Annual Balance Sheets: 2022 metadata package

Data update to year ended March 2022 This note outlines the changes to this year’s publication of our annual balance sheets and accumulation accounts data as a result of more up-to-date data, and ongoing improvements to sources and methods. Annual balance sheets Changes in non-financial assets Improvements to non-financial asset estimates impact on all sectors of the balance sheets. The produced non-financial assets have some small revisions from 2011 to 2021 for all sectors. The non-produced non-financial asset main revision is the result of updated data for residential land in 2021, along with minor revisions in land value for central bank (sector 211) and pension funds (sector 261) from 2007 to 2021. Residential land is mainly compiled for the household sector (sector 511) which slightly increased from what was previously published in the 2018, 2019 and 2020 years but for 2021 residential land is revised largely, down $20 billion. Change in financial assets and liabilities for Annual Enterprises Survey (AES) sourced sectors The latest AES release for the year March 2022 includes updates for financial assets and liabilities for the March 2020 and 2021 years. These updates have been incorporated into the balance sheets for AES sourced sectors. These updates impact on an array of financial assets and liabilities across most AES sourced sectors. Central government institutions excluding funded social insurance schemes The data changes to financial assets and liabilities arise from better aligning asset and liability categories with those reported in the Government Finance Statistics. Another aspect of the data change to both assets and liabilities reflects a better and systematic approach to consolidation of government data. For liabilities, data is revised only for 2021 and mainly from downward revision in debt securities. Rest of the world The revisions to the financial assets and liabilities of the rest of the world is part of the annual cycle of revisions to the series in each June quarter. These revisions arise due to: methodological changes that need to be taken back to the entire series better and updated reporting by respondents changes in survey population where data for new units gets back-dated as far back as relevant. The main change is a downward revision of equity assets for the 2014 March year. Annual accumulation accounts Updates to previously published data In general, updates to annual stock values will result in changes to the composition of the flow accounts. The impact on the annual accumulation accounts from annual balance sheet updates will vary for all instruments. For all instruments we use a residual flow (either in transactions, other volume changes, or revaluations) to balance the annual balance sheet stock changes with the sum of flows. These are not the same for all instruments. The general method is as follows. Produced and non-produced non-financial assets – revaluations are used as the residual flow. Financial assets (except financial derivatives) – transactions are used as the residual flow. Financial derivatives assets – revaluations are used as the residual flow. Financial liabilities (except financial derivatives) – transactions are used as the residual flow. Financial derivatives liabilities – revaluations are used as the residual flow. Changes to stock values Thus, changes to annual stock values may only change the residual flow value for an instrument in the accumulation accounts. For example, annual stock values for loan assets may have changed significantly, but the flows, other volume changes, and revaluations may have changed little from the previous publication for this instrument. This results in the residual flow (transactions) recording most of the change. en-NZ