This document is addressed primarily to those individuals who are interested in preparing estimates of subsidies to particular products or sectors—people who engage in what might be called “subsidy accounting.” Unlike financial accounting for the business sector, or public-sector accounting for governments, there exists no agreed set of standards for producing such accounts.
Inappropriate subsidies contribute to widespread overfishing and to the distortion of trade in fisheries products. Current negotiations in the World Trade organization aim to address this problem through binding new subsidies rules. Meanwhile, many governments are working to reform their domestic fisheries subsidies programmes. But some fisheries subsidies will undoubtedly continue to be used for years to come. In this context, a knowledge of the policies and practices that can reduce the risks associated with these subsidies is critically important.