European System of Accounts 2010 (ESA 2010)

What is European System of Accounts 2010 (ESA 2010)?

European System of Accounts 2010 (ESA 2010) definition and meaning on Finance terms:
An internationally compatible accounting framework for a systematic and detailed description of a total economy (that is, a region, country or group of countries), its components and its relations with other total economies. The ESA 2010 sets common standards, definitions, classifications and accounting rules for compiling accounts and tables on a comparable basis in the European Union. It also sets out the time limits by which EU Member States must transmit their accounts and tables, to be compiled in accordance with the ESA 2010 methodology, to the European Commission (Eurostat). The ESA 2010, implementation of which began in accordance with Regulation (EU) No 549/2013 of the European Parliament and of the Council in September 2014, replaced the previous European System of Accounts 1995 (the ESA 95) and is the EU’s current version of the internationally used System of National Accounts 2008 (2008 SNA). <