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Country experience:  Russian Federation: data revision policy

20.45.    Russian external trade in services data are revised and updated within the overall framework of Bank of Russia’s data revisions policy and methodology, in order to ensure the accuracy and comprehensiveness of external sector statistics and ensure the temporal consistency of time series. The revision rules applied in practice to external trade in services time series provide for three different kinds of adjustments: 

(a) Regular revisions: when published data are updated, for example in order to replace initial estimates with actual data (in case of time lags);

(b) Ad hoc revisions: when new information becomes available on unrecorded large transactions or when changes are made in the compilation methodology;

(c) Technical revisions: related to the application of the double entry principle in recording external trade in services transactions within the BOP and the need to correct the corresponding double entry, or reflect the change in the source data coverage or other changes.

20.46.    Historical data are revised as far back as possible in instances of major changes in methodology; however, they are not revised in the case of changes to data collection systems.

20.47.    The results of revisions are published. Annually, Bank of Russia prepares a detailed table of revisions that includes the initial data, revised data and discrepancies, followed by detailed commentary on data revisions. The quarterly publications also contain a detailed list of updated items, periods subject to review and reasons for the revisions, which are assigned special codes. The coded reasons for revisions are:

(a) Changes in previously reported data;

(b) Improvements in compilation methodology/computation and evaluation methods;

(c) Inclusion of information from new sources on non-resident  transactions;

(d) Corrections owing to changes in the pairs of BOP double entry transaction records;

(e) Replacement of earlier estimates with actual data;

(f) Other miscellaneous changes.

 

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