Sections
Summary
Code of Good Practices on Fiscal Transparency (2007)
I. Clarity of Roles and Responsibilities. -II. Open Budget Processes. -III. Public Availability of Information. -IV. Assurances of Integrity.
Background. -Fiscal ROSCs (Fiscal Transparency Modules of Reports on the Observance of Standards and Codes). -The Revised Code (2007). -How Has the Code Changed? -The Role of the Manual. -Revisions to the Manual.
Clarity of Roles and Responsibilities
The Scope of Government. The structure and functions of government. Roles of the executive, legislative, and judicial branches. Responsibilities of different levels of government. Relationships between the government and public corporations. General government and the central bank. General government and public financial corporations. National resource companies. Government involvement in the private sector. Regulation of the nonbank private sector. Government involvement in the banking secto...
Budget Preparation Process. Budget calendar. Medium-term framework for the budget. Realistic budgets. Medium-term frameworks. Fiscal rules and responsibility laws. Impact of budget measures. Costing of new revenue and spending programs. Broader economic implications. Fiscal sustainability and fiscal risks. Fiscal sustainability analysis. Realistic assumptions and sensitivity analysis. Fiscal risks. Budget programs and performance objectives. Coordination of budgetary and extrabudgetary activi...
Public Availability of Information
Provision of Comprehensive Information on Fiscal Activity and Government Objectives. Coverage of budget documentation. Past, present, and future fiscal performance information. Fiscal risks, tax expenditures, contingent liabilities, and quasi-fiscal activities. Tax expenditures. Contingent liabilities. Quasi-fiscal activities. Assessment of fiscal risks. Identification of revenue sources. Debt and financial assets. Reporting of debt. Reporting of financial assets. Significant nondebt liabilit...
Data Quality Standards. Realism of budget data. Accounting standards. Data consistency and reconciliation. Internal consistency. Reconciliation with other data. Historical consistency. -Oversight. Ethical standards. Employment procedures. Procurement regulations. Purchases and sales of assets. Internal audit systems. National revenue administration. Independence of national revenue administrations. -Scrutiny of Fiscal Information. National audit body. Audit reports and follow-up mechanisms. I...
