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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383 entries in Financial Accounts Release Highlights

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Date Highlights Count
2019q1New Enhanced Financial Accounts project: A new Enhanced Financial Accounts (EFA) project, the Distributional Financial Accounts (DFA), has been added to our EFA page at https://www.federalreserve.gov/releases/efa/enhanced-financialaccounts.htm. More information about the DFA is available in the accompanying FEDS working paper, "Introducing the Distributional Financial Accounts of the United States," (Michael Batty, Jesse Bricker, Joseph Briggs, Elizabeth Holmquist, Susan McIntosh, Kevin Moore, Eric Nielsen, Sarah Reber, Molly Shatto, Kamila Sommer, Tom Sweeney, and Alice Henriques Volz) and data visualization.1
2019q1Indirectly held debt securities on table B.101.e: Table B.101.e has been renamed, "Balance Sheet of Households and Nonprofit Organizations with Debt and Equity Holdings Detail," and has been expanded to show households' indirect holdings of debt securities at market value.2
2019q1Debt securities held by the monetary authority are now reported at market value: Treasury and agency- and GSE-backed securities held by the monetary authority (table L.109) are now reported at market value beginning in 2012:Q1.3
2019q1Rest of the world financial derivative holdings: The rest of the world's holdings of financial derivatives with gross positive and negative fair values are now shown as memo items on table L.133. Financial derivatives are not included in the Financial Accounts' measure of rest of the world financial assets and liabilities, but are included in the International Investment Position release of the Bureau of Economic Analysis.4
2019q1Nonfinancial corporate business benchmark: Data of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2017:Q1 forward to reflect new data from the Internal Revenue Service Statistics of Income for 2017.5
2019q1Nonfinancial noncorporate business benchmark: Data for the nonfinancial noncorporate business sector (tables F.104, L.104, B.104, and R.104) have been revised from 2016:Q1 forward to reflect new data from the Internal Revenue Service Statistics of Income for 2016.6
2018q4Level discrepancies series for debt securities: New level discrepancy series have been added to the Treasury securities (table L.210), agency- and GSE-backed securities (table L.211), municipal securities (table L.212), and corporate and foreign bonds (table L.213) instrument tables. These discrepancies are calculated as the difference between total liabilities, which are mostly recorded at book value, and total assets, which are mostly recorded at market value. Previously, these differences were included in the residually calculated holdings of the household and nonprofit organizations sector.7
2018q4Household and nonprofit organizations' holdings of debt securities reported at market value: Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds held by households and nonprofit organizations (tables L.101, B.101, R.101, and B.101.h) are now reported at market value beginning in 1996:Q4. Holding gains and losses on these securities are estimated using market price indexes; transactions continue to be calculated residually.8
2018q4Debt securities held by private depository institutions and holding companies are now reported at market value: Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds held by U.S.-chartered depository institutions (table L.111) are now reported at market value beginning in 2012:Q1. Also, net purchases of these debt securities by foreign banking offices in U.S. (table F.112), banks in U.S.-affiliated areas (table F.113), credit unions (table F.114), and holding companies (table F.131) have been revised beginning 2012:Q1 to remove holding gains and losses from their transactions. Holdings for these four sectors were already reported at market value.9
2018q4SDDS Plus: Other Financial Corporations Survey: The "International Data Submissions" webpage of the Financial Accounts Guide includes a new quarterly Other Financial Corporations Survey table and SDMX file, as required by the International Monetary Fund (IMF) for adherence to the SDDS Plus initiative.10
2018q4FEDS Note: A new FEDS note was published on January 4, 2019: "Household and Nonprofit Balance Sheets in the Financial Accounts of the United States" (Elizabeth Holmquist).11
2018q4Downloadable list of code changes: A new downloadable file containing the list of code changes has been added to the Code Change webpage of the Financial Accounts Guide. The file will be updated with each release.12
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).13
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).14
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:Q1.15
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.3.16
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.17
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 2015.18
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.19
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.20
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.21
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.22
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.23
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.24
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.25
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.26
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).27
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 2016.28
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:Q1.29
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:Q1.30
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