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32. 1997 Economic Census
1 Beginning 1998, profits before and after income taxes reflect inclusion of minority stockholders' interest in net income before and after income taxes.
2 Annual data are average equity for the year (using four end-of-quarter figures).
3 Data for 1992 (most significantly 1992:I) reflect the early adoption of Financial Accounting Standards Board Statement Standards Board Statement 106 (Employer's Accounting for Post-Retirement Benefits Other Than Pensions) by a large number of companies during the fourth quarter of 1992. Data for 1993:I also reflect adoption of Statement 106. Corporations must show the cumulative effect of a change in accounting principle in the first quarter of the year in which the change is adopted.
Source: Through 1981, U.S. Federal Trade Commission; thereafter, U.S. Bureau of Census, Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations. In U.S. Council of Economic Advisers, Economic Report of the President, annual. http://www.census.gov/csd/qfr/ QUARTERLY FINANCIAL REPORT
To provide current statistics on the financial performance and conditions of domestic manufacturing, mining, and trade corporations. The United States Code, Title 13, requires this survey and provides for mandatory responses.
Corporations that have a plurality of business activity in manufacturing industries and domestic assets over $250,000; and corporations with a plurality of business activity in the mining, retail, or wholesale trade industries and domestic assets over $50 million. These include almost 172,000 corporations with estimated assets of over $4.6 trillion.
Corporations provide standard income statement and balance sheet data consolidated for all majority-owned domestic enterprises (except banking, insurance, and finance). Information collected includes sales, depreciation, before- and after-tax income, retained earnings, cash, investments, receivables, inventories, fixed assets, short- and long-term debt, accounts payable, and stockholders' equity.
Large corporations report additional data that include separate reporting of nonoperating income and expenses, earnings from foreign and other nonconsolidated entities and investments, extraordinary gains and losses, trade receivables from the U.S. Government, investments in Federal and other securities, commercial paper issued, and treasury stock.
Quarterly since 1947, the program was transferred to the Census Bureau from the Federal Trade Commission in 1982. Data collection begins about 25 days after each quarter and continues for about 9 weeks; data are for 3 months of company activities. The survey panel is updated quarterly.
Mail-out/mail-back surveys of some 3,700 large manufacturing, mining, and trade corporations using a long form, and of some 4,600 selected small- and medium-sized manufacturers using a short form; plus periodic reporting by corporations to determine and update business classification. The sample frame of firms is updated annually from Federal income tax records. Using the tax data, corporations are selected by stratified random sample, with strata by industry and asset size.
To determine initial and continuing eligibility, selected firms are asked to complete a Nature of Business Report form to classify their enterprises and determine their intercorporate relationships, if any. Data for manufacturing firms with assets between $250,000 and $250 million are estimated from a sample panel. Each quarter, one-eighth of the sample panel is replaced. Replacement firms report for 8 quarters.
Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations publications are released 75 days after each of the first three quarters, and 95 days after the fourth quarter. The report provides 5 quarters of data, including estimated statements of income and retained earnings, balance sheets, and related financial and operating ratios by industry and asset size. Revisions to data for prior quarters are made when necessary and usually result from respondent data corrections subsequent to publication. Information is provided, when possible, on material distortions in comparability due to changes in accounting conventions or users' needs. *
These tables are based on figures supplied by the United States Census Bureau, U.S. Department of Commerce and are subject to revision by the Census Bureau.
Copyright © 2006 Photius Coutsoukis and Information Technology Associates, all rights reserved.