Data Revisions Methodology in the Balance of Payments, International Investment Position and External Debt Statistics of the Russian Federation
To enhance the accuracy and comprehensiveness of statistics and ensure the temporal consistency of time series, previously disseminated data are subject to revisions. The revisions rules applied in practice provide for the following adjustments:
— regular revisions of data throughout the year after the initial publication for the reporting period and largely related to updating the reported statistical data, replacing estimates with actual data supplied with considerable time lag, getting partner countries’ data;
— Ad hoc revisions made as new information becomes available on unrecorded large transactions or in case of changes in the methodology. In the latter case, time series are adjusted to the extent made possible by the available data;
— technical revisions related to the application of the double entry principle in recording the balance of payments transactions and the need to correct the corresponding double entry, the change in the source data coverage or other changes.
Adjustments to the balance of payments, the international investment position and external debt items are coordinated and simultaneous in all datasets. In addition, revisions of data on the stocks of foreign assets and liabilities are caused by corrections of earlier exchange rate and price revaluations, and of adjustments in “Other changes” item.
Results of revisions are published in detailed lists of updated indicators, specifying the reasons for the adjustment and the applicable period subject to review.