There are several cases where the general rules for revenues and expenditures may not apply directly. Public-Private Partnerships are “off-balance sheet” according to the risk allocation. The acquisition of military equipment is recorded when delivered. The creation of a guarantee does not originate any recording. If the guarantee is triggered, the value paid by the government is recorded as a capital transfer. Grants received from the European Union are recorded in the National Accounts, according to the principle of fiscal neutrality. Support from the government to the financial sector should consider whether this support should, or not, be recorded as a capital expenditure in the National Accounts or only as financial operations. Dividends from the Central Bank are recorded as capital revenues except for dividends that result from capital gains. The injection of capital by the government in state-owned enterprises may be recorded as a capital transfer or as a financial operation. Operations of securitisation are in general recorded as a financial transaction. In general, the recording of dividends is considered as capital revenue. The cancellation or reduction of debt is, as a rule, recorded as a capital transfer. The transfer of pension funds should be fiscally neutral.
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- ESA 2010 European System of Accounts 2010. https://ec.europa.eu/eurostat/cache/metadata/Annexes/nasa_10_f_esms_an1.pdf
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