Publications

This note presents the impact that application of International Financial Reporting Standard (IFRS) 16 has had on the financial statements of listed Spanish groups. Listed European groups are required to apply IFRS in their consolidated accounts. Specifically, IFRS 16 on the measurement and presentation of leases practically eliminates the dual model approach for finance leases and operating leases for lessees and establishes a single model for all leases. This new way of accounting for leases has a strong impact on some items in groups’ income statements and on metrics such as gross value added (GVA) and earnings before interest, taxes, depreciation and amortisation (EBITDA), as they rise as a result of lower lease expenses. The increase in the balance sheet prompted by recognising right-of-use assets and liabilities also has significant repercussions, by pushing up the ratios used to analyse debt levels. Movement in analysed variables and ratios caused by changes in an accounting standard, rather than by conduct attributable to the listed group, must therefore be taken into account by analysts.

Compiling the financial assets/liabilities of households in the balance of payments (b.o.p.) /
international investment position (i.i.p.) is commonly considered as one of the most challenging issues faced by statisticians. This is in light of the multiple limitations of this institutional sector when a direct collection system is designed in terms of complexity, coverage or accuracy. Therefore, it is necessary to find other alternatives or complementary information to enhance the estimation of these data with the aim of making them as real as possible. This is when data-sharing among institutions and countries can play an important role. 

This paper presents the Spanish experience working towards an improvement in the regular production of official external statistics regarding transactions and positions of households, not subject to the sources of information collected in first instance by the compiler but using all available sources of information and taking advantage of its complementarity. The paper will present the usefulness of mirror data sources and administrative data going through different financial instruments held/taken abroad by this sector: deposits, loans, life insurance technical reserves, securities and real estate.