Bureau of Economic Analysis December 2011 – Federal Register Recent Federal Regulation Documents

This final rule amends the regulations of the Bureau of Economic Analysis, Department of Commerce (BEA) to set forth the reporting requirements for the BE-120, Benchmark Survey of Transactions in Selected Services and Intellectual Property with Foreign Persons. The amended regulations for the BE-120 include both definition changes and the addition of three schedules to better collect data in accordance with new international economic accounting standards. In addition, this rule changes the BE-120 survey title from ``Benchmark Survey of Transactions in Selected Services and Intangible Assets with Foreign Persons'' to ``Benchmark Survey of Transactions in Selected Services and Intellectual Property with Foreign Persons'' because the term ``intellectual property'' is better understood by U.S. respondents. The BE-120 survey covers transactions in selected services and intellectual property with foreign persons in benchmark years. In non- benchmark years, the universe estimates for these transactions are derived from sample data reported on BEA's follow-on survey, which is the Quarterly Survey of Transactions in Selected Services and Intangible Assets with Foreign Persons (BE-125). The data collected by the BE-120 will be used by BEA to estimate the trade in services component of the U.S. International Transactions Accounts and other economic accounts compiled by BEA. The data are also needed by the U.S. government to monitor U.S. exports and imports of selected services and intellectual property; analyze their impact on the U.S. and foreign economies; support U.S. international trade policy for selected services and intellectual property; and assess and promote U.S. competitiveness in international trade in services. In addition, the data will improve the ability of U.S. businesses to identify and evaluate market opportunities.