| TERM | DEFINITION |
|---|---|
| Financial assets |
Assets including: (i) cash, securities, loans, and receivables owned by the government; (ii) foreign reserves and long-term funds such as sovereign wealth funds and equity in state-owned and private sector institutions; and (iii) financial claims and gold bullion held by monetary authorities as a reserve asset. A financial claim is an asset that typically entitles the owner of the asset (the creditor) to receive funds or other resources from another unit, under the terms of a liability. (GFS Manual 2014, page 403).
|
| Fiscal risks | Risks that can arise from adverse macroeconomic situations, financial positions of subnational governments or public corporations, and contingent liabilities from the central government’s own programs and activities, including extrabudgetary units. They can also arise from other implicit and external risks such as market failure, price changes and natural disasters. |
| Fiscal year | See: current, following, next, outer, previous. |
| Fixed assets | Produced assets that are used repeatedly or continuously in production processes for more than one year. (GFSM 2014, page 404). |
| Following fiscal years (T+2, T+3, and so on) | See outer. |
| Function/Subfunction | See COFOG. |
| Functional classification | See COFOG. |
| General government (GG) | Resident institutional units that fulfill the functions of government as their primary activity (GFS Manual 2014, 1.2, 2.58, 2.76 and page 404). |
| GFS | The IMF Government Financial Statistics (GFS) Manual 2014 defines the concepts and describes the manner in which revenues and expenditures are classified in chapter 5 (page 84) and chapter 6 (page 114). Appendix 8 (page 385) provides all of the classification codes used in the GFS. |
| Grants | Transfers receivable by government units from other residents or nonresident government units or international organizations that do not meet the definition of a tax, subsidy, or social contribution. When statistics are compiled for the general government sector, grants from other domestic government units would be eliminated in consolidation, so that only grants from foreign governments and international organizations would remain in the general government accounts. Grants may be classified as capital or current and can be receivable in cash or in kind. |
| Guarantees | See Explicit contingent liabilities. |
| Intangible non produced assets | Do not arise from a legal or contractual source but are recognized after a condition or event is realized (GFS Manual 2014, para 7.252 and page 405). |
| Intangible non produced assets | Constructs of society evidenced by legal or accounting actions. (GFS Manual 2014, page 405). Two types of intangible non produced assets are distinguished: contracts, leases and licenses, and goodwill and marketing assets (GFS Manual 2014, para 7.104). |
Glossary
