported at market value: Beginning in 2006:Q1, debt securities held by the private pension fund sector (tables F.118, F.118.b, F.118.c, L.118, L.118.b, and L.118.c) are reported at market value, consistent with the international standards described in the System of National Accounts (SNA2008).19
2017q2National Railroad Retirement Investment Trust's holdings of debt securities reported at market value and new estimation method: Debt securities held by the National Railroad Retirement Investment Trust (NRRIT), a small component of the federal government employee retirement funds: defined benefit plans sector (tables F.119.b and L.119.b), are now reported at market value beginning in 2002:Q3. Additional revisions to series derived from NRRIT data sources reflect an improved estimation method based on annual financial statements.20
2017q2Federal government employee retirement funds: defined contribution plans' holdings of debt securities reported at market value: Debt securities held in the Federal Employees Retirement System (FERS) Thrift Savings Plan (TSP) F fund, part of the federal government employee retirement funds: defined contribution plans sector (table F.119.c and L.119.c), are now reported at market value beginning in 1988:Q1. The valuation of debt securities held in the TSP G fund is unchanged because they are nonmarketable.21
2017q2State and local government employee retirement funds: defined benefit plans' holdings of debt securities reported at market value and new estimation method: Debt securities held in the state and local government employee retirement funds: defined benefit plans sector (tables F.120.b and L.120.b) are now reported at market value. Also, a new method based on fund-level individual-unit file data from the Census Annual Survey of Public Pensions is now used to estimate checkable deposits, time and savings deposits, agency and GSE-backed securities, and domestic corporate bonds. Revisions begin in 2002:Q2.22
2017q2Finance company benchmark: The finance company sector (tables F.128 and L.128) has been revised from 2015:Q4 forward to incorporate the Federal Reserve 2015 Census of Finance Companies (CFC) and Survey of Finance Companies (SFC). The CFC and SFC are conducted every five years.23
2017q2Rest 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 1999:Q1 forward. BEA's changes are detailed in the July 2017 Survey of Current Business.24
2017q1International banking facilities revision: Data for international banking facilities (IBFs) of U.S.-chartered depository institutions and foreign banking offices in the U.S. (included on tables F.111, F.112, L.111, and L.112) have been extended back to 1981:Q4, when IBFs were first established. Previously, IBF data began in 1985:Q4. Also, several IBF series have been revised for periods after 1985 due to updated methodology.25
2017q1Nonfinancial corporate business benchmark: Assets of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2015:Q1 forward to reflect new data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2015.26
2016q4Nonprofit organizations tables updated and redesigned: The supplementary tables on nonprofit organizations (tables F.101.a and L.101.a) have been updated to include data from 1988 through 2013 and redesigned to more closely align with their source information. Nonprofit organizations include private foundations and organizations that are tax-exempt under Section 501(c)(3) through 501(c)(9) of the Internal Revenue code. Nonprofit organizations' holdings of debt securities are shown at market value. Nonprofit organizations are included in the households and nonprofit organizations sector (tables F.101, L.101, B.101, and R.101).27
2016q4Changes to the households and nonprofit organizations sector financial asset categories: A new line item for nonprofit organizations' holdings of trade receivables has been added to the households and nonprofit organizations sector tables (tables F.101, L.101, B.101, and R.101). The line item for nonprofit organizations' holdings of open market paper, previously shown on these tables, has been removed.28
2016q4Uninsured deposits shown for the depository institutions sectors: Memo items showing the amount of checkable and time and savings deposits not insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF) have been added to the sector tables for private depository institutions (tables F.110 and L.110) and for the four depository subsectors: U.S.-chartered depository institutions (tables F.111 and L.111), foreign banking offices in U.S. (tables F.112 and L.112), banks in U.S.-affiliated areas (tables F.113 and L.113), and credit unions (tables F.114 and L.114). Data begin 2001:Q4. A forthcoming FEDS Note will provide additional information.29
2016q4Small and large time deposit detail removed: Detail on small and large time and savings deposits for private depository institutions has been removed from the time and savings deposits instrument table (tables F.205 and L.205). This detail has also been removed from the sector tables for private depository institutions (tables F.110 and L.110) and tables for the four depository subsectors: U.S.-chartered depository institutions (tables F.111 and L.111), foreig n banking offices in U.S. (tables F.112 and L.112), banks in U.S. -affiliated areas (tables F.113 and L.113), and credit unions (tables F.114 and L.114).30
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