Other economic affairs (GPC 33) includes storage, saleyards, markets, tourism and area promotion, and labour and employment affairs

Other economic affairs (GPC 33) includes storage, saleyards, markets, tourism and area promotion, and labour and employment affairs

2.207. Mining and mineral resources, other than fuels; manufacturing; and construction (GPC 31) includes activities relating to prospecting, mining and mineral resources development; manufacturing activities and research into manufacturing methods, materials and industrial management; and activities associated with the building and construction industry.

2.208. Transport and communications (GPC 32) includes road construction, road maintenance, parking, water transport, rail transport, air transport, pipelines, multi-mode urban transit systems, and communications.

Agriculture, forestry, fishing and hunting (GPC 30) includes agricultural land management, agricultural water resources management, agricultural support schemes, agricultural research and extension services, forestry, fishing, and hunting

2.107. Expenses are defined in the system as transactions that reduce net worth. Expenses exclude purchases of goods and other assets because the monetary outflow is matched by an equally valued inflow of goods and the transaction therefore does not change net worth. Goods purchased for resale or use in production do not enter expenses until they are withdrawn from inventories for sale or use in production. Purchases of services (other than those that are capitalised) are expenses because the services are consumed when provided and net worth is reduced by the cost of the services. Purchases of capital assets are excluded from expenses because use of the assets (depreciation) is the appropriate expense measure.

2.138. Royalties are included as property income. They are a form of land rent relating to the use of non-produced assets such as deposits of minerals or fossil fuels. Royalties are mainly paid for off-shore petroleum, minerals and timber that is not from plantation and regrowth forests.

2.146. Amounts payable or accrued as a result of actuarial reviews and reassessments of funded and unfunded superannuation schemes will generally not relate to services provided by employees in the current period. Such amounts are either treated as revaluations if they are due to price changes or reallocated to appropriate time periods.

2.155. g. old age pensions and unemployment benefits) to individuals or households, who are not required to provide any significant amount of goods or services in return. ‘Work for the dole‘ schemes are treated as transfers as the main purpose of such schemes is the transfer of monetary benefits and acquisition of employment skills.

2.165. Gross fixed capital formation is a national accounting concept and is defined as the value of acquisitions less disposals of new and existing produced assets that can be used in production, other than inventories. Acquisition and disposal of valuables are excluded because, although they may be produced assets, valuables are not used in production. Gross fixed capital formation also excludes the acquisition and disposal of non-produced assets such as land, sub-soil assets, virgin forests, etc. (see the discussion ahead under ‘Balance sheet items‘ for further explanation of produced and non-produced assets). In practice, for transactions involving land and structures located on the land, separation of the value of land from the value of the structures may be difficult and the transactions are classified to the category (gross fixed capital formation or other transactions in non-financial assets) accounting for the major part of the value of the transaction. Acquisition of produced assets includes own-account capital works. Disposal of produced assets excludes their consumption through depreciation.

An important component of current transfers are monetary transfers (e

2.173. In addition to advances, net acquisition of financial assets for policy purposes includes acquisition and disposal by government of shares and other equity in public and private enterprises. Disposal of financial assets acquired for policy purposes includes proceeds from sales of equity in public and private corporations, including privatisations and sale of subsidiaries by public corporations.

2.184. As previously noted, liabilities are obligations to provide economic value to another economic unit and are the counterparts of financial assets held by the claimant economic units. Liabilities are classified to the following categories:

2.187. The government https://paydayloansohio.net/cities/lancaster/ purpose classification (GPC) is used to classify revenues, expenses, and net acquisition of non-financial assets of the public sector in terms of the purposes for which the transactions are made. The GPC is based on the SNA93 classification of the functions of government (COFOG), which is also applied in the IMF GFS system.

2.204. Recreation and culture (GPC 28) includes public halls and civic centres, swimming pools and beaches, national parks and wildlife, libraries, creative and performing arts, museums, art galleries, broadcasting, and film production

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