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Department of DefenseINSTRUCTION NUMBER 7060.2 January 16, 1969, Administrative Re issuance Incorporating Through Change 2, September 16, 1969, ASD(C)SUBJECT: International Balance of Payments ProgramAccounting,

How to fill out international balance of payments

How to fill out international balance of payments

1. Start by collecting all the relevant information about the financial transactions involving the country's residents and non-residents.
2. Categorize the transactions into different components, such as current account, capital account, and financial account.
3. Fill out the current account section by including details about the country's exports and imports of goods and services, as well as income received or paid to foreign entities.
4. Fill out the capital account section by including details about any capital transfers between residents and non-residents, such as debt forgiveness or migrants' transfers.
5. Fill out the financial account section by including details about the country's acquisition or disposal of financial assets and liabilities with non-residents.
6. Ensure that all the entries are correctly recorded and that they are balanced, with inflows equal to outflows in each section.
7. Finally, summarize the balance of payments by calculating the overall balance, which should ideally be close to zero if all entries have been accurately recorded.

Who needs international balance of payments?

1. International balance of payments is needed by various stakeholders including:
2. - Governments: It helps governments in formulating effective economic policies, managing trade imbalances, and assessing the performance of the economy.
3. - Central Banks: It provides crucial information for conducting monetary policy, managing foreign exchange reserves, and monitoring capital flows.
4. - Businesses: It helps businesses understand the international flow of goods, services, and capital, allowing them to adapt their strategies accordingly.
5. - Researchers and Economists: It serves as a valuable source of data for analyzing economic trends, evaluating the impact of policies, and conducting research.
6. - International Organizations: It aids international organizations, such as the IMF and World Bank, in assessing the financial health and stability of different countries.

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What is international balance of payments?

The international balance of payments is a financial statement that summarizes a country's transactions with the rest of the world over a specific time period, including trade in goods and services, investment income, and financial transfers.

Who is required to file international balance of payments?

Individuals and businesses engaged in international transactions, such as exporters and importers, as well as institutions that handle foreign investments, are generally required to file the international balance of payments.

How to fill out international balance of payments?

Filling out the international balance of payments typically involves reporting the value of all international transactions, including exports and imports, investments, and grants. Accurate source documentation and classification of types of payments are essential.

What is the purpose of international balance of payments?

The purpose of the international balance of payments is to provide a comprehensive record of a country's economic dealings with the rest of the world, which helps in assessing economic policies, currency stability, and international financial position.

What information must be reported on international balance of payments?

Information reported on the international balance of payments includes transactions related to goods and services, investment income, transfers, and adjustments for discrepancies in recorded trade flows.