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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465 entries in Financial Accounts Release Highlights

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Date Highlights Count
2022q2Distributional Financial Accounts (DFA) public code released: A public version of the DFA code was released on August 5, 2022. It includes the code, input files, and instructions for users to recreate DFA results. These enhancements can be found at https://www.federalreserve.gov/releases/z1/dataviz/dfa/.1
2022q2Distributional Financial Accounts improvements: In the upcoming release of the DFA, tentatively set for two weeks after the Z.1 Financial Accounts release, the breakdown of the top 1 percent of the wealth distribution into the top 0.1 percent and the next 0.9 percent will be available in the data visualization tool. Also, the pension entitlements instrument category will be segmented into defined benefit pension entitlements and defined contribution pension entitlements. On release day, a complete description of improvements will be posted on the DFA announcements page.2
2022q2U.S. Direct investment abroad (USDIA) of holding companies and securities brokers and dealers: Beginning 2009:Q1, USDIA of securities brokers and dealers (tables F.130 and L.130) has been reassigned to holding companies (tables F.131 and L.131).3
2022q2Private 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 2020:Q1 to reflect new 2020 plan year data from U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500.4
2022q2State and local government employee defined benefit retirement funds: State and local government employee defined benefit retirement funds (tables F.120.b and L.120.b) have been revised beginning 2020:Q3 to reflect new data from the Census Annual Survey of Public Pensions.5
2022q2Rest of the world sector: Rest of the world sector data (tables F.133 and L.133) have been revised beginning 2012:Q1 to reflect new data from BEA for the U.S. international transactions accounts and the U.S. international investment positions accounts through 2022:Q1. BEA's changes are detailed in the July 2022 issue of the Survey of Current Business.6
2022q2Schedule adjustments related to changes in BEA annual update releases: Beginning this year, BEA will be releasing its annual updates of the national income and product accounts, fixed asset accounts, and actuarial pension obligations in September rather than in July/August, as was previously customary. Therefore, annual updates from BEA will be incorporated into the Z.1 Financial Accounts of the United States in the third quarter (December) release. Going forward, seasonal factors for quarterly transactions will also be recalculated in the third quarter (December) release to align with BEA annual update schedule. However, this release incorporates revised seasonal factors for Treasury securities held by the public due to a change in methodology. For additional detail, see the technical Q&As accessible from the main Z.1 release page https://www.federalreserve.gov/releases/z1/default.htm.7
2022q1Holding company transactions with affiliates: Holding company sector transactions with affiliates are now reported as gross assets and liabilities instead of net assets and liabilities (Identified miscellaneous financial claims, tables F.232 and L.232). In addition, equity investment in affiliates and other investment in affiliates are now reported separately. This change affects sector tables for U.S.-chartered depository institutions (table F.111 and L.111), property-casualty insurance companies (tables F.115 and L.115), life insurance companies (tables F.116 and L.116), finance companies (tables F.128 and L.128), brokers and dealers (tables F.130 and L.130), holding companies (tables F.131 and L.131), and rest of the world (tables F.133 and L.133).8
2022q1Holding company U.S deposits in foreign countries: A portion of holding company sector (tables F.131 and L.131) time and savings deposits have been reclassified to U.S. deposits in foreign countries (tables F.202 and L.202).9
2022q1Nonfinancial corporate business benchmark: Assets of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2020:Q1 forward to reflect new data for partnerships and sole proprietorships from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2020.10
2022q1Nonfinancial noncorporate business sector: Nonfinancial noncorporate business sector data (tables F.104, L.104, B.104, and R.104) have been revised beginning 2019:Q1 to reflect new benchmark data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 201911
2021q4Money market funds sector data source change: The money market mutual funds (MMF) sector (tables F.121 and L.121) has been revised beginning 2010:Q4 to reflect a change in data source to Securities and Exchange Commission Form N-MFP. The level of assets and shares outstanding of the sector have increased due to the inclusion of private placement MMFs in the source data. Changes in the level due to changes in the data source in 2010:Q4 are recorded as other volume changes in the Financial Accounts.12
2021q4Mutual funds sector holdings of money market funds: The mutual funds sector (tables F.122 and L.122) has been revised beginning 2010:Q4 to reflect holdings of money market funds not previously reported on the tables. In addition, holdings of repurchase agreements, commercial paper, corporate bonds, and miscellaneous assets have been revised. Additional and revised holdings are estimated using data from Morningstar and Investment Company Institute.13
2021q4Exchange-traded funds sector holdings of money market funds: The exchange-traded funds sector (tables F.124 and L.124) has been revised beginning 2010:Q4 to reflect holdings of money market funds not previously reported on the tables. Additional holdings are estimated using data from Morningstar and Investment Company Institute.14
2021q4Other financial business sector assets and liabilities of central clearing parties: The other financial business sector (tables F.132 and L.132) has been revised beginning 2000:Q1 to include the financial assets and liabilities of U.S. central clearing parties.15
2021q3New tables on debt securities statistics added to the "International Data Submissions" page: Four new tables on debt securities issuance and holdings were added to the "International Data Submissions" webpage of the Financial Accounts Guide. These tables satisfy Recommendation 7 of the Second Phase of the G20 Data Gaps Initiative (DGI-2) and are submitted to the Bank of International Settlements (BIS) in SDMX format. Data is not available for all breakouts in the tables. The four new tables are: (i) "Table 1.3: Debt Securities Issues by Sector, Currency, Maturity, Interest Rate and Market of Issuance, Net Transactions at Market Value"; (ii) "Table 2.1: Debt Securities Holdings by Holding Sector, Issuer Residency, Currency, Maturity, Interest Rate and Market, Stocks at Market Value"; (iii) "Table 2.2: Debt Securities Holdings by Holding Sector, Issuer Residency, Currency, Maturity, Interest Rate and Market, Net Transactions at Market Value"; and (iv) "Table 3.1: Debt Securities Issues and Holdings in a From-Whom-To-Whom Framework, Stocks at market value".16
2021q3Security brokers and dealers sector identified miscellaneous financial claims now reported in gross terms instead of net: Security brokers and dealers sector identified miscellaneous financial claims: payables and receivables (Tables F.233 and L.233), previously securities borrowed (net), are no longer reported as net assets and liabilities. They are now reported as gross assets and liabilities of the sector in line with the System of National Accounts (SNA 2008) treatment. In addition, beginning 2000:Q1, payables and receivables to and from clearing organizations are now reported separately and are included in the other financial business sector (Tables F.132 and L.132). The net position of security brokers and dealers sector payables (receivables) to (from) other brokers is still assumed to be held in custodial accounts for reinvested collateral of securities lending operations. It is reported as securities lending (net) on the liability side of the other financial business sector.17
2021q3FEDS Note: A new FEDS note was published on August 20, 2021: "Wealth Inequality and COVID-19: Evidence from the Distributional Financial Accounts" (Michael Batty, Ella Deeken, and Alice Henriques Volz).18
2021q3FEDS Note: A new FEDS note was published on July 30, 2021: "Accounting for COVID-19 Related Funding, Credit, Liquidity, and Loan Facilities in the Financial Accounts of the United States" (Matthew Hoops and Robert Kurtzman).19
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.20
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.21
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.22
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).23
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.24
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.25
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.26
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.27
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 5500.28
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.29
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.30
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