Starting with the data for the first quarter 2014, the balance of payments and international investment position is compiled consistently with the requirements of the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual (BPM6), with the release of data for the second quarter of 2014 also converting the historical data. The implementation of the above IMF requirements in the euro area countries is stipulated by the Guideline of the European Central Bank (ECB) of 9 December 2011 on the statistical reporting requirements of the European Central Bank in the field of external statistics (ECB/2011/23).
Most essential methodological updates:
1) Instead of being recorded under "Goods" (as before), all goods for processing shall be recorded under "Services", with only the value of the rendered service recorded. Such goods that are returned to the country of origin after the completion of processing shall be classified as goods for processing.
2) Net exports under goods merchanting (the difference between acquisition and sale of goods abroad, without them entering Latvia) is recorded under "Goods" instead of "Services" (as before).
3) Transactions and positions between Latvian and foreign fellow enterprises shall be recorded separately under direct investment, i.e. shown under direct investment abroad where the ultimate controlling parent is a resident of Latvia, and under direct investment in Latvia where the ultimate controlling parent is a non-resident.
4) Financial intermediation services indirectly measured have been reclassified from income to financial services and reported separately.
5) Item "Special Drawing Rights" shall be included under Liabilities.
6) Item "Other equity" has been introduced under "Other investment"; it comprises transactions with and balances of equity (other than securities), reclassified from portfolio investment, as well as Latvia's payments to the capital of international organisations, reclassified from "Other assets".
7) Starting with 2014, adjustment for the euro banknote issues and holdings has been included in the central banking sector (it will be included beginning with the data release for the second quarter of 2014).
Description of the data compilation methodology is available here.