Introduction to GFS Framework

GFS defines a set of transactions, receipts and payments, that are presented in one single account or table. In addition are debt stocks included as a memorandum item.

In contrast to a System of National Accounts (93SNA) and Balance of Payments inclueding the International Investment Position (BOP / IIP), the GFS doesn't provide a closed system where transactions are mirrored by changes in the balance sheets, but rather a system to classify the governments’ revenues and expenses, measure their overall surpluses, as well as their debt positions.