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Issue detail

42. Retained earnings of mutual funds, insurance companies, and pension funds
Issue description and recommendation

In the 1993 SNA, retained earnings of an entity are generally treated as the income and saving of the entity, rather than the owner. However, exceptions are made for life insurance companies, pension funds and foreign direct investment companies, where there is an imputed outflow to the policyholders, beneficiaries, or owners (respectively), with an equal financial account inflow from them. The ESA 95 introduces a similar treatment for mutual funds by imputing a distribution of retained earnings to the investors and a subsequent reinvestment in the fund. Should the SNA follow this treatment to have a more consistent treatment of various forms of collective investment schemes?

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Chapters affected by this issue, and their status (For more information click corresponding chapter from the list)
  No draft yet, AEG/world review draft, Final draft
7. The distribution of income accounts
11. The financial account
13. The balance sheet

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