№ 8/2017

Fìnansi Ukr. 2017 (8): 33–57https://doi.org/10.33763/finukr2017.08.033

PUBLIC FINANCE MANAGEMENT

BOHDAN Ivan ¹, KONOVALENKO Dmytro ², YARA Tetiana ³

¹National Bank of Ukraine
OrcID ID : https://orcid.org/0000-0002-1752-0198
²SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0001-6314-3525
³SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0002-8242-1479

Classification of Ukraine’s general government sector’s revenue according to GFSM 2014

The article highlights the problems of application of the international standard GFSM 2014 for compilation of the statistical reporting of public finances of Ukraine and revenue part in particular. Authors elaborate recommendations on making up aggregated revenue groups that comply with the GFSM 2014 standard based on indicators of the current budget classification in Ukraine and the official reports of the social insurance funds. In order to assess the compliance of the current system of statistical reporting in Ukraine with the international standards, for 2016 authors calculated the fluctuations of the revenue aggregates (reported by officials) from the revenue aggregates which were compiled by authors on the basis of GFSM 2014 aggregation principles with application of the official data of Ukraine’s Treasury and social insurance funds. The main reasons of above fluctuations (between officially reported indicators and those compiled with GFSM 2014 standards) are defined by the authors. Examination of the existing problems revealed the key drawbacks of the national budget classification of government revenue. The authors prove the necessity for introduction of the statistical accounting in line with GFSM 2014. This step will contribute to enhanced transparency of the general government sector’s transactions (in accordance with the IMF’s Code on Fiscal Transparency), better alignment of the different types of transactions within the public sector, adequate diagnostics of the general government sector on the basis of methodological approaches being used in other countries, well-justified assessments of fiscal risks, and elaboration of the fiscal forecasts.

Keywords:general government sector, public finance, GFSM 2014, budget classification.

JEL: E62, H61, H83

BOHDAN I. . Classification of Ukraine’s general government sector’s revenue according to GFSM 2014 / I. . BOHDAN, D. Konovalenko, T. Yara // Фінанси України. - 2017. - № 8. - C. 33-57.

Article original in Ukrainian (pp. 33 - 57)

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