value may occur, but only by coincidence. For example, governments are not obliged to provide commensurate benefits, in the form of goods or services, to particular taxpayers in return for their taxes. Grants can be paid as general purpose grants, which refer to grants that are not subject to conditions regarding their use. Alternatively, they may be paid as specific purpose grants, which are paid for a particular purpose and/or have conditions attached regarding their use. Interest expense Costs incurred in connection with the borrowing of funds. Interest expenses include interest on bank overdrafts and short-term and long-term borrowings, amortisation of discounts or premiums relating to borrowings, interest component of finance leases repayments, and the increase in financial liabilities and non-employee provisions due to the unwinding of discounts to reflect the passage of time. Interest income Interest income includes unwinding over time of discounts on financial assets and interest received on bank term deposits and other investments. Net result Net result is a measure of financial performance of the operations for the period. It is the net result of items of income, gains and expenses (including losses) recognised for the period, excluding those that are classified as economic flows other comprehensive income’. ‘other – Net result from transactions/net operating balance Net result from transactions or net operating balance is a key fiscal aggregate and is revenue from transactions minus expenses from transactions. It is a summary measure of the ongoing sustainability of operations. It excludes gains and losses resulting from changes in price levels and other changes in the volume of assets. It is the component of the change in net worth that is due to transactions and can be attributed directly to government policies. Non-financial asset Non-financial assets are all assets that are not assets’. ‘financial Other economic flows included in net result Other economic flows included in net result are changes in the volume or value of an asset or liability that do not result from transactions. It includes: and losses from disposals, revaluations and impairments of non-financial physical and intangible assets depletion of natural assets (non-produced) from use or removal fair changes of financial instruments. Payables Includes short-term and long-term trade debt and accounts payable, grants and interest payable. Receivables Includes and long-term trade credit and accounts receivable, grants, taxes and interest receivable. Sales of goods and services
value may occur, but only by coincidence. For example, governments are not obliged to provide commensurate benefits, in the form of goods or services, to particular taxpayers in return for their taxes. Grants can be paid as general purpose grants, which refer to grants that are not subject to conditions regarding their use. Alternatively, they may be paid as specific purpose grants, which are paid for a particular purpose and/or have conditions attached regarding their use. Interest expense Costs incurred in connection with the borrowing of funds. Interest expenses include interest on bank overdrafts and short-term and long-term borrowings, amortisation of discounts or premiums relating to borrowings, interest component of finance leases repayments, and the increase in financial liabilities and non-employee provisions due to the unwinding of discounts to reflect the passage of time. Interest income Interest income includes unwinding over time of discounts on financial assets and interest received on bank term deposits and other investments. Net result Net result is a measure of financial performance of the operations for the period. It is the net result of items of income, gains and expenses (including losses) recognised for the period, excluding those that are classified as ‘other economic flows – other comprehensive income’. Net result from transactions/net operating balance Net result from transactions or net operating balance is a key fiscal aggregate and is revenue from transactions minus expenses from transactions. It is a summary measure of the ongoing sustainability of operations. It excludes gains and losses resulting from changes in price levels and other changes in the volume of assets. It is the component of the change in net worth that is due to transactions and can be attributed directly to government policies. Non-financial asset Non-financial assets are all assets that are not ‘financial assets’. Other economic flows included in net result Other economic flows included in net result are changes in the volume or value of an asset or liability that do not result from transactions. It includes: and losses from disposals, revaluations and impairments of non-financial physical and intangible assets depletion of natural assets (non-produced) from use or removal fair changes of financial instruments. Payables Includes short-term and long-term trade debt and accounts payable, grants and interest payable. Receivables Includes and long-term trade credit and accounts receivable, grants, taxes and interest receivable. Sales of goods and services