Topic Guide: the Budget Process

New fiscal transparency code to improve policies and accountability. IMF, 2014. http://www.imf.org/external/pu...  

The International Monetary Fund recently released a revised version of the fiscal transparency code. Since they were first published in 1998 and last updated in 2007, the IMF’s Code of Good Practices on Fiscal Transparency and accompanying manual and guide have been centrepieces of global fiscal transparency standards. The revised code includes a principle on public participation: “The government provides citizens with an accessible summary of the implications of budget policies and an opportunity to participate in budget deliberations.”  

OECD principles of budgetary governance. OECD Senior Budget Officials, 2014. http://www.pempal.org/data/upload/files/2014/07/oecdsbo_ho-session-4-updated-draft-principles-of-budgetary-governance-r.-downes-den-haag-2014.pdf  

The OECD has recently published a document outlining 10 principles of budgetary governance. These include, among others, that: “All budget reports should be published fully, promptly and routinely, and in a way that is accessible to citizens”, requiring that budget documents be available online, and that all budget data be presented in open data formats which can be readily downloaded, analysed, used and represented by citizens, civil society organisations and other stakeholders. The recent OECD principles of budgetary governance complement and update the 2002 OECD best practices for budget transparency: integrity, control and accountability.  

International public sector accounting standards (IPSAS). http://www.ifac.org/publications-resources/2014-handbook-international-public-sector-accounting-pronouncements  

IPSAS are a set of accounting standards for use by public sector entities around the world in the preparation of financial statements. IPSAS are issued by the IPSAS Board. IPSAS strongly encourage and promote the use of accrual accounting. Since 1997, the IPSAS Board has developed and issued a suite of 32 accrual standards and one cash-basis standard.