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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
0608-0004
ICR Reference No:
201909-0608-001
Status:
Historical Active
Previous ICR Reference No:
201605-0608-002
Agency/Subagency:
DOC/EASA
Agency Tracking No:
2019 BE-577
Title:
Quarterly Survey of U.S. Direct Investment Abroad--Transactions of U.S. Reporter With Foreign Affiliate
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
12/06/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
10/04/2019
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
12/31/2022
36 Months From Approved
12/31/2019
Responses
83,200
0
66,880
Time Burden (Hours)
83,200
0
66,880
Cost Burden (Dollars)
0
0
0
Abstract:
The Quarterly Survey of U.S. Direct Investment Abroad—Transactions of U.S. Reporter with Foreign Affiliate (Form BE-577) obtains quarterly data on transactions and positions between U.S.-owned foreign business enterprises and their U.S. parents, except certain private funds. The survey is a sample survey that covers all foreign affiliates above a size-exemption level. The sample data are used to derive universe estimates in nonbenchmark years from similar data reported in the BE-10, Benchmark Survey of U.S. Direct Investment Abroad, which is conducted every five years. The data are essential for the preparation of the U.S. international transactions accounts, the national income and product accounts, the input-output accounts, and the international investment position of the United States. The data are needed to measure the size and economic significance of direct investment abroad, measure changes in such investment, and assess its impact on the U.S. and foreign economies. The Bureau of Economic Analysis (BEA) proposes changes to the reporting requirements and content of the survey. BEA proposes to increase the reporting threshold for indirectly-owned foreign affiliates from $1 million in intercompany debt balances to $10 million. These foreign affiliates must also have total assets, annual sales or gross operating revenues, or annual net income (loss) after the provision for foreign income taxes greater than $60 million. We estimate that this threshold increase will exempt approximately 1,700 foreign affiliates from the BE-577 survey. These affiliates account for less than 1 percent of intercompany debt and their balances will be estimated using data reported on the benchmark survey. Additionally, BEA proposes to add a question for each debt category (receivables and payables) on the currency composition of intercompany debt. BE-577 survey respondents will be asked to provide the amount of debt denominated in U.S. dollars, euros, yen, and other currencies. These data will allow BEA to produce international investment position statistics by currency, as recommended by the G-20 Data Gaps Initiative II. Both of these changes will take effect with the BE-577 survey that is due for the first quarter of 2020 (the fiscal quarter ending closest to March 30). BEA expects that the collection of information will be approved for fourth quarter of 2019 (the fiscal quarter ending closest to December 31), when the current approval expires. The current version of the BE-577 survey, without the changes discussed above, will be used by respondents to report for the fourth quarter of 2019.
Authorizing Statute(s):
PL:
Pub.L. 94 - 472 3101-3108
Name of Law: International Investment and Trade in Services Survey Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
84 FR 33222
07/12/2019
30-day Notice:
Federal Register Citation:
Citation Date:
84 FR 48907
09/17/2019
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Quarterly Survey of U.S. Direct Investment Abroad: Direct Transactions of U.S. Reporter With Foreign Affiliate
BE-577
Quarterly Survey of U.S. Direct Investment Abroad - Transactions of U.S. Reporter with Foreign Affiliate
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
83,200
66,880
0
16,320
0
0
Annual Time Burden (Hours)
83,200
66,880
0
16,320
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The estimated annual respondent burden for this collection is 83,200 hours; the estimated respondent burden for the previous collection was 66,880 hours. The increase in the estimated respondent burden is due to the growth in the number of reporting U.S. parents and foreign affiliates since the survey was last cleared, partially offset by an increase in threshold. BEA increased the threshold for indirectly-owned foreign affiliates to report from $1 million in intercompany debt balances to $10 million. We estimate that this increase in threshold will exempt 1,700 foreign affiliates from the reporting requirements of the BE-577 survey. Without this change, burden would have increased to 90,020 hours. Additionally, BEA plans to add two new questions on the currency composition of intercompany debt to the survey. We expect the additional burden from these questions to be minimal and not change the average burden of the survey.
Annual Cost to Federal Government:
$1,600,000
Does this IC contain surveys, censuses, or employ statistical methods?
Yes
Part B of Supporting Statement
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Patricia Abaroa 202 606-9591 patricia.abaroa@bea.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
10/04/2019
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