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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446 entries in Financial Accounts Release Highlights

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Date Highlights Count
2021q2Derivation of U.S. Net Wealth: Derivation of U.S. Net Wealth (table B.1) has been revised to reflect improved estimates for domestic corporations' nonfinancial assets. Domestic corporations' nonfinancial assets are now estimated as the market value of corporate equity, plus foreign direct investment (equity), plus total liabilities, less total financial assets.1
2021q2Nonprofit organizations other loans and advances receivable: Nonprofit organizations' other loans and advances receivable, previously shown as other notes and loans receivable on supplementary table B.101.n, have been included in the instrument tables other loans and advances (tables F.216 and L.216). Correspondingly, the household sector (table B.101.h), the household and nonprofit organizations sector (tables F.101, L.101, and B.101), and the nonfinancial noncorporate business sector (tables F.104, L.104, and B.104) now include loans from nonprofit organizations.2
2021q2Security brokers and dealers' debt security short sales: Security brokers and dealers sector (tables F.130 and L.130) holdings of debt securities have been revised beginning 2001:Q3 to reflect improved methodology in accounting for short positions in Treasury securities, agency- and GSE-backed securities, and corporate and foreign bonds.3
2021q2Other financial business investment in security brokers and dealers: The other financial business sector (tables F.132 and L.132) has been revised to reflect the transition of investment banks to bank holding companies (tables F.131 and L.131) in 2009:Q1. Previously, investment bank funding of their security broker and dealer subsidiaries (asset) was reflected in the other financial business sector, with corresponding issuance of commercial paper and corporate bonds (liabilities).4
2021q2Holding company time and savings deposits: The holding company sector's (tables F.131 and L.131) cash balances at depository institution affiliates have been reclassified from net transactions with depository affiliates to time and savings deposits to better align with bank Call Report liabilities.5
2021q2National Income and Product Accounts comprehensive update: The statistics in this publication reflect the 2021 annual update of the National Income and Product Accounts (NIPAs) released by the Bureau of Economic Analysis (BEA) on July 29, 2021, as well as information for 2021:Q2 released by BEA on August 26, 2021. See the August 2021 issue of the Survey of Current Business at https://apps.bea.gov/scb/ for details on the 2021 annual update.6
2021q2Rest of the world sector: Rest of the world sector data (tables F.133 and L.133) have been revised beginning 2016:Q1 to reflect new data from BEA for the U.S. international transactions accounts and the U.S. international investment positions accounts. BEA's changes are detailed in the July 2021 issue of the Survey of Current Business.7
2021q2Fixed assets annual benchmark: Investment, depreciation, and capital stock data for all private sectors have been revised beginning in 2016 to reflect updated annual estimates of fixed assets from BEA.8
2021q2Private 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 2019:Q1 to reflect new 2019 plan year data from U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500.9
2021q2Seasonal adjustment: Seasonal factors for quarterly transactions have been recalculated from 2010:Q1 through 2019:Q4. Seasonal factors are extrapolated beginning 2020:Q1 due to the impact of COVID-19 on seasonal patterns in 2020. Seasonal factors are generated using the X-13-ARIMA seasonal adjustment program from the U.S. Census Bureau.10
2021q1Equity instruments reported separately from liability instruments on transaction tables : A new line item for "Net increase in liabilities and equity" has been added to the transactions tables for sectors that report both liabilities and equity instruments. Line items for "Net increase in liabilities" and "Net equity issues" are now shown separately (tables F.100, F.102, F.103, F.104, F.108, F.110, F.111, F.112, F.115, F.116, F.116.g, F.125, F.128, F.129, F.130, F.132, and F.133). The three instrument categories included in "equity" are corporate equities (F.223 and L.223), proprietors' equity in noncorporate business (F.229 and L.229), and the equity components of foreign direct investment in the U.S. and U.S. direct investment abroad (F.230 and L.230). Equity transactions continue to be included as sources of funds.11
2021q1U.S. direct investment abroad and foreign direct investment in U.S. : Sector detail on the split between equity and intercompany debt is now shown for U.S. direct investment abroad and foreign direct investment in U.S. (tables F.230 and L.230). The equity component for U.S. direct investment abroad and foreign direct investment in U.S. are no longer included in total liabilities outstanding. Intercompany debt for U.S. direct investment abroad and foreign direct investment in U.S continue to be included in total liabilities outstanding.12
2021q1Foreign direct investment in the U.S.: equity and U.S. direct investment abroad: equity : The equity components of foreign direct investment in the U.S. and U.S. direct investment abroad, which are no longer included in total liabilities outstanding on levels tables and balance sheets, are now shown as memo items where appropriate (tables L.100, L.102, L.103, L.104, L.108, L.110, L.111, L.112, L.115, L.116, L.116.g, L.128, L.130, L.132, and L.133). Corporate equities and proprietor's equity in noncorporate business outstanding, which were not included in liabilities in previous publications, are also shown as memo items on the level tables where available. The market value of total corporate equities outstanding for domestic financial institutions is shown on table L.108; however, estimates are not available for every financial subsector (L.109-L.132). The balance sheets and measures of net worth of nonfinancial corporate business and nonfinancial noncorporate business (tables B.103, B.104, R.103, and R.104) have been adjusted accordingly.13
2021q1Other loans and advances : Syndicated loans to nonfinancial corporate business from domestic nondepository institutions (Tables F.216 and L.216, lines 46 to 52) have been revised from 2012:Q4 forward to reflect improved methodology for classifying lenders in source data.14
2021q1Zillow Home Value Index (ZHVI) replaces CoreLogic home price index : The newly implemented ZHVI (series FI075035253) is now used in place of the CoreLogic home price index (series FI075035243) for calculating nonfinancial corporate business, nonfinancial noncorporate business, and nonprofit one-to-four family residential real estate revaluations beginning in 1990:Q1, for household vacant land beginning in 1983:Q4, and for mobile homes beginning in 2005:Q3. Note: household owner-occupied real estate continues to use Zillow AVM based national (series PC075035233).15
2021q1Nonfinancial corporate business sector : Nonfinancial corporate business sector data (tables F.103, L.103, B.103, and R.103) has revised from 2019:Q1 forward to reflect new benchmark data from the Internal Revenue Service Statistics of Income for 2019.16
2020q4Government-sponsored enterprises (GSEs) sector : Debt securities held by GSEs (tables F.125 and L.125) are now reported at market value beginning 2008:Q2. Where appropriate, transactions have been revised to remove holding gains and losses.17
2020q4Real estate investment trusts (REITs) sector : Transactions of debt securities held by REITs (tables F.129 and L.129) have been revised beginning 1984:Q1 to remove holding gains and losses.18
2020q4Nonfinancial noncorporate business sector : Nonfinancial noncorporate business sector data (tables F.104, L.104, B.104, and R.104) have been revised beginning 2002:Q4 due to improved methodology and to reflect new benchmark data from the Internal Revenue Service Statistics of Income for 2018.19
2020q4Nonfinancial corporate business sector : The market value of equity issued by nonfinancial corporations (tables L.103 and B.103) has been revised beginning 2012:Q1 to reflect new benchmark data for S-Corporations from the Internal Revenue Service Statistics of Income.20
2020q4Paycheck Protection Program loan forgiveness payables and receivables : Paycheck Protection Program loan forgiveness payables and receivables have been reclassified as identified miscellaneous assets and liabilities (tables F.233 and L.233). They were previously included in trade credit (tables F.225 and L.225).21
2020q4State and Local Government Employee Retirement Funds : State and Local Government Employee Retirement Funds (tables F.120.b and L.120b) have been revised 2019:Q1 forward to reflect revised Census Quarterly Survey of Public Pensions data and improved methodology used to estimate total transactions of funded assets.22
2020q3FEDS Note: A new FEDS note was published on November 9, 2020: "Updating the Distributional Financial Accounts" (Michael Batty, Eric Nielsen, Kamila Sommer, Alice Volz, Sarah Friedman, Ella Deeken, Jesse Bricker, and Sarah Reber).23
2020q3Hedge Fund Enhanced Financial Accounts Project: A new Enhanced Financial Accounts (EFA) project showing aggregate hedge fund balance sheet data from Securities and Exchange Commission Form PF is now available https://www.federalreserve.gov/releases/efa/enhancedfinancial-accounts.htm.24
2020q2Nonfinancial debt data visualizations:New data visualizations are available showing debt owed by households and nonprofit organizations, federal government and nonfinancial business sectors, with additional detail on the components of nonfinancial business debt.25
2020q2Other financial business sector funding, credit and liquidity facility special purpose vehicles:In response to the COVID-19 pandemic, the Federal Reserve System established five funding, credit, and liquidity facilities as special purpose vehicles (SPVs): the Corporate Credit Facilities (CCF), the Main Street Lending Program (MSLP), the Term Assets Lending Facility (TALF), the Municipal Liquidity Facility (MLF), and the Commercial Paper Funding Facility (CPFF). In the Financial Accounts of the United States, and consistent with System of National Accounts (SNA 2008) guidelines, these five SPVs are not consolidated in the monetary authority sector, but are instead treated as separate institutional units, included in the other financial business sector (tables F.132 and L.132). This treatment differs from the Federal Reserve H.4.1 release, which consolidates the SPVs on the Federal Reserve balance sheet. The SPVs were initially funded by Treasury equity investments to cover potential losses. Eighty-five percent was initially invested in nonmarketable Treasury securities and fifteen percent in cash deposits at the monetary authority. The SPVs make loans and asset purchases with additional borrowings from the monetary authority.26
2020q2Federal government sector equity investments in economic recovery programs:In response to the COVID-19 pandemic, Treasury made equity investments in the five funding, credit and liquidity facility SPVs mentioned above (CCF, MSLP, TALF, MLF, and CPFF) and the Money Market Mutual Fund Liquidity Facility (MMLF). The equity investments are shown as identified miscellaneous assets of the federal government (tables F.106 and L.106), identified miscellaneous liabilities of the other financial business sector for the CCF, MSLP, TALF, MLF, and CPFF (tables F.132 and L.132), and the monetary authority sector for the MMLF (table F.109 and L.109).27
2020q2Monetary authority sector loans to funding, credit and liquidity facility special purpose vehicles: The monetary authority sector (tables F.109 and L.109) has been modified to include loans made to the five new funding, credit and liquidity facility SPVs (CCF, MSLP, TALF, MLF, and CPFF) classified in the other financial business sector (tables F.132 and L.132).28
2020q2Paycheck Protection Program Liquidity Facility loans:The monetary authority sector (tables F.109 and L.109) has been modified to include loans made under the Paycheck Protection Program Liquidity Facility (PPPLF) to depository institutions, and finance companies.29
2020q2Paycheck Protection Program loans:Paycheck Protection Program (PPP) loans made to small businesses and nonprofit institutions impacted by the COVID-19 pandemic are not shown separately from other types of loans reported by lenders. PPP loans, the majority of which are made by U.S.-chartered depository institutions, are included in depository institutions loans not elsewhere classified (tables F.215 and L.215). PPP loans made by nondepository institutions are included in the other loans and advances (tables F.216 and L.216).30
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