Table 2.--Proposed Actions and Milestones in Implementation

Proposed actions	Milestones in implementation
Proposed actions	1995	1996	1997	1998	1999
Need for new and improved output measures
Extension of quality adjustment of price used in real GDP	Establish partnerships to expand work on quality adjustment	Continue partnerships and begin to publish quality-adjusted measures for selected high-tech products	Develop new estimates for nonresidential construction using model pricing or hedonic methods	Continue work on extension of quality adjustments
Further conceptual work on difficult-to-measure goods and services	Establish partnerships to expand conceptual work	Continue work on new concepts and methods for measuring banking, insurance, and other financial services	Publish new estimates for banking, insurance, and other financial services	Identify and develop new concepts and methods for measuring other difficult-to-measure services and goods	Publish new estimates for other difficult-to-measure services and goods.
More frequent updating of sample frames for existing surveys, more frequent surveys for services and other sectors, and extension of existing surveys to fill gaps in coverage	Begin to utilize results from the services expansion of the Census Begin work with other agencies to identify cost-effective actions	Continue work, extending consultations to business community	Conduct new and revised surveys using new sample frames and methods	Incorporate data from new and revised surveys
Improvements in seasonal adjustments		Begin work with other agencies on improving seasonal adjustment Begin work on revised seasonal adjustment as part of reengineering	Incorporate revised seasonal adjustment methods for categories such as inventories and merchandise trade	Incorporate revised seasonal adjustment methods for other key components
Improvements in projections for missing source data		Begin design work for built-in analytics and projections methods as part of reengineering	Incorporate new methods into current quarter projections for categories such as inventories and merchandise trade	Incorporate improved methods into current quarter projections for other key components
Introduction of new weighting schemes	Introduce more current weights for real GDP				Update base-year weights for current estimates.
Develop a new industry classification system	Present NAICS priority categories, including services, to industry groups and data users for comment and revision	Continue work with industry groups and data users and finalize NAICS in time for 1997 Economic Censuses	Work with Census to redesign forms on the basis of NAICS
Update and better integrate BEA's accounts within the context of new international guidelines			Complete the 1992 benchmark input-output accounts 5 years after the reference year
Need for better measures of investment, saving, and wealth
Expand the coverage of investment along the lines of new international guidelines	Treat government spending on structures and equipment as investment	Publish new estimates of computer software Update and improve estimates of research and development in the satellite account Extend integrated economic and environmental satellite accounts (IEESA's) to include selected renewable resource estimates and revise nonrenewable resource estimates	Continue long-term improvements in computer software and work on other intangibles Expand disaggregation of existing NIPA items in the IEESA's
Use of improved depreciation and valuation methods	Introduce new depreciation and capital estimates	Extend empirical work on used asset prices to other assets	Extend empirical work on used asset prices to other assets
Integration of real and financial accounts	Begin work with the Federal Reserve Board to develop multiyear plan for better integration
Need to fill gaps in the coverage of international transactions
Extension and revision of existing surveys and forms to cover new services, products, and financial instruments	Revise product code and data collection to include a separate category for computer software	Develop initial estimates of the full market value of computer software based on revised methods and source data	Update and improve estimates of the full market value of computer software.
		Work with the business community to develop revised and extended ``selected services'' survey to cover new, growing, and volatile services categories	Conduct extended services surveys	Process and incorporate results from extended surveys into national and international accounts.
	Begin work with Treasury and the Federal Reserve on cost-effective means of collecting data on derivatives and new financial instruments	Work with the business community to develop a revised survey to cover derivatives and new financial instruments	Conduct revised survey to capture derivatives and new financial instruments	Process and incorporate results from new derivatives survey into national and international accounts.
Extension of data exchanges with other countries and central banks	Continue work on internationally coordinated definitions for data exchanges	Incorporate data, as appropriate, from countries adopting new standardized definitions	Incorporate data, as appropriate, from countries adopting new standardized definitions	Incorporate data, as appropriate, from countries adopting new standardized definitions	Incorporate data, as appropriate, from countries adopting new standardized definitions.
Development of new surveys		Incorporate results from benchmark financial services survey and conduct annual financial services survey	Incorporate results from annual financial services survey.
	Process new benchmark survey of U.S. portfolio investment abroad	Continue processing new benchmark survey of U.S. portfolio investment abroad	Incorporate results from new benchmark survey of U.S. portfolio investment abroad.
	Continue international coordination in development of international benchmark survey of portfolio investment	Continue international coordination in development of international benchmark survey	Finalize design and collection of internationally coordinated benchmark survey	Collect and process data from internationally coordinated benchmark survey	Continue processing results of internationally coordinated benchmark survey.