Content
About the statistics
Definitions
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Name and topic
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Name: Accounting statistics for other financial enterprises (discontinued)
Topic: Banking and financial markets
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Responsible division
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Division for Financial Markets Statistics
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Definitions of the main concepts and variables
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Operating income and operating expenses are ordinary income and expenses outside financial ones. Operating income is divided into sales revenues (taxable and tax-free), rental income, commission revenues, profits from the sale of fixed assets and other operating-related revenues. Operating expenses include changes in stocks, costs of raw materials and consumables used, wages and salaries, depreciation and write-downs of tangible fixed assets and intangible fixed assets as well as a number of different types of other operating expenses. Examples of operating expenses that are specified are subcontracting, repair and maintenance and expenses relating to means of transport.
Cost of raw materials and consumables used includes stock changes of work in progress and finished goods.
Wages and salaries include wages, holiday pay, employers' national insurance premium, pension costs and other personnel expenses.
Financial income and financial expenses are ordinary revenues and expenses relating to investments, securities, receivables and liabilities. The financial items also include share of earnings relating to foreign exchange gains and losses (agio) and value changes of market-based current asset investments.
Extraordinary revenues and expenses apply to material items that are unusual for the business and do not occur regularly.
Taxes represent taxes relating to the accounting result, and consist of taxes payable, expected reimbursement claims from owners and changes in deferred taxes. Taxes payable are the taxes expected to be assessed on the year's taxable income corrected for any discrepancy between calculated and assessed taxes the year before.
Fixed assets cover assets that are mainly included in the enterprise's long-term creation of value and are intended for permanent ownership or use, as well as receivables and securities scheduled for repayment later than one year after the time of settlement. This includes tangible fixed assets broken down into buildings and facilities, facilities under construction, transport equipment, machinery etc. Long-term receivables and investments are included as fixed assets, such as investments in other activities and loans to enterprises in the same group.
Current assets are assets relating to the enterprise's sales of goods and services, or which are expected to have a functional period of less than one year in operation. This includes cash and short-term capital investments (cash, bank deposits, shares, bonds etc.), receivables and inventories. Receivables are current assets if it has been agreed or scheduled that they shall be repaid within one year after the end of the financial year.
Equity is the portion of the total capital belonging to the owners, and is shown as the value of assets minus liabilities. Equity is classified in two main divisions, invested equity and retained earnings. Invested equity consists of share capital and share premium accounts. Retained earnings consist of fund for assessment differences and other reserves/uncovered losses.
Liabilities cover all obligations that can come to place restrictions on the future use of the enterprise's resources, and are divided into provisions for liabilities and charges (pension commitments, deferred tax liabilities, etc., other long-term liabilities and short-term liabilities. Long-term liabilities are legal or financial obligations not meant to be redeemed during the coming accounting period, and are not related to the enterprise's short-term sales of goods and services. Short-term liabilities are liabilities that fall due for payment within one year from the time of settlement, or are directly related to the enterprise's short-term sales of goods and services.
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Standard classifications
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Institutional sectors: The units are grouped into the main institutional sectors: general government, financial corporations, non-financial corporations and households, according to the European System of National Accounts (ESA 1995). The financial corporations sector includes all corporations and quasi-corporations whose principal activity is financial intermediation or facilitating financial intermediation.
Industry: All enterprises are grouped by industry according to the Standard Industrial Classification (SIC94), which is based on EU's international standard of industrial classification NACE rev. 1 (1993) and UN's standard industrial classification ISIC rev. 3 The standards can be found on http://www.ssb.no/emner/10/01/nace/ .
Administrative information
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Regional level
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Only at national level
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Frequency and timeliness
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Annually
Timeliness: The statistics is published 18 months after the reporting period (the period the data refers to)
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International reporting
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Some structural figures are reported to Eurostat, the European Community's statistical office, within 18 months after the reference year.
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Microdata
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Micro data are stored in an Oracle database together with the accounts for the non-financial enterprises. Published tables are stored as flat files.
Background
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Background and purpose
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The purpose of the statistics is to collect and compile figures needed to present accounting statistics for financial enterprises and macroeconomic statistics. Some structural figures are also reported to Eurostat.
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Users and applications
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The major users of the statistics are The National Accounts Division in Statistics Norway, international organizations, the public administration and the general public.
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Coherence with other statistics
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The figures are included in the national accounts and in the financial sector balance sheets.
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Legal authority
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Reuse of statements collected pursuant to Statistics Act Sections 2-2 and 3-2.
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EEA reference
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Council Directive (EC) no. 635/86. Council Regulation (EC) no. 58/97, 2223/96 and 2056/2002. Commission Regulation (EC) no. 2700/98, 2702/98, 1616/99 and 1614/2002.
Production
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Population
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The population comprises enterprises within the two institutional sectors 390 Other Financial Enterprises and 490 Activities Auxiliary to Financial Enterprises. From sector 390 Other Financial Enterprises the survey comprises investment and development companies investing in instruments, preferentially shares in other companies and financial holding companies.
The figures for sector 490 comprise information about businesses within administration of financial markets, security broking and fund management, securities broking enterprises, insurance brokers, activities auxiliary to financial intermediation n.e.c. and activities auxiliary to insurance and pension funding.
The following enterprises within sectors 390 and 490 are a part of this statistics, even if they have a separate data collection and publishing of results: Financial holding companies, securities broking enterprises and insurance brokers.
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Data sources and sampling
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The statistics are based on the Tax questionnaire on accounting (the Standard Industrial Form no. 2) and the form for harmonizing of equity etc. The questionnaire documents revenues and expenses vis-à-vis tax authorities, and is an attachment to the tax return in conjunction with the tax assessment of limited liability companies. Limited liability companies and other enterprises that prepare annual accounts pursuant to the Accounting Act or IFRS (tax liable enterprises) should use Tax questionnaire on accounting 2. The questionnaire contains company accounts, not consolidated accounts. The form for harmonizing of equity etc. is a mandatory attachment to the Standard Industrial Form no. 2. To the data on each enterprise is added industry and institutional sector information from the Central Register of Establishments and Enterprises. For those companies that have not presented the Tax questionnaire on time for this statistics we do instead us either the annual accounts figures from the Brønnøysund Register Centre or information from the companies' Annual Reports.
The sample comprises all enterprises within sector 390 and 490 with annual accounts available. This means that for companies organized as private limited liability companies or public limited companies (AS/ASA) we do in practice conduct a total census, whereas the access to public annual accounts for sole traders (= ENK) and partnerships (= DA, ANS (= general partnerships), PRE) and other quasi-corporations (FLI and NUF) is somewhat limited.
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Collection of data, editing and estimations
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The statistics are based on tax questionnaires on accounting obtained for other statistics, annual accounts figures from the Brønnøysund Register Centre or information from the companies' Annual Reports and have no independent data collection. Furthermore, tax questionnaires from limited liability companies that choose to report electronically to the Directorate of Taxes' system for taxation of enterprises are collected.
The controls of the material are done mechanically and manually. Controls have been programmed in order to check the consistency both within the individual statement, and in relation to available information, among others, the annual accounts submitted to the Register of Annual Company Accounts in Brønnøysund.
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Confidentiality
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Numbers are not released if there are less than three units comprising a variable in a table, hence if it is possible to identify the respondent.
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Comparability over time and space
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Changes in the accountancy and tax acts, as well as changes in the list of items in the tax questionnaire (The Standard Industrial Form), may cause a time series gap.
The statistics has been presented in its present form as of the reference year 2002.
Accuracy and reliability
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Sources of error and uncertainty
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In those cases where tax questionnaires on accounting are obtained from the tax authorities, the tax assessment can also cause changes in the questionnaire that cannot be traced back to the items where the change really took place. It should be pointed out that the information on the tax questionnaire in the first instance is to be regarded as the enterprise's assertions vis-à-vis the tax authorities, i.e. in those cases where the tax questionnaire has been obtained directly from the enterprise, it has not been subjected to any tax assessment-related processing. When the tax questionnaires on accounting are obtained from the tax authorities, the vast majority of the questionnaires will not contain changes resulting from of tax assessment processing. It is only in some cases that the tax assessment has caused changes that can be traced back to the tax accounting questionnaire. Our routine controls disclose errors, when there are logical flaws in the forms, and deviations from the information in the Register of Annual Company Accounts in Brønnøysund. In some areas there are differences between the Accounting Act and the Tax Act, as well as between accounting and tax assessment practice. As a result, data in the accounts filed according the specifications of the Accounting Act and the tax questionnaire on accounting can be different. The controls are therefore in the first instance used as an aid to uncover units in the statistics that contain errors and inconsistencies. In many cases, the findings of the controls will turn out not to be errors in the statement of accounts, but a result of different adjustments the limited liability company has an opportunity to use.
The non-response is not very high, confer section 3.3.
Variance: Is not calculated.
Bias: Is not calculated.
Non-response: The non-response is not very high for the majority of the different types of companies, and is often due to bankruptcy or closing downs etc., confer section 3.3.