Manual on Fiscal Transparency (2007)
International Monetary Fund, Oct 19, 2007 - Business & Economics - 142 pages
The Manual on Fiscal Transparency provides an authoritative account and explanation of the revised IMF Code of Good Practices on Fiscal Transparency (the Code). It expands and updates the 2001 edition of the Manual, which has been used by countries undertaking assessments of the transparency of their fiscal management practices (including so-called fiscal ROSCs), legislatures, civil society organizations, economists, and financial analysts. Numerous new examples of implementation of the Code by countries in all regions of the world and at different levels of development are included. The Manual, which reflects a public comment process, is also supplemented by the revised Guide on Resource Revenue Transparency. It identifies numerous benefits from fiscal transparency, including providing citizens with information to hold governments accountable for their policy choices, informing and improving the quality of economic policy decisions, highlighting potential risks to the fiscal outlook, and easing a country’s access to international capital markets.
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accounting standards accounting system accrual accounting administrative agencies annual budget arrears assessment assumptions balance sheet basis budget documentation budget process central bank central government classification clear clearly Code contingent liabilities contracts cost countries Data Quality detailed disclosed disclosure economic ensure entities estimates example extrabudgetary activities extrabudgetary funds final accounts financial assets fiscal activities fiscal data fiscal information fiscal policy fiscal position fiscal reports Fiscal Responsibility Fiscal ROSC fiscal sustainability Fiscal transparency requires forecasts framework GFSM government’s guarantees identify impact important independent institutional internal audit International Monetary Fund INTOSAI issues legislation legislature levels of government loan macroeconomic Manual medium-term ment Moldova national audit body nonfinancial nonmarket obligations operating overall balance payment presented principles private sector procedures programs public corporations Public Finances public sector public-private partnerships quasi-fiscal activities regulations risks SDDS specific statement statistics subnational governments tax expenditures taxpayers tion transactions World Customs Organization