Accounting basis: Defined in 2000 by the International Federation of Accountants’ (IFAC) Public Sector Committee (PSC), the predecessor of the International Public Sector Accounting Board (IPSASB), as “the body of accounting principles that determine when the effects of transactions or events should be recognized for financial reporting purposes. It relates to the timing of the measurements made, regardless of the nature of the measurement.” There are many variations of the concept of the accounting basis. The PSC identified two basic reference points (cash and accrual) and two variations (modified cash and modified accrual).

Accounting policies: According to IPSAS, “the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements.”

Accounting system: The set of accounting procedures, internal mechanisms of control, books of account, and plan and chart of accounts that are used for administering, recording, and reporting on financial transactions. Systems should embody double-entry bookkeeping, record all stages of the payments and receipts process needed to recog-nize accounting transactions, integrate asset and liability accounts with operating accounts, and maintain records in a form that can be audited.

Accrual accounting: Accrual accounting systems recognize transactions or events at the time economic value is cre-ated, transformed, exchanged, transferred, or extinguished, and all economic flows (not just cash) are recorded.

Accrual reporting: Reporting based on accrual accounting systems.

Advance release calendar: A calendar that indicates the dates on which regular publications of statistics or other fiscal data will be available to the public.

Annual financial statements: A comprehensive presentation of the government’s financial position and financial performance at the end of each fiscal year, which in most countries are subject to audit by the supreme audit in-stitution before being submitted to the legislature for review and subsequently published. Where accrual-basis accounting is used, the annual financial statements will usually include a balance sheet, an operating statement, a cash-flow statement, and notes. Where cash-basis accounting is used, the statements will comprise a cash receipts and payments or operating statement.

Appropriations: An authority under a law given by the legislature to the executive, valid for a specified period of time, to spend public funds for a specified purpose. Annual appropriations are made through annual budget laws. Supplementary budgets/appropriations are sometimes made by the legislature and amend the annual budget law. A standing appropriation is sometimes used for authority extending beyond a single budget year under separate legislation (e.g., social security laws). In some countries, such as the United States, the term authorization is used to denote a general law setting up a program and permitting appropriation, but not giving any specific authority to spend. In most countries, agencies and departments require specific executive authorization (“apportionment, allotment, or warrant”) before they may incur an obligation against an appropriation.

Assets: Any economic resource controlled by an entity as a result of past transactions or events and from which the economic owner may obtain future economic benefits over a period of time. Types of financial assets include cash, deposits, loans, bonds, shares and other equities, financial derivatives, and accounts receivable. Examples of non-financial assets include buildings, machinery, equipment, inventories, valuables, land, subsoil mineral deposits, and leases.

Augmented balance: The overall balance plus any losses incurred by the central bank, and any issuance of govern-ment debt to recapitalize public financial institutions not recorded in the overall balance.

GLOSSARY

137

©International Monetary Fund. Not for Redistribution

138 GLOSSARY

Balance sheet: A comprehensive and consolidated statement of the assets, liabilities, and net worth of the govern-ment or the public sector drawn up at a defined point in time, usually the end of the fiscal year.

Borrowing: Includes all direct borrowing by public sector entities, such as bonds, treasury bills, and bank loans, as well as indirect borrowing such as accounts payable, including expenditure arrears and unpaid tax refunds.

Budget calendar: A calendar indicating the key dates in the process of preparing and approving the budget. This calendar would include the date on which the budget circular is issued; the time period during which the finance ministry discusses the budget submissions of ministries, departments, and agencies; the date on which the draft budget should be submitted by the executive to the legislature; the period during which the legislature holds bud-get hearings; and the date on which the budget appropriations bill should be passed by the legislature.

Budget documentation: The documents that are published with the executive’s annual budget submission to the leg-islature or that are related to the process of preparing the budget. In addition to the draft appropriation bill, these documents could include a fiscal strategy statement, a medium-term budget framework, a fiscal risk statement, and a report on the execution of the budget for the previous year.

Budgetary central government: The ministries, departments, agencies, and other entities belonging to the central government whose spending, revenues, and borrowing activities are included in the central government’s annual budget. There may be extrabudgetary entities whose activities are excluded from the annual budget, and thus from the definition of budgetary central government.

Cash accounting: An accounting system that recognizes transactions and events when cash is received or disbursed.

Cash reporting: Reporting based on cash-accounting systems.

Central government: All government entities that are included in the budgetary central government, plus any units funded by extrabudgetary funds and nonmarket nonprofit institutions that are controlled by the central govern-ment. Depending on legal arrangements, social security funds are often considered part of central government.

Chart of accounts: A financial organization tool that provides an organized and coded listing of all the individual accounts that are used to record transactions and make up the ledger system.

Commitments: A stage in the expenditure process at which a contract or other forms of planned expenditures are approved before work is performed or goods and services are delivered. A commitment thus entails a potential obligation for a government to pay in future when the contract is honored by its counterpart. A commitment is not equivalent to a liability. The term is also used in a more general sense to mean firm promises of the government made in policy statements. Since commitments usually mature as payments, their control is an essential part of expenditure control and prevention of expenditure arrears.

Consolidation: A process of presenting the assets, liabilities, revenues, and expenditures of a group of public-sector entities (often a controlling government unit and its controlled entities) as if they constituted a single entity. Inter-nal transactions and balances should be eliminated.

Contingency funds or reserves: A separate fund or a budget provision set aside to meet unforeseen and unavoidable requirements that may arise during the budget year. Certain types of contingency (e.g., meeting loan guarantee obligations) may be specified as a potential use for such funds.

Contingent liabilities: Obligations that are contingent on the occurrence of some uncertain future event (e.g., the calling of a government guarantee). They are therefore not yet liabilities, and may never be if a triggering event does not materialize. Contingent liabilities may be explicit (i.e., established by law or through a contract between the government and a third party) or implicit (e.g., based on a public expectation that the government will provide support to an entity should it be in financial difficulties).

Data Dissemination Standards: Standards that enhance the availability of timely and comprehensive statistics, and which contribute to sound macroeconomic policies and the efficient functioning of financial markets. The Special Data Dissemination Standard (SDDS) is a set of global benchmarks, developed by the IMF, for disseminating mac-roeconomic statistics to the public. The Enhanced General Data Dissemination System (e-GDDS) is a framework for countries with less developed statistical systems to improve data transparency and governance by publishing essential data for the analysis of macroeconomic conditions. The SDDS Plus Standard is the highest tier of the SDDS and is aimed at economies with systemically important financial sectors.

©International Monetary Fund. Not for Redistribution

GLOSSARY 139

Debt Sustainability Analysis (DSA): The Debt Sustainability Framework (DSF), developed by the World Bank and the IMF, guides the borrowing decisions of low- and middle-income countries, matching their financing needs with their current and prospective ability to repay debt. The DSA is a tool that is used as part of the DSF to conduct a structured examination of a country’s debt sustainability.

Earmarked taxes: Taxes raised and allocated by a mechanism specified in policy or law to specific expenditure pro-grams, often through an extrabudgetary entity (see extrabudgetary entities).

Economic classification: A classification that identifies the types of expense incurred according to the economic pro-cess involved; for example, the payment of wages and salaries or the purchase of goods and services or plant and equipment. The term is generally used to identify the nature and economic effects of government operations.

Expenditure (or payment) arrears: Amounts that are both unpaid and past the due date for payment. Payment arrears represent the stock of invoices that have not been paid by the date specified in a contract, within a normal commercial period for similar transactions, or within a specific period set by laws and regulations. Examples of arrears include bills overdue from suppliers, overdue salaries or transfers, or overdue debt repayment or debt ser-vice payments.

Extrabudgetary entities: Entities that operate under the authority or control of government whose budgets are not included in the annual budget of the government that is submitted to the legislature. Such entities may not be sub-ject to the same level of scrutiny or accounting standards as those included in the annual budget. A wide variety of extrabudgetary arrangements are used, including extrabudgetary funds (e.g., social security funds) set up under separate legislation that may or may not have a separate annual appropriation, or extrabudgetary accounts.

Financial derivative: A financial instrument whose value is derived from one or more underlying assets and through which specific financial risks (e.g., interest rate risk, foreign exchange risk, equity and commodity price risk, and credit risk) can be traded in financial markets. Examples include futures, swaps, and options.

Fiscal aggregates: Summary fiscal indicators, including on the flow-side total expenditure, total revenue, net lending/net borrowing, and the overall fiscal balance, and on the stock-side gross and net debt, total assets, total liabilities, and net worth.

Fiscal council: A permanent agency with a statutory or executive mandate to assess publicly and independently from partisan influence the government’s fiscal policies, plans, and performance against macroeconomic objectives related to the long-term sustainability of public finances, short- and medium-term macroeconomic stability, and other policy objectives. The council may also be mandated to prepare short- and medium-term macroeconomic and fiscal forecasts that are used by the government in preparing the budget, or to validate the government’s own forecasts.

Fiscal forecasts: Forecasts of the main fiscal aggregates (revenue, expenditure, borrowing, and public debt), and their components such as revenue by categories of tax and nontax revenue, and expenditure by administrative, func-tional, and economic classification.

Fiscal legislation: Laws or regulations relating to the formulation of fiscal policy; principles of fiscal responsibil-ity; the preparation, approval, and execution of the budget; and the accounting, reporting, and auditing of fiscal information.

Fiscal policy targets and rules: Medium-term objectives or targets for key fiscal indicators such as debt, the fiscal deficit, revenue collection, or expenditure. These targets may include limits on the growth rate or level of these indicators and be formalized as rules that are set in legislation or in pronouncements by the government. In ad-dition, the government may legislate or announce procedural rules for the conduct of fiscal policy, for example, transparency in policymaking, timely disclosure of fiscal information, or the correction of fiscal imbalances within a specified period.

Fiscal reports: Retrospective reports on fiscal developments, including in-year and year-end budget outturn/execu-tion reports, fiscal statistics, and annual financial statements.

Fiscal risks: Potential shocks to government revenues, expenditures, assets, or liabilities that may cause fiscal out-comes to depart from expectations or forecasts. Fiscal risks can be classified into macroeconomic risks that arise when forecasts of key macroeconomic variables are different from forecast; or specific risks such as the realization

©International Monetary Fund. Not for Redistribution

140 GLOSSARY

of contingent liabilities, natural disasters, or other uncertain events such as the bailout of a public corporation or financial institution.

Fiscal statistics: Retrospective reports on the government’s financial performance that provide fiscal data based on international statistical standards such as the IMF’s Government Finance Statistics Manual (GFSM, 2001 or 2014), or the System of National Accounts (SNA, 1993 or 2008), or the European System of National Accounts (ESA, 1995 or 2010).

Fiscal sustainability: The ability of a government to sustain its current spending, revenue raising, and other pol-icies without threatening government liquidity or solvency, or defaulting on some of its liabilities or promised expenditures.

Fiscal transparency: Fiscal transparency refers to the information available to the public about the government’s fis-cal policymaking process; the clarity, reliability, frequency, timeliness, and relevance of public fiscal reporting; and the openness of such information. Clarity is the ease with which reports can be understood by users. Reliability is the extent to which reports are an accurate representation of government fiscal operations and finances. Frequency (or periodicity) is the regularity with which reports are published. Timeliness refers to the time lag involved in the dissemination of these reports. Relevance refers to the extent to which reports provide users (legislatures, markets, and citizens) with the information they need to make effective decisions. Openness refers to the ease with which the public can influence and hold governments to account for their fiscal policy decisions.

Functional classification: The functional classification of expenses provides information on the purpose for which an expense was incurred. The United Nations’ Classification of Functions of Government (COFOG) is a detailed classification of the functions, or socioeconomic objectives, that general government entities aim to achieve through various kinds of expenditure. It is generally used to measure the allocation of resources by government for the pro-motion of various activities and objectives (e.g., health, education, transportation, and communication).

General government: All resident institutional units that fulfill the functions of government as their primary activity. The general government sector comprises the following: all entities of the central, state, regional, provincial, munic-ipal, or local government; all extrabudgetary entities, including social security funds, at each level of government; and all nonmarket nonprofit institutions that are controlled and financed mainly by government units. Therefore, the general government sector can also be defined as all the public institutional entities and units that are nonmar-ket producers. It does not include public corporations that are market producers, even when these companies are owned and controlled by the government.

Governance: The process by which decisions are made and implemented. Within government, governance is the process by which public institutions conduct public affairs and manage public resources. Good governance refers to the management of government in a manner that is essentially free of abuse and corruption, and with due regard for the rule of law.

Government guarantee: The most common type is a government-guaranteed loan, which requires the government to repay any amount outstanding in the event of default. In some contracts with a public or private sector entity (e.g., PPPs), the government may provide a guarantee that requires it to pay compensation if the revenue outturn or quantity demanded is below the guaranteed level. Similarly, contracts may also contain exchange rate or price guarantees.

Government (or general) ledger accounts: The book where all transactions by the central government, as a debit or a credit, are recorded. The government ledger is generally maintained by a government’s general accounting office.

Gross (net) debt: All liabilities that require the payment of interest and/or principal by the debtor to the creditor at a date or dates in the future. Thus, all liabilities in the government finance statistics (GFS) system are debt, except for shares and other equity and financial derivatives. Net debt is calculated as gross debt minus financial assets corresponding to debt instruments. For some purposes, it may be useful to calculate debt net of highly liquid assets, which is, in most cases, is equal to gross debt minus financial assets in the form of currency and deposits. However, in some cases, debt securities held for debt management purposes could be included as highly liquid financial assets.

International Financial Reporting Standards (IFRS): A set of accounting standards issued by the International Ac-counting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards.

©International Monetary Fund. Not for Redistribution

GLOSSARY 141

International Public Sector Accounting Standards (IPSAS): A set of accounting standards issued by the IPSAS Board for use by governments and other public-sector entities in the preparation of general purpose financial re-ports. These standards are comparable to the IFRS that relate to private-sector entities.

In-year fiscal reports: Budget outturn/execution reports and fiscal statistics that are produced every month or quarter within the financial year, and also include full-year reports that are produced shortly after the end of the financial year.

Liability: In the GFSM, a liability is established when an entity is obligated, under specific circumstances, to pro-vide funds or other resources to another entity. Liabilities include Special Drawing Rights (SDRs); currency and de-posits; debt securities; loans; equity and investment fund shares; insurance, pension, and standardized guarantee schemes; financial derivatives and employee stock options; and other accounts payable. In IPSAS, a liability is defined as a current obligation of an entity for an outflow of resources that result from a past event. At a minimum, the balance sheet (statement of financial position) should include line items of transfers payable, payables under exchange transactions, provisions, and other financial liabilities.

Macroeconomic forecasts: Projections of key macroeconomic variables such as GDP, consumption, investment, em-ployment, inflation, interest rates, exchange rates, and developments in the world economy. Such forecasts are an important input for making projections of fiscal aggregates such as public spending, revenue, borrowing, and debt.

Macroeconomic risks: Risks that arise when the forecasts of macroeconomic indicators (GDP, employment, exchange rates, etc.) differ from the outturns.

Major audit qualifications: Major audit qualifications include any of the following: (i) a disclaimer audit opinion; (ii) an adverse audit opinion; and (iii) any other audit qualification, the financial impact of which has been estimated by the auditor to be of the order of one percent of GDP or larger.

Major revisions: Revisions to historical fiscal statistics that are large enough to have a macro-critical impact on the key fiscal aggregates, and in particular, any revision of the order of one percent of GDP or larger.

Medium-term budget framework (MTBF): A set of institutional arrangements for prioritizing, presenting, and man-aging revenue and expenditure over a period of three to five years.

Moral hazard: The possibility that a signal or expectation of future government support may induce an undesirable change in the behavior of the management of a public or private sector entity or enterprise. For example, the entity may be encouraged to engage in more risky activities because some of its potential losses are seen as being effec-tively underwritten by the government.

Multi-annual contracts: Contracts between the government and the private sector with a term of more than a year, such as PPPs, long-term leases, and medium- or long-term procurement arrangements.

Natural resource company (NRC): A nonfinancial public corporation (state-owned enterprise) that is involved in the exploration, extraction, processing, or sale of minerals or oil.

Net/gross operating balance: A summary measure of the sustainability of the reporting sector’s or subsector’s oper-ations. It is represented by the change in net worth due to transactions (calculated as revenue minus expense). The gross operating balance equals revenue minus expenses excluding the consumption of fixed capital.

Net lending/borrowing: A summary measure indicating the extent to which the government is either putting finan-cial resources at the disposal of other sectors in the economy or abroad, or is utilizing the financial resources gen-erated by other sectors in the economy or from abroad. It may therefore be viewed as an indicator of the financial impact of government activity on the rest of the economy and the rest of the world. Net lending/borrowing equals the net operating balance minus net investment in nonfinancial assets. It is also equal to the net acquisition of finan-cial assets minus the net incurrence of liabilities.

Net worth: Total assets less total liabilities at the end of an accounting period. Some analysis focuses on only the fi-nancial assets of the general government sector rather than its total assets. As a result, net financial worth is defined as the total value of financial assets less total liabilities.

Nondebt liabilities: Liabilities that do not require payment(s) of interest and/or principal by the debtor to the creditor at a date, or dates, in the future. They include equity and investment fund shares (which entitle its holders only

©International Monetary Fund. Not for Redistribution

142 GLOSSARY

to dividends and a claim on the residual value of the liabilities), and employee stock options (which do not supply funds or other resources, but rather shift the exposure to risks from one party to another).

Nonmarket nonprofit institutions (NPIs): Legal or social entities created for the production of nonmarket goods and services, but whose status does not permit them to be a source of income, profit, or other financial gain for the entities that establish, control, and mainly finance them. An entity is a nonmarket producer if most of its output is not sold at an economically significant price. NPIs controlled by the government are classified in the general gov-ernment sector.

Nonperforming loan: Nonperforming loans are those for which: (i) payments of principal and/or interest are past due by three months (90 days) or more, (ii) interest payments equal to three months’ (90 days) interest or more have been capitalized (reinvested in the principal amount) or payment has been delayed by agreement, or (iii) evi-dence exists to reclassify a loan as nonperforming even in the absence of a 90-day past-due payment, such as when the debtor files for bankruptcy.

Outputs and outcomes: In a performance-assessment framework for government, outputs are defined as the goods or services produced by government agencies (e.g., an increase in the number of teaching hours delivered, or in the volume of welfare benefits assessed and paid), and outcomes are defined as the effects on social, economic, or other indicators arising from the delivery of outputs (e.g., an increase in a country’s PISA scores, or improved social equity).

Overall balance: This term corresponds to the GFSM 1986 terminology of “Overall Deficit/Surplus,” which is defined as revenue plus grants received less expenditure less “lending minus repayments.” The balance so defined is equal (with an opposite sign) to the sum of net borrowing by the government, plus the net decrease in government cash, deposits, and securities held for liquidity purposes. The basis of this balance concept is that government policies are held to be deficit- or surplus-creating, and thus the revenue or expenditures associated with these policies are “above the line.” Borrowing or a rundown of liquid assets, however, is deficit financing or “below the line.” It should be noted that the term lending minus repayments included above the line covers government transactions in debt and equity claims on others undertaken for purposes of public policy rather than for management of govern-ment liquidity or earning a return.

Participatory budgeting: A form of budgeting in which citizens’ groups and other nongovernmental organizations participate directly in the process of preparing the budget or in monitoring its implementation. Public participa-tion has proven especially valuable in providing feedback on the quality and timeliness of delivery of key public services in areas such as agriculture, education, the environment, and health.

Primary balance: Equals net lending/borrowing excluding interest expense or net interest expense.

Program budgeting/program classification: Presentation of proposed expenditures in a budget according to the intended objectives and results of the associated programs, which may be defined as groups of related activities carried out by a government. A program classification applies this principle across all government activities. Pro-gram budgets allocate expenditures by program and are often associated with performance budgets, or results-based budgets in which indicators are used to measure whether expenditure policies and programs are achieving their desired objectives, outputs, or outcomes.

Public corporation: A legal entity that is owned or controlled by the government and that produces goods or services for sale in the market at economically significant prices. There are two main classes of public corporation: nonfinan-cial corporations and financial corporations.

Public-private partnership (PPP): A group of long-term arrangements where the private sector supplies infrastruc-ture assets and services that have been traditionally provided or financed by the government. PPPs typically com-prise a long-term contract between a private party and a government entity for providing a public asset or service, in which the private party bears significant risk and management responsibility, and remuneration is linked to performance.

Public sector: The public sector consists of all resident institutional units controlled directly or indirectly by resident government entities—namely, all entities of the general government sector and resident public corporations.

©International Monetary Fund. Not for Redistribution

GLOSSARY 143

Quasi-fiscal activities (QFAs): Operations carried out by public corporations to further a public policy objective that worsens their financial position relative to a strictly commercial profit-maximizing level. QFAs can take a variety of forms, including selling goods and services (e.g., energy, water) at less than their commercial cost or paying more than commercial prices to selected suppliers.

Sensitivity analysis: In macroeconomic and fiscal forecasting, a “what-if” type of analysis to determine the sensitivity of the forecast outcomes to changes in the assumptions or parameters. If a small change in a parameter results in a relatively large change in the outcomes, the outcomes are said to be sensitive to that parameter.

Specific fiscal risk: A fiscal risk that is related to specific sources and triggering events, such as the calling of a guar-antee, a natural disaster, or the rescue of a bank.

Special Drawing Right (SDR): The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves. SDRs can be exchanged for freely usable currencies. The value of the SDR is based on a basket of five major currencies—the US dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound.

Subnational governments: Decentralized government entities, created by constitution or law, units that have leg-islative, judicial, or regulatory authority over a geographically delineated part of the country. These entities are governed by bodies whose members are elected by universal suffrage of persons resident within the delineated area, and have some autonomy with respect to budgets, staff, and assets. Subnational governments include state, provincial, or regional governments, as well as municipalities and other local governments.

Supplementary budgets/appropriations: See appropriations.

Supreme Audit Institution (SAI): Highest national auditing authority within the constitutional system that is respon-sible for auditing the management of public funds. SAIs may perform compliance, financial, or performance audits. They should be organizationally, administratively, and financially independent of the government. Most SAIs are members of the International Organization of Supreme Audit Institutions (INTOSAI), which acts as a professional standard-setting body.

Tax arrears: Taxes due to government but not paid within the prescribed time.

Tax expenditures: Revenue foregone, attributable to provisions in the tax law that allow special exclusions, exemp-tions, deductions, credits, concessions, preferential rates, or deferral of tax liabilities for select groups of taxpayers or specific activities. These exceptions may be regarded as alternatives to other policy instruments, such as spend-ing or regulatory programs.

User charges: Payments made by consumers, both individual and companies, to meet all or part of the cost of goods and services provided to them by the public sector.

©International Monetary Fund. Not for Redistribution

This page intentionally left blank

©International Monetary Fund. Not for Redistribution

Ahmad, Ehtisham, and Giorgio Brosio, eds., 2006, Handbook of Fiscal Federalism. (London: Edward Elgar).Alesina, Alberto, and Roberto Perotti, 1995, “The Political Economy of Budget Deficits,” Staff Papers, International Monetary Fund, 42

(March), pp. 1–31.–––––, 1999, “Budget Deficits and Budget Institutions,” in Fiscal Institutions and Fiscal Performance, ed. by James M. Poterba and Jürgen von

Hagen, National Bureau of Economic Research Conference Report (Chicago: University of Chicago Press).Allan, William, and Taryn Parry, 2003, “Fiscal Transparency in EU Accession Countries: Progress and Future Challenges,” IMF Working

Paper 03/163 (Washington, DC: International Monetary Fund).Allen, Richard, and Dimitar Radev, 2006, “Managing and Controlling Extrabudgetary Funds,” IMF Working Paper 06/286 (Washington,

DC: International Monetary Fund).–––––, 2010, “Extrabudgetary Funds,” IMF Technical Notes and Manuals No. 2010/09 (Washington, DC: International Monetary Fund).Allen, Richard, and Miguel Alves, 2016, “How to Improve the Financial Oversight of Public Corporations,” IMF How-To Note No. 5

(Washington, DC: International Monetary Fund).Allen, Richard, Richard Hemming, and Barry H. Potter (eds.), 2013, The International Handbook of Public Financial Management (London:

Palgrave Macmillan).Alt, James E., and David Dreyer Lassen, 2003, “Fiscal Transparency and Fiscal Policy Outcomes in OECD Countries,” Economic Policy

Research Unit Working Paper No. 2003–2 (Paris: Organisation for Economic Co-operation and Development).Alt, James E., and Shanna Rose, 2006, “The Causes of Fiscal Transparency: Evidence from the U.S. States,” IMF Staff Papers, Vol. 53 (Sep-

tember, Special Issue).Arthur Anderson, 2000, “General and Specific Methodologies for Valuing Contingent Liabilities,” Contingency Fund Project Report (un-

published: Chicago).Australia, Commonwealth of, 2015, 2015 Intergenerational Report: Australia in 2055 (Canberra).–––––, 2017, Budget Strategy and Outlook Budget Paper No. 1. (Canberra).Austrian Federal Ministry of Finance, 2013, “Opening Statement of Financial Position for the Austrian Federal Government as at 1 January

2013” (Vienna: Austrian Federal Ministry of Finance).Basel Committee on Banking Supervision, 1997, “Basel Core Principles for Effective Banking Supervision,” International Legal Materials,

Vol. 36 (March), pp. 405–32.Beetsma, Roel W.M.J., and Xavier Debrun, 2016, “Fiscal Councils: Rationale and Effectiveness,” IMF Working Paper 16/86 (Washington,

DC: International Monetary Fund).Bléjer, Mario I., and Adrienne Cheasty, eds., 1993, How to Measure the Fiscal Deficit: Analytical and Methodological Issues (Washington, DC:

International Monetary Fund).Bova, Elva, Marta Ruiz-Arranz, Frederik G. Toscani, and H. Elif Ture, 2016, “The Fiscal Costs of Contingent Liabilities: A New Dataset,”

IMF Working Paper No. 16/14 (Washington, DC: International Monetary Fund).Bova, Elva, Robert Dippelsman, Kara Rideout, and Andrea Schaechter, 2013, “Another Look at Governments’ Balance Sheets: The Role of

Nonfinancial Assets,” IMF Working Paper No. 13/95 (Washington, DC: International Monetary Fund).Brixi, Hana Polackova., and Allen Schick, 2002, Government at Risk: Contingent Liabilities and Fiscal Risk. (Washington, DC: World Bank and

Oxford University Press).Brumby, James, and Richard Hemming, 2013, “Medium-Term Expenditure Frameworks,” in The International Handbook of Public Financial

Management, ed. by Richard Allen, Richard Hemming, and Barry H. Potter (London: Palgrave Macmillan).Budina, Nina, Tidiane Kinda, Andrea Schaechter, and Anke Weber, 2012, “Fiscal Rules at a Glance; Country Details from a New Dataset,”

IMF Working Paper 12/273 (Washington, DC: International Monetary Fund).Cangiano, Marco, Teresa Curristine, and Michel Lazare, eds., 2013, Public Financial Management and Its Emerging Architecture (Washington,

DC: International Monetary Fund).Carson, Carol, 2001, “Toward a Framework for Assessing Data Quality,” IMF Working Paper 01/25 (Washington, DC: International Mon-

etary Fund).Carson, Carol, Sarmad Khawaja, and Thomas K. Morrison, 2004, “Revisions Policy for Official Statistics: A Matter of Governance,” IMF

Working Paper 04/87 (Washington, DC: International Monetary Fund).Castro, Manuel Fernando, 2011, “Defining and Using Performance Indicators and Targets in Government M&E Systems,” PREM Notes,

No. 12, July.

BIBLIOGRAPHY

145

©International Monetary Fund. Not for Redistribution

146 BIBLIOGRAPHY

Cebotari, Aliona, 2008, “Contingent Liabilities: Issues and Practice,” IMF Working Paper 08/245 (Washington, DC: International Mone-tary Fund).

Chalk, Nigel, and Richard Hemming, 2000, “Assessing Fiscal Sustainability in Theory and Practice,” in Fiscal Sustainability, papers pre-sented at a Banca d’Italia Research Department Workshop, Perugia, Italy, January 20–22.

Chand, Sheetal K., and Albert Jaeger, 1996, Aging Populations and Public Pension Schemes, IMF Occasional Paper No. 147 (Washington, DC: International Monetary Fund).

Chevauchez, Benoît, 2007, “Public Management Reform in France,” in Performance Budgeting—Linking Funding and Results, ed. by Marc Robinson (Washington, DC: International Monetary Fund).

Christofides, Charis, Christian Mulder, and Andrew Tiffin, 2003, “The Link between Adherence to International Standards of Good Prac-tices, Foreign Exchange Spreads, and Ratings,” IMF Working Paper 03/74 (Washington, DC: International Monetary Fund).

Cooper, Julie, and Sailendra Pattanayak, 2011, “Chart of Accounts: A Critical Element of the Public Financial Management Framework,” IMF Technical Notes and Manuals No. 2011/03 (Washington, DC: International Monetary Fund).

Corbacho, Ana, and Teresa Ter-Minassian, 2013, “Public Financial Management Requirements for Effective Implementation of Fiscal Rules,” in The International Handbook of Public Financial Management, ed. by Richard Allen, Richard Hemming, and Barry H. Potter (Lon-don: Palgrave Macmillan).

Curristine, Teresa, and Suzanne Flynn, 2013, “In Search of Results: Strengthening Public Sector Performance,” in Public Financial Man-agement and Its Emerging Architecture, ed. by Marco Cangiano, Teresa Curristine, and Michel Lazare (Washington, DC: International Monetary Fund).

Daniel, James A., Jeffrey M. Davis, and Andrew M. Wolfe, 1997, “Fiscal Accounting of Bank Restructuring,” IMF Paper on Policy Analysis and Assessment No. 97/5 (Washington, DC: International Monetary Fund).

Das, Udaibir S., Yinqiu Lu, Michael G. Papaioannou, and Iva Petrova, 2012, “Sovereign Risk and Asset and Liability Management—Con-ceptual Issues,” IMF Working Paper 12/241 (Washington, DC: International Monetary Fund).

Davis, J.M., R. Ossowski, and A. Fedelino, eds., 2003, Fiscal Policy Formulation and Implementation in Oil Producing Countries (Washington, DC: International Monetary Fund).

Debrun, Xavier, and Tidiane Kinda, 2014, “Strengthening Post-Crisis Fiscal Credibility: Fiscal Councils on the Rise—A New Dataset,” IMF Working Paper 14/58 (Washington, DC: International Monetary Fund).

Debrun, Xavier, L. Moulin, A. Turrini, J. Ayuso-i-Casals, and M.S. Kumar, 2008, “Tied to the Mast? National Fiscal Rules in the European Union,” Economic Policy, April.

Dippelsman, Robert, Claudia Dziobek, and Carlos A. Gutiérrez Mangas, 2012, “What Lies Beneath: The Statistical Definition of Public Sector Debt,” IMF Staff Discussion Note 12/09 (Washington, DC: International Monetary Fund).

Drabek, Zdenek, and Warren Payne, 2001, “The Impact of Transparency on Foreign Direct Investment,” Staff Working Paper ERAD–99–02 (Geneva: World Trade Organization).

Engel, Eduardo, Ronald Fischer, and Alexander Galetovic, 2003, “Privatizing Highways in Latin America: Fixing What Went Wrong,” Economia, Vol. 4 (Fall), pp. 129–64.

European Commission, 2011a, European Statistics Code of Practice—Revised Edition 2011 (Luxembourg: Publications Office of the European Union).

–––––, 2011b, Manual on Sources and Methods for the Compilation of COFOG Statistics—Classification of the Functions of Government (COFOG) (Luxembourg: Publications Office of the European Union).

–––––, 2013a, ESS Guidelines on Revision Policy for PEEIs (Luxembourg: Publications Office of the European Union).–––––, 2013b, European System of Accounts (ESA 2010) (Luxembourg: Publications Office of the European Union).Fainboim, Israel, Duncan Last, and Eivind Tandberg, 2013, “Managing Public Investment,” in Public Financial Management and Its Emerg-

ing Architecture, ed. by Marco Cangiano, Teresa Curristine, and Michel Lazare (Washington, DC: International Monetary Fund).Financial Stability Forum Working Group on Deposit Insurance, 2000, “International Guidance on Deposit Insurance: A Consultative

Process” (Basel, June).Flynn, Suzanne, Delphine Moretti, and Joe Cavanagh, 2016, “Implementing Accrual Accounting in the Public Sector,” IMF Technical

Notes and Manuals No. 2016/06 (Washington, DC: International Monetary Fund).Frankel, Jeffrey A., 2011, “Over-optimism in Forecasts by Official Budget Agencies and Its Implications,” NBER Working Paper 17239

(Cambridge, MA: National Bureau of Economic Research).Funke, Katja, Timothy Irwin, and Isabel Rial, 2013, “Budgeting and Reporting for Public-Private Partnerships,” International Transport

Forum Discussion Papers No. 2013/07 (Paris: OECD Publishing).Gelos, R. Gaston, and Shang-Jin Wei, 2002, “Transparency and International Investor Behavior,” IMF Working Paper 02/174 (Washington,

DC: International Monetary Fund).Ghesquiere, Francis, and Olivier Mahul, 2010, “Financial Protection of the State against Natural Disasters: A Primer,” World Bank Policy

Research Working Paper 5429, September (Washington, DC: World Bank).Glennerster, Rachel, and Yongseok Shin, 2003, “Is Transparency Good for You, and Can the IMF Help?” IMF Working Paper 03/132

(Washington, DC: International Monetary Fund).Goldstein, Morris, 1997, “The Case for an International Banking Standard,” Policy Analyses in International Economics 47 (Washington,

DC: Institute for International Economics).Gramlich, Edward M., 1998, A Guide to Benefit-Cost Analysis, 2nd ed. (Long Grove, IL: Waveland Press).

©International Monetary Fund. Not for Redistribution

BIBLIOGRAPHY 147

Guha-Sapir, D., R. Below, and P. Hoyois, 2016, EM-DAT Database—The CRED/OFDA International Disaster Database (Brussels: Universite Catholique de Louvain).

Hameed, Farhan, 2005, “Fiscal Transparency and Economic Outcomes,” IMF Working Paper 05/225 (Washington, DC: International Monetary Fund).

Hammami, Mona, Jean-François Ruhashyankiko, and Etienne B. Yehoue, 2006, “Determinants of Public-Private Partnerships in Infra-structure,” IMF Working Paper 06/99 (Washington, DC: International Monetary Fund).

Harris, Jason, Richard Hughes, Gösta Ljungman, and Carla Sateriale, 2013, “Medium-Term Budget Frameworks in Advanced Economies: Objectives, Design, and Performance,” in Public Financial Management and Its Emerging Architecture, ed. by Marco Cangiano, Teresa Curristine, and Michel Lazare (Washington, DC: International Monetary Fund).

Heller, Peter, 2003, Who Will Pay? Coping with Aging Societies, Climate Change, and Other Long-Term Fiscal Challenges (Washington, DC: International Monetary Fund).

Hemming, Richard, 2013a, “The Macroeconomic Framework for Managing Public Finances,” in The International Handbook of Public Finan-cial Management, ed. by Richard Allen, Richard Hemming, and Barry H. Potter (London: Palgrave Macmillan).

Hemming, Richard, 2013b, “The Role of Independent Fiscal Agencies,” in The International Handbook of Public Financial Management, ed. by Richard Allen, Richard Hemming, and Barry H. Potter (London: Palgrave Macmillan).

Hemming, Richard, M. Alier, Barry Anderson, M. Cangiano, and Murray Petrie, 2006, Public-Private Partnerships, Government Guarantees, and Fiscal Risk (Washington, DC: International Monetary Fund).

Hemming, Richard, Michael Kell, and Axel Schimmelpfennig, 2003, Fiscal Vulnerability and Financial Crises in Emerging Market Economies, IMF Occasional Paper No. 218 (Washington, DC: International Monetary Fund).

Hemming, Richard, and Philip Joyce, 2013, “The Role of Fiscal Councils in Promoting Fiscal Responsibility,” in Public Financial Manage-ment and Its Emerging Architecture, ed. by Marco Cangiano, Teresa Curristine, and Michel Lazare (Washington, DC: International Mon-etary Fund).HM Treasury, 2013, The Green Book: Appraisal and Evaluation in Central Government (London: TSO).

Inter-American Development Bank, 1997, Latin America after a Decade of Reforms, Economic and Social Progress Report (Washington, DC).International Budget Partnership, 2000, “Governmental Financial Reporting: Accounting Issues and Practices,” International Public Sec-

tor Study No. 11 (New York).–––––, 2018, Open Budget Survey 2017 (Washington, DC).International Monetary Fund (IMF), 1986, A Manual on Government Finance Statistics (Washington, DC).–––––, 1996, Guide to the Data Dissemination Standards. Module 1: The Special Data Dissemination Standard (Washington, DC).–––––, 1998, The General Data Dissemination System: Standards for the Dissemination by Countries of Economic and Financial Statistics (Wash-

ington, DC).–––––, 2001, Government Finance Statistics Manual 2001 (Washington, DC).–––––, 2003a, Data Quality Assessment Framework and Data Quality Program (Washington, DC: Statistics Department).–––––, 2003b, Guidelines for Public Debt Management: Accompanying Document and Selected Case Studies (Washington, DC).–––––, 2004a, Public Investment and Fiscal Policy (Washington, DC).–––––, 2004b, Public-Private Partnerships (Washington, DC).–––––, 2005a, Government Guarantees and Fiscal Risk (Washington, DC).–––––, 2005b, “Operational Framework for Debt Sustainability, Assessments in Low-Income Countries—Further Considerations” (Wash-

ington, DC).–––––, 2006, “Applying the Debt Sustainability Framework for Low-Income Countries Post Debt Relief” (Washington, DC).–––––, 2007, Guide on Resource Revenue Transparency (Washington, DC).–––––, 2008, “Fiscal Risks: Sources, Disclosure, and Management” (Washington, DC).–––––, 2011a, Fiscal Monitor, April 2011: Shifting Gears—Tackling Challenges on the Road to Fiscal Adjustment (Washington, DC).–––––, 2011b, Public Sector Debt Statistics: Guide for Compilers and Users (Washington, DC).–––––, 2012a, “Fiscal Transparency, Accountability, and Risk” (Washington, DC)–––––, 2012b, “Iceland: Technical Assistance Report on a New Organic Budget Law, Country Report No. 12/4” (Washington, DC).–––––, 2013a, “Costa Rica: Fiscal Transparency Evaluation, Country Report No. 13/316” (Washington, DC).–––––, 2013b, “Ireland: Fiscal Transparency Evaluation, Country Report No. 13/209” (Washington, DC).–––––, 2013c, “The Functions and Impact of Fiscal Councils, Policy Paper” (Washington, DC).–––––, 2013d, The General Data Dissemination System: Guide for Participants and Users (Washington, DC).–––––, 2013e, The Special Data Dissemination System: Guide for Subscribers and Users (Washington, DC).–––––, 2014a, “Bolivia: Fiscal Transparency Evaluation, Country Report No. 14/77” (Washington, DC).–––––, 2014b, Government Finance Statistics Manual 2014 (Washington, DC).–––––, 2014c, “Portugal: Fiscal Transparency Evaluation, Country Report No. 14/306” (Washington, DC).–––––, 2014d, “Revised Guidelines for Public Debt Management, Policy Paper” (Washington, DC).–––––, 2014e, “Russian Federation: Fiscal Transparency Evaluation, Country Report No. 14/134” (Washington, DC).–––––, 2014f, “Update on the Fiscal Transparency Initiative, Policy Paper” (Washington, DC).–––––, 2015a, “Finland: Fiscal Transparency Evaluation, Country Report No. 15/60” (Washington, DC).–––––, 2015b, “Making Public Investment More Efficient,” IMF Policy Paper (Washington, DC).–––––, 2015c, “Mozambique: Fiscal Transparency Evaluation, Country Report No. 15/32” (Washington, DC).

©International Monetary Fund. Not for Redistribution

148 BIBLIOGRAPHY

–––––, 2015d, “Peru: Fiscal Transparency Evaluation, Country Report No. 15/294” (Washington, DC).–––––, 2015e, “Philippines: Fiscal Transparency Evaluation, Country Report No. 15/156” (Washington, DC).–––––, 2015f, “Romania: Fiscal Transparency Evaluation, Country Report No. 15/67” (Washington, DC).–––––, 2016a, “Albania: Fiscal Transparency Evaluation, Country Report No. 16/5” (Washington, DC).–––––, 2016b, “Analyzing and Managing Fiscal Risks—Best Practices,” IMF Policy Paper (Washington, DC).–––––, 2016c, “Guatemala: Fiscal Transparency Evaluation, Country Report No. 16/372” (Washington, DC).–––––, 2016d, “Kenya: Fiscal Transparency Evaluation, Country Report No. 16/221” (Washington, DC).–––––, 2016e, “Tunisia: Fiscal Transparency Evaluation, Country Report No. 16/339” (Washington, DC).–––––, 2016f, “United Kingdom: Fiscal Transparency Evaluation, Country Report No. 16/351” (Washington, DC).–––––, 2017a, “Brazil: Fiscal Transparency Evaluation, Country Report No. 17/104” (Washington, DC).–––––, 2017b, “Georgia: Fiscal Transparency Evaluation, Country Report No. 17/291” (Washington, DC).–––––, 2017c, “Georgia: Request for Extended Arrangement under the Extended Fund Facility and Cancellation of Stand-by Arrange-

ment, Country Report No. 17/97” (Washington, DC).–––––, 2017d, “Turkey: Fiscal Transparency Evaluation, Country Report No. 17/208” (Washington, DC).–––––, 2017e, “Uganda: Fiscal Transparency Evaluation, Country Report No. 17/130” (Washington, DC).–––––, 2018, “Guidance Note on the Bank-Fund Debt Sustainability Framework for Low Income Countries,” IMF Policy Paper (Washing-

ton, DC).International Monetary Fund (IMF) and World Bank, 2003, “International Standards-Strengthening Surveillance, Domestic Institutions,

and International Markets” (Washington, DC).–––––, 2009, “Developing a Medium-Term Debt Management Strategy (MTDS)—Guidance Note for Country Authorities” (Washington,

DC).–––––, 2017, “The Medium-Term Debt Management Strategy: An Assessment of Recent Capacity Building” (Washington, DC).International Organization of Supreme Audit Institutions, 1992, Guidelines for Internal Control Standards (Vienna: Internal Control Stan-

dards Committee).–––––, 1995, Auditing Standards, issued by the Auditing Standards Committee at the XIVth Congress of INTOSAI 1992 in Washington, DC,

as amended by the XVth Congress of INTOSAI 1995 in Cairo.–––––, 2007, “ISSAI 10—The Mexico Declaration on SAI Independence,” Approved at XIXth Congress of INTOSAI, Mexico.International Public Sector Accounting Standards Board (IPSASB), 2006a, “International Public Sector Accounting Standards (IPSAS) 1—

Presentation of Financial Statements.”–––––, 2006b, “International Public Sector Accounting Standards (IPSAS) 19—Provisions, Contingent Liabilities and Contingent Assets.”–––––, 2013, “Recommended Practice Guideline 1: Reporting on the Long-Term Sustainability of an Entity’s Finances,” July.–––––, 2017, “Financial Reporting under the Cash Basis of Accounting.”Irwin, Timothy, 2012, “Accounting Devices and Fiscal Illusions,” IMF Staff Discussion Note SDN/12/02 (Washington, DC: International

Monetary Fund).–––––, 2015, “Defining the Government’s Debt and Deficit,” IMF Working Paper 15/238 (Washington, DC: International Monetary Fund).Irwin, Timothy, and Tanya Mokdad, 2010, Managing Contingent Liabilities in Public-Private Partnerships: Practice in Australia, Chile, and South

Africa (Washington, DC: World Bank).Jacobs, Davina, Jean-Luc Hélis, Dominique Bouley, and Stephen Mayes, 2009, “Budget Classification,” IMF Technical Notes and Manuals

No. 2009/06 (Washington, DC: International Monetary Fund).Jobst, Andreas A., and Dale F. Gray, 2013, “Systemic Contingent Claims Analysis—Estimating Market-Implied Systemic Risk,” IMF

Working Paper 13/54 (Washington, DC: International Monetary Fund).Khan, Abdul, and Stephen Mayes, 2009, “Transition to Accrual Accounting,” IMF Technical Notes and Manuals No. 2009/02 (Washington,

DC: International Monetary Fund).Khemani, Pokar D., and Benoit Wiest, 2016, “How to Check Integrity of Fiscal Data,” IMF How-To Note No. 4 (Washington, DC: Inter-

national Monetary Fund).Kopits, George, 2011, “Independent Fiscal Institutions: Developing Good Practices,” OECD Journal on Budgeting, Vol. 11/3.Kowalski, P., M. Büge, M. Sztajerowska, and M. Egeland, 2013, “State-Owned Enterprises: Trade Effects and Policy Implications,” OECD

Trade Policy Paper 147 (Paris: OECD).Kumar, M., E. Baldacci, A. Schaechter, C. Caceres, D. Kim, X. Debrun, J. Escolano, J. Jonas, P. Karam, I. Yakadina, and R. Zymek, 2009, “Fis-

cal Rules-Anchoring Expectations for Sustainable Public Finances,” IMF Staff Paper (Washington, DC: International Monetary Fund).Lahey, Robert, 2010, “The Canadian M&E System: Lessons Learned from 30 Years of Development,” ECD Working Paper No. 23 (Wash-

ington, DC: World Bank).Lane, Timothy, Atish Ghosh, Javier Hamann, Steven Phillips, Marianne Schulze-Ghattas, and Tsidi Tsikata, 1999, IMF-Supported Programs

in Indonesia, Korea, and Thailand: A Preliminary Assessment, IMF Occasional Paper No. 178 (Washington, DC: International Monetary Fund).

Lienert, Ian, 2010, “Role of the Legislature in Budget Processes,” IMF Technical Notes and Manuals No. 2010/04 (Washington, DC: Inter-national Monetary Fund).

–––––, 2013a, “Role of the Legislature in Budget Processes,” in The International Handbook of Public Financial Management, ed. by Richard Allen, Richard Hemming, and Barry H. Potter (London: Palgrave Macmillan).

©International Monetary Fund. Not for Redistribution

BIBLIOGRAPHY 149

–––––, 2013b, “The Legal Framework for Public Finances and Budget Systems,” in The International Handbook of Public Financial Manage-ment, ed. by Richard Allen, Richard Hemming, and Barry H. Potter (London: Palgrave Macmillan).

–––––, and Moo-Kyung Jung, eds., 2004, “The Legal Framework for Budget Systems: An International Comparison,” OECD Journal on Budgeting, Vol. 4/3 (Special Issue).

Marchessault, Lindsey, 2014, Public Participation in the Budget Cycle: Lessons from Country Examples (Washington, DC: Global Initiative for Fiscal Transparency).

Mishan, Edward J., and Euston Quah, 2007, Cost-Benefit Analysis (New York: Routledge).National Treasury, Republic of South Africa, 2014, “Technical Guidelines for the Preparation of Adjusted Estimates of National Expen-

diture,” August 2014.Norwegian Ministry of Trade, Industry and Fisheries, 2014, “Diverse and Value-Creating Ownership,” Meld. St. 27 (2013–2014), Report

to the Storting (white paper). https://www.regjeringen.no/en/dokumenter/meld.-st.-27-2013-2014/id763968/.Office for Budget Responsibility (OBR), 2015, Economic and Fiscal Outlook July 2015 (London: HMSO).Olken, Benjamin, 2007, “Monitoring Corruption: Evidence from a Field Experiment in Indonesia,” Journal of Political Economy, Vol. 115

(2), 200–49.Organisation for Economic Co-operation and Development (OECD), 1984, Tax Expenditures: A Review of the Issues and Country Practices,

report by the Committee on Fiscal Affairs (Paris).–––––, 1996, Tax Expenditures: Recent Experiences, prepared by the Working Party on Tax Policy Analysis and Tax Statistics of the Commit-

tee on Fiscal Affairs (Paris).–––––, 2002, OECD Best Practices for Budget Transparency (Paris).–––––, 2004a, The Legal Framework for Budget Systems: An International Comparison, a special issue of the OECD Journal on Budgeting,

Vol. 4, No. 3.–––––, 2004b, OECD Principles of Corporate Governance (Paris).–––––, 2010a, Methodology for Assessing Procurement Systems (MAPS) (Paris).–––––, 2010b, Tax Expenditures in OECD Countries (Paris).–––––, 2014a, “Draft Recommendation of the OECD Council on the Principles of Budgetary Governance,” (Paris).–––––, 2014b, “Recommendation of the Council on Principles for Independent Fiscal Institutions” (Paris).–––––, 2015a, OECD Guidelines on Corporate Governance of State-Owned Enterprises, 2015 Edition (Paris).–––––, 2015b, “OECD Review of the Corporate Governance of State-Owned Enterprises: Lithuania” (Paris).–––––, 2017, OECD Budget Transparency Toolkit: Practical Steps for Supporting Openness, Integrity and Accountability in Public Financial Man-

agement (Paris).Pattanayak, S., 2016, “Expenditure Control: Key Features, Stages, and Actors,” Technical Notes and Manuals (Washington, DC: Interna-

tional Monetary Fund). –––––, and J. Cooper, 2011, “Chart of Accounts: A Critical Element of the Public Financial Management Framework,” Technical Notes and

Manuals (Washington, DC: International Monetary Fund).Pattanayak, S., and I. Fainboim, 2011, “Treasury Single Account: An Essential Tool for Government Cash Management,” Technical Notes

and Manuals (Washington, DC: International Monetary Fund).PEFA Secretariat, 2016a, PEFA Handbook, Volume I: The PEFA Assessment Process—Planning, Managing and Using PEFA (Washington, DC:

PEFA Secretariat). –––––, 2016b, PEFA Handbook, Volume II: PEFA Assessment Field Guide (Washington, DC). –––––, 2016c, PEFA Handbook, Supplementary Guidance for Subnational PEFA Assessments (Washington, DC). –––––, 2016d, PEFA Handbook, Framework for Assessing Public Financial Management (Washington, DC).Petrie, Murray, 2002, “Accounting and Financial Accountability to Capture Risk,” in Government at Risk: Contingent Liabilities and Fiscal

Risk, ed. by Hana Polackova Brixi and Allen Schick (Washington, DC: World Bank and Oxford University Press).–––––, 2003, “Promoting Fiscal Transparency: The Complementary Roles of the IMF, Financial Markets, and Civil Society,” IMF Working

Paper 03/199 (Washington, DC: International Monetary Fund).–––––, 2013, “Managing Fiscal Risk,” in The International Handbook of Public Financial Management, ed. by Richard Allen, Richard Hem-

ming, and Barry H. Potter (London: Palgrave Macmillan).–––––, and Jon Shields, 2010, “Producing a Citizens’ Guide to the Budget: Why, What and How?” OECD Journal on Budgeting, Vol. 10/2. Potter, Barry, 2013, “User Charging,” in The International Handbook of Public Financial Management, ed. by Richard Allen, Richard Hem-

ming, and Barry H. Potter (London: Palgrave Macmillan).Robinson, Marc, ed., 2007, Performance Budgeting—Linking Funding and Results (Washington, DC: International Monetary Fund).–––––, 2013, “Performance Budgeting,” in The International Handbook of Public Financial Management, ed. by Richard Allen, Richard

Hemming, and Barry H. Potter (London: Palgrave Macmillan).–––––, and Duncan Last, 2009, “A Basic Model of Performance-Based Budgeting,” IMF Technical Notes and Manuals No. 2009/01

(Washington, DC: International Monetary Fund).Sarr, Babacar, 2014, “Are New PFM Reforms in the WAEMU and the CEMAC Working? Lessons from the Open Budget Survey,” IBP

Research Note.Saxena, Sandeep, 2017, “How to Strengthen the Management of Government Guarantees,” IMF How-To Note No. 6 (Washington, DC:

International Monetary Fund).

©International Monetary Fund. Not for Redistribution

150 BIBLIOGRAPHY

Saxena, Sandeep, and Sami Yläoutinen, 2016, “Managing Budgetary Virements,” IMF Technical Notes and Manuals No. 2016/04 (Washington, DC: International Monetary Fund).

Shand, David, 2013, “External Audit,” in The International Handbook of Public Financial Management, ed. by Richard Allen, Richard Hemming, and Barry H. Potter (London: Palgrave Macmillan).Ter-Minassian, Teresa, ed., 1997, Fiscal Federalism in Theory and Practice (Washington, DC: International Monetary Fund).

Tommasi, Daniel, 2013, “The Coverage and Classification of the Budget,” in The International Handbook of Public Financial Management, ed. by Richard Allen, Richard Hemming, and Barry H. Potter (London: Palgrave Macmillan).

The Treasury, Government of New Zealand, 1995, Fiscal Responsibility Act 1994: An Explanation (Wellington).–––––, 2016, Budget Economic and Fiscal Update (BEFU) 2016 (Wellington).Tyson, Justin, 2014, “Reforming Tax Expenditures in Italy: What, Why, and How?” IMF Working Paper No. 14/07 (Washington, DC:

International Monetary Fund).United Nations (UN), 1996, “Crime Prevention and Criminal Justice: Action against Corruption,” Note by the Secretariat, September 26,

A/C.3/51/L.2 (New York).United Nations (UN), European Commission (EC), International Monetary Fund (IMF), Organisation for Economic Co-operation and

Development (OECD), and World Bank, 2009, System of National Accounts 2008 (SNA 2008) (New York).UN Industrial Development Organization, 1995, “Guide to Practical Project Appraisal – Social Benefit-Cost Analysis in Developing Coun-

tries, (New York)US Government, Congressional Budget Office, 2004, “Estimating the Value of Subsidies for Federal Loans and Loan Guarantees”, Con-

gressional Budget Office (Washington, DC)Villela, Luis, Andrea Lemgruber, and Michael Jorratt, 2010, “Tax Expenditure Budgets: Concepts and Challenges for Implementation,”

IDB Working Paper Series 131 (Washington, DC: Inter-American Development Bank). Wang, Rachel F., Timothy Irwin, and Lewis K. Murara, 2015, “Trends in Fiscal Transparency: Evidence from a New Database of the Cov-

erage of Fiscal Reporting,” IMF Working Paper No. 15/188 (Washington, DC: International Monetary Fund).Wehner, Joachim, 2010, Legislatures and the Budget Process: The Myth of Fiscal Control (Basingstoke, United Kingdom: Palgrave Macmillan).World Bank, 2001, “Features and Functions of Supreme Audit Institutions,” PREM Notes, No. 59.–––––, 2016, World Development Report 2016: Digital Dividends (Washington, DC).

©International Monetary Fund. Not for Redistribution

Australia:Budget Papers: http://www.budget.gov.au/Treasury: http://www.treasury.gov.au/

Basel Committee on Banking Supervision:https://www.bis.org/bcbs/index.htm?m=3%7C14

Canada:Federal Tax Expenditures: https://www.fin.gc.ca/purl/taxexp-eng.asp

Customs Cooperation Council:Declaration of the World Customs Organization: http://www.wcoomd.org

European System of Accounts (ESA2010):http://ec.europa.eu/eurostat/web/esa-2010

European Union:Fiscal governance in the EU Member States: http://ec.europa.eu/economy_finance/publications/european_economy/public_finances2006_en.htm

Extractive Industry Transparency Initiative (EITI):http://www.eitiransparency.org/

Global Initiative for Fiscal Transparency (GIFT):http://www.fiscaltransparency.net/

Hong Kong SAR:Budget: http://www.budget.gov.hk/

Hungary:Government: http://www.meh.hu/default.htm

IFAC: http://www.ifac.org

IMF:Data Quality Assessment Framework: http://dsbb.imf.org/pages/dqrs/dqaf.aspx Dissemination Standards: http://dsbb.imf.org/Default.aspx Fiscal Transparency http://www.imf.org/external/np/fad/trans/ GFS Manuals and Guides http://www.imf.org/external/pubs/ft/gfs/manual/gfs.htm Public Investment Management: http://www.imf.org/external/np/fad/publicinvestment/ROSCs: http://www.imf.org/external/NP/rosc/rosc.aspxStandards and Codes: http://www.imf.org/external/standards/index.htm

WEBSITE REFERENCES

151

©International Monetary Fund. Not for Redistribution

152 WEBSITE REFERENCES

International Budget Partnership:http://www.internationalbudget.org/

INTOSAI:http://www.intosai.org/ISSAI Framework: http://www.issai.org/

International Public Sector Accounting Standards Board (IPSASB):https://www.ipsasb.org/

New Zealand Treasury:http://www.treasury.govt.nz/publications/

OECD:Directorate for Public Governance: http://www.oecd.org/gov/Budgetary governance: http://www.oecd.org/gov/budgeting/principles-budgetary-governance.htm Budget transparency: http://www.oecd.org/gov/budgeting/best-practices-budget-transparency.htm Recommendations and Guidelines on Regulatory Policy: http://www.oecd.org/gov/regulatory-policy/recommendations-guidelines.htm

PEFA:www.PEFA.org

South Africa:South African Treasury: http://www.treasury.gov.za

Transparency International:https://www.transparency.org/

United Kingdom: HM Treasury: https://www.gov.uk/government/organisations/hm-treasuryOffice for Budget Responsibility: http://obr.uk/

United Nations:Classification of the Functions of Government: https://unstats.un.org/unsd/cr/registry/regcst.asp?Cl=4Commission on International Trade Law: Model Law on Public Procurement (2011): http://www.uncitral.org/uncitral/en/uncitral_texts/

procurement_infrastructure/2011Model.htmlStatistical Division: http://unstats.un.org/unsd/default.htm United Nations Governance and Institution Building: http://www.un.org/esa/progareas/governance.html

United States:Budget of the United States: https://www.usa.gov/budget Congressional Budget Office: http://www.cbo.gov/Federal Accounting Standards Advisory Board: http://www.fasab.gov/Taxpayer Advocate Service: https://www.irs.gov/taxpayer-advocate

World Bank:Governance Global Practice: http://www.worldbank.org/en/topic/governance Public Finance: http://www.worldbank.org/en/topic/governance/brief/public-finance

World Trade Organization:Agreement on Government Procurement: https://www.wto.org/english/tratop_e/gproc_e/gp_gpa_e.htm

©International Monetary Fund. Not for Redistribution

Accounting basis, 22f, 50bAccounting policies, 21, 23Accounts Chambers, Russia, 87bAccrual accounting, 19, 21–23, 22f, 39, 40,

107n122Accrued expenditures, 23. See also

ExpendituresAccrued revenue, 23. See also Revenue(s)Action areas for disaster risk management,

128Administrative classification, 35, 35t, 36–38.

See also Budget classificationsAggregate projections of revenue,

expenditure, and financing, 63Alternative macroeconomic scenarios,

102–3Annual budget estimates, 53Annual Budget Law (LOA) of Brazil, 57bAssets. See also Liabilities

fiscal reports coverage, 18–21fiscal risk management, 115–18legal framework for acquisition and

disposal of, 118nonfinancial, 20–21valuation, 19, 21

Auditexternal, 47–49opinions on financial statements, 48t

Australiaaligning reporting standards, 52bbudget laws and fiscal risk disclosure, 98bbusiness investment in GDP, 61bFinal Budget Outcome, 52bintergenerational report, 110btax expenditures, 27n49

Austria, statement of financial position, 20b

Balance sheets. See also Assets; Liabilitiesextending scope of analysis of, 117–18fiscal report coverage of, 17–19management of, 118steps establishing full, 19trends in, 18b

Bank of Finland, 126bBank of International Settlements (BIS),

39n62

Bank statements, 19Best Practices for Budget Transparency

(OECD), 2, 4n15, 34t, 54t, 68t, 84t, 100tBinding framework, 62b. See also Medium-

term budget framework (MTBF)Borrowing, 19Brazil

Annual Budget Law (LOA), 57bbudget documentation, 57bbudget execution reports, 30bbudget laws and fiscal risk disclosure, 98bLength-of-Service Guarantee Fund, 57bmacroeconomic forecasts, 60bsensitivity analysis in fiscal risks

statement, 102bBudget annexes/supplementary

statements, 53Budgetary central government, 13bBudgetary contingencies, 113–15Budget/budgeting. See also Fiscal forecasts/

forecasting and budgetingcomponents to be included, 53comprehensiveness, 54–67difference between fiscal forecasts, fiscal

reports, and, 50–52, 50borderliness, 67–73policy orientation, 73–84timeliness of, 72–73

Budget classifications, 34–38administrative, 35, 35t, 36–38economic, 35, 35t, 36–38functional, 35, 35t, 37–38program, 35, 35t, 38

Budget execution reports, 9Budget provisions, 111bBudget system law, 69bBudget unity, 55–58Business investment, 61b

Canadalegislature power to amend budget, 70bstatistical integrity, 47b

Cash flowsfrom financing activities, 23from investing activities, 23from operating activities, 23

Cash flow statement, 23Cash holdings, 19Central Africa Economic and Monetary

Community (CEMAC), 17b, 64b, 71bDirective on Transparency and Good

Governance, 98bCentral/national government entities, 13b, 16Charter of Budget Honesty Act (1998) of

Australia, 98bChile

PPP management, 123bpublic investment projects, 67bstructural balance rule, 77b

Citizen’s guide to budget, 82, 82bClassification of fiscal information, 34–38.

See also Budget classificationsCode of Good Practices on Transparency in

Monetary and Financial Policies (IMF), 112t

Colombiabudget execution reports, 30bfiscal policy objectives, 77bmonitoring regime for subnational

governments, 133bnatural disasters risk management, 129b

Comparability of fiscal data, 50–52Congressional Budget Office (CBO) of

US, 88bContingencies. See Budgetary

contingenciesContingent claims analysis (CCA), 126bController and Auditor-General (CAG) of

New Zealand, 50bCore Principles for Effective Deposit Insurance

Systems, 112tCosta Rica

budget execution reports, 30bmedium-term budget framework

(MTBF), 63bCost-benefit analysis (CBA), 65, 66b, 67Côte d’Ivoire, fiscal risks disclosure, 106bCountry Procurement Assessment Report

(CPAR), 54tCoverage of fiscal reports, 10–27

examples of difference in, 11fflows, 21–24

INDEX

153

Note: Page numbers followed by “b” indicate boxes, “f ” indicate figures, “t” indicate tables, and “n” indicate footnotes.

©International Monetary Fund. Not for Redistribution

154 INDEX

institutions, 12–17principles, 10standards, norms, and guidance

material, 10–11t, 28tstocks, 17–21tax expenditures, 24–27

Credibility of fiscal forecasts and budgets, 84–93

forecast reconciliation, 91–93independent evaluation, 85–88standards, norms, and guidance

material, 84–85tsupplementary budget, 88–91

Cyprus, budget laws and fiscal risk disclosure, 99b

Data Dissemination Standards (IMF), 28t, 44–46, 44t

Data Quality Assessment Framework (DQAF), 34t, 44t, 46

Deadlines for fiscal report publication, 28Debt, 18b, 19. See also Liabilities

data collection, 19disclosure and analysis, 116–17

Debt sustainability analyses (DSA), 117bDemographics

fiscal implications of change in, 108blong-term projections, 107

Deposits, 19Direct controls, ceilings, or caps, 111b.

See also Fiscal risk managementDisaster and Emergency Management

Administration Presidency (AFAD), Turkey, 129b

Disaster risk management, action areas for, 128

Draft budget legislation, 53

East African Community (EAC), 17bEconomic and Monetary Union for Central

Africa (CEMAC), 64bEconomic classification, 35, 35t, 36–38.

See also Budget classificationsEconomic efficiency, 78b. See also

Performance information, on budgetEconomic growth, long-term projections, 107Economy, 78b. See also Performance

information, on budgetEffectiveness, 78b. See also Performance

information, on budgetEfficiency, 78b. See also Performance

information, on budgetEnvironmental consideration, long-term

projections, 107Environmental risks, 128–29European Statistics Code of Practice, 34tEuropean System of Accounts (ESA), 42European System of Accounts 2010

Transmission Program, 16b

European Union (EU)absolute error ex post real GDP forecast

accuracy, 59fgeneral government consolidation,

16–17boptimistic bias in forecast accuracy, 60fstock of government guarantees in, 119f

Eurostat, 16bExcessive Deficit Procedure (Maastricht

Treaty), 16bExpenditures. See also Revenue(s)

budget documentation, 55–58forecast reconciliation, 91–93medium-term projections of, 62–64

Explicit risks, 104disclosure of, 105

External audit, 47–49Extrabudgetary central government, 14bExtrabudgetary funds (EBF), 15b

Brazil, 16bbudget documents incorporating, 56–57Turkey, 16b

Extractive Industries Transparency Initiative (EITI), 113t, 126, 127

Financial crisis of 2008, 2Financial management information system

(FMIS), 30Financial Sector Assessment Programs

(FSAP), 124Financial sector exposure, 124–26Financial system, 100bFinancing, budget documentation of, 55–58

forecast reconciliation, 91–93medium-term projections of, 62–64

Financing activities, cash flows from, 23Finland

financial stability reports, 126bpresentation of forecast reconciliations,

93breconciliation of fiscal data, 40–41b

Fiscal coordination, 130–37public corporations, 134–37standards, norms, and guidance

material, 130tsubnational governments, 131–33

Fiscal councils, 85–86Fiscal data, comparability of, 50–52Fiscal forecasts/forecasting and budgeting,

53–93. See also Budget/budgetingcomprehensiveness, 54–67concept, 54credibility of, 84–93difference between budgets, fiscal

reports, and, 50–52, 50bdimensions, 53–54macroeconomic forecasts, 58–61orderliness, 67–73policy orientation, 73–84

standards, norms, and guidance material, 54–55t

Fiscal legislation, 68–71budget system law, 69bIceland, 71bpowers of legislature to modify budget,

69, 70btiming of budget submission, adoption,

and publication, 69Fiscal policy objectives, 74–77Fiscal reports/reporting, 9–52

categories, 9coverage, 10–27defined, 9difference between fiscal forecasts,

budgets, and, 50–52, 50bdimensions, 9as foundation of good fiscal

management, 9frequency and timeliness, 27–33integrity, 43–52quality, 33–43

Fiscal Responsibility and Budget Systems Law of Cyprus, 99b

Fiscal Responsibility and Transparency Law (FRTL), 77b

Fiscal Responsibility Law (2000) of Brazil, 98b

Fiscal risk(s)concept, 95costs of realizations, 96fcountry’s vulnerability to, 95disclosure and analysis, 96–97 (See also

Fiscal risk disclosure and analysis)government’s ability to respond, 96macroeconomic, 95, 101–3 (See also

Macroeconomic risks)specific, 95, 104–7. See also Specific fiscal

riskFiscal risk disclosure and analysis, 96–97

institutional arrangements, 98long-term sustainability analysis, 107–10macroeconomic risks, 101–3outline of a comprehensive statement of,

99–100bspecific fiscal risk, 104–7standards, norms, and guidance

material, 100–101tsummary reporting, 98–99

Fiscal risk management, 97, 110–29asset and liability management, 115–18budgetary contingencies, 113–15environmental risks, 128–29financial sector exposure, 124–26guarantees, 118–21institutional arrangements, 98instruments for, 111bnatural resources, 126–28principles, 110

©International Monetary Fund. Not for Redistribution

INDEX 155

public-private partnerships (PPP), 121–24

stages, 97bstandards, norms, and guidance

material, 112bFiscal rules, 75, 75bFiscal statistics, 9

government agency and, 46integrity of, 44–47professionally independent body and,

46, 47bprofessional practices of agency

producing, 45bFiscal transparency

defined, 1for effective fiscal management, 1

Fiscal Transparency Code (IMF), 1–4, 2bpillars, 3–4revised, architecture of, 3f

Fiscal Transparency Evaluations (FTE), 5–6, 6f

Fixed framework, 62b. See also Medium-term budget framework (MTBF)

Flows, coverage of, 21–24. See also Cash flows

Forecast reconciliation, 91–93France

legislature power to amend budget, 70bprogram classification, 38btax expenditures, 27n49

Frequency of fiscal reports, 27–33in-year reports, 28–30

Functional classification, 35, 35t, 37–38. See also Budget classifications

G20 countries, timeliness of budget, 72, 73bGeneral government sector, 14b

consolidated data for, 16–17Georgia

assessments of the governments’ macroeconomic and fiscal forecasts, 87b

debt sustainability analyses (DSA), 117bParliamentary Budget Office (PBO), 87b

Germany, legislature power to amend budget, 70b

Global Initiative for Fiscal Transparency (GIFT), 81n102

principles of public participation, 81bGovernment Finance Statistics Manual

(GFSM), 4n15, 5b, 10t, 13, 15n29, 34, 35, 101t, 112t, 130t

Government financial statements, 9Greece, budget execution reports, 30bGross basis, 55, 55n74Gross revenues, budget documentation of,

55–58Guarantees, 100b

annual publication of, 119–20as common source of fiscal risk, 118

fiscal risk management, 118–21one-off, 119standardized, 119

Guatemala, public sector institutions coverage in fiscal reports, 12f

Guidelines for Fiscal Risk Disclosure and Management (IMF), 130t

Guidelines for Public Debt Management, 112tGuidelines on the Corporate Governance of

State-Owned Enterprises, revised 2015 (OECD), 130t

Guide on Coverage and Sectorization of the Public Sector (IMF), 11t

Icelandfiscal legislation for budget process, 71bmonitoring regime for subnational

governments, 133bsubnational government, 133b

Implicit risks, 104–5Incentives, 111bIndependent evaluation of fiscal forecasts

and budgets, 85–88compared with alternative forecasts,

86–87fiscal councils, 85–86independent entity, 87–88institutional measures, 86

Indialegislature power to amend budget, 70btax expenditures, 26b

Indicative framework, 62b. See also Medium-term budget framework (MTBF)

Input, 78b, 79. See also Performance information, on budget

Integrity of fiscal reports, 43–52comparability of fiscal data, 50–52external audit, 47–49principles, 43statistical integrity, 44–47 (See also Fiscal

statistics)International Budget Partnership, Open

Budget Survey, 2–3, 28t, 55t, 68t, 74t, 85tInternational Financial Reporting

Standards (IFRS), 17International Public Sector Accounting

Standards (IPSAS), 4n15, 10–11t, 50, 100t, 112t, 121, 130t

characteristics for financial reporting, 33b

International Standards of Supreme Audit Institutions (ISSAI), 4n15, 44t

Investing activities, cash flows from, 23Investment projects, 64–67

Chile and Korea, 67bcost-benefit analysis (CBA), 65, 66b, 67

In-year reports, frequency of, 28–30Ireland, budget execution reports, 30b

Italy, legislature power to amend budget, 70b

Kenyaadministrative and economic

classifications, 37bmaterial variation to approved budget, 90b

Koreaopen discussion of budget issues, 83bpublic investment projects, 67b

Legal claims, 100bThe Legal Framework for Budget Systems: An

International Comparison (Lienert and others), 67t

Legislation. See Fiscal legislationLending programs, 99bLength-of-Service Guarantee Fund, Brazil,

57bLiabilities. See also Assets; Debt

contractual, 21defined, 18bfiscal reports coverage, 18–21fiscal risk management, 115–18public debt, 18b

Lithuania, annual report of public corporations, 137b

Loans, 18bLocal Government Act, Iceland, 71bLong-term sustainability analysis, 107–10

Macroeconomic forecasts, 58–61Macroeconomic risks, 99b

defined, 95fiscal risk analysis, 101–3probabilistic fiscal forecasts, 103scenario analysis, 102, 102b

Macroeconomic statistics, 42Malawi, presentation of output

information, 80bManual on Sources and Methods for the

Compilation of COFOG Statistics (EUROSTAT), 34t

Marketable debt instruments, 18bMedium-term budget framework (MTBF),

53, 62–64Cameroon, 64bCosta Rica, 63bterms and concepts, 62b

Medium-term debt management strategy (MTDS), 116b

Medium-term fiscal framework (MTFF), 53, 62b

Medium-Term Macroeconomic Program, Norway, 127b

Methodology for Assessing Procurement Systems (MAPS, MAPS2), 55t

The Mexico Declaration on SAI Independence, 44t, 47

©International Monetary Fund. Not for Redistribution

156 INDEX

Mining investment, 61bMinistries of finance, 105

National Audit Act (2008) of Uganda, 49bNational Budget, Norway, 127bNational Disaster Fund, Colombia, 129bNational Disaster Management Strategy,

Turkey, 129bNational Plan for Disaster Prevention and

Assistance, Colombia, 129bNational Planning Authority, Uganda, 84bNatural disasters, 100b, 128–29Natural resources, 126–28

EITI, 113t, 126, 127long-term projections, 107

New Zealandaligning reporting standards, 52bbudget laws and fiscal risk disclosure, 99bController and Auditor-General (CAG), 50binvestment statement, 118bmacro-fiscal scenario analysis, 102bPublic Finance Act of, 118b

Nonfinancial assets, 20–21valuation of, 19, 21

Nonmarketable debt instrument, 18bNontax revenue, 23, 23n42

budget documentation, 56Norway

reporting on natural resources, 127bstate ownership strategy, 136b

Office of Budget Responsibility (OBR) of UK, 88b

Office of the Auditor General (OAG), 49bOne-off guarantees, 119Operating activities, cash flows from, 23Orderliness of budget process, 67–73

fiscal legislation, 68–71standards, norms, and guidance

material, 67ttimeliness, 72–73

Organisation for Economic Co-operation and Development (OECD)

benchmark tax system by, 25bBest Practices for Budget Transparency, 2,

4n15, 34t, 54t, 68t, 84t, 100tGuidelines on the Corporate Governance of

State-Owned Enterprises, revised 2015, 130t

Methodology for Assessing Procurement Systems, 55t

Other accounts payable, 18bOutcome, 78b, 80. See also Performance

information, on budgetOutput, 78b, 80. See also Performance

information, on budget

Parliamentary Budget Office (PBO) of Georgia, 87b

Performance indicators, 79Performance information, on budget,

77–80input, 78b, 79key terms related to, 78boutcome, 78b, 80output, 78b, 80program classification, 78b

Performance reporting, 79Peru

consolidated financial statements, 32bfiscal policy objectives, 77bFRTL, 77bperformance information and budget

process, 80btax expenditures, 26b

Petroleum Resources on the Norwegian Continental Shelf, 127b

Philippinescoverage of flows, 23bdebt sustainability analysis, 109bfiscal risk statement, 102–3b, 106b

Planning ministry, 65n88Policy objectives. See Fiscal policy

objectivesPolicy orientation, of fiscal forecasts and

budgets, 73–84fiscal policy objectives, 74–77performance information, 77–80public participation, 81–83standards, norms, and guidance

material, 74bPortugal

budget documentation coverage, 58bbudget execution reports, 30bhistorical revisions to fiscal data, 43btax expenditure and, 27b

Principles of Budgetary Governance (OECD), 11t, 28t, 100t

Productivity, 78b. See also Performance information, on budget

Program classification, 35, 35t, 38. See also Budget classifications

key characteristics of, 78bPublication of fiscal reports, 27–33

deadlines, 28in-year reports, 28–30year-end reports, 31–33

Public corporations, 14b, 100b, 134–37commercial accounting standards, 17compliance with IFRS, 17liabilities of financial and nonfinancial,

134bPublic debt, 18b, 99b. See also Debt;

Liabilitiesincurrence and management of, 116long-term projections, 107, 108, 109bvulnerabilities, 117

Public Debt, Guarantees, and Grants, 123b

Public Expenditure and Financial Accountability (PEFA), 5b, 28t, 34t, 44t, 54t, 68t, 74t, 84t, 130t

Public Finance Act 1989 (Section 26G), of New Zealand, 99b

Public Finance Act of 2015 (PFA), Iceland, 71b

Public Financial Management Act of Sierra Leone, 99b

Public Investment Management Assessment (PIMA), 5b, 54t

Public investment plan (PIP), 65n88Public participation, in budget process,

81–83citizen’s guide to budget, 82, 82bfiscal management process, 81GIFT’s principles of, 81b

Public-private partnerships (PPP), 100b, 121–24

complementary ways of ensuring transparency, 121

debt-like and/or guaranteed obligations, 121

PFRAM, 5b, 112t, 122bpublication of rights, obligations, and

other exposures under, 122–24Public-Private Partnerships Fiscal Risks

Assessment Model (PFRAM), 5b, 112t, 122b

Public Sector Debt Statistics: Guide for Compilers and Users (PSDSG), 11t

Public Sector Debt Statistics: Guide for Users and Compilers (IMF), 112t

Public sector entities, coverage of, 12compliance with IFRS, 17consolidation of stocks and flows within,

15, 15bsubsectors, 12, 13–14b

Quality of fiscal reports, 33–43classification, 34–38 (See also Budget

classifications)historical revisions, 41–42, 43binternal consistency, 38–40standards, norms, and guidance

material, 34tQuasi-fiscal activity (QFA), 137

Reconciliationconcept, 38n59Finland, 40–41bfiscal data, 38–40forecast, 91–93key measures, 38–39stock-flow adjustments, 39, 40

Regulations, incentives, and other indirect measures, 111b. See also Fiscal risk management

Resource Accounts, Norway, 127b

©International Monetary Fund. Not for Redistribution

INDEX 157

Revenue(s). See also Expendituresbudget documentation of, 55–58forecast reconciliation, 91–93medium-term projections of, 62–64

Revenue loss from tax expenditures, 24–27. See Tax expenditures

Risks. See Fiscal risk(s)Risk transfer, sharing, or insurance

mechanisms, 111bRole of Handbook, 6–7Rolling framework, 62b. See also Medium-

term budget framework (MTBF)Romania, identification of changes in

aggregate-level forecasts, 92bRussia

Accounts Chambers, 87bbudget execution reports, 30bscrutiny of macroeconomic and fiscal

projections, 87b

Scenario analysis, 102, 102bSector working groups, Uganda, 84bSecurities, 18bSendai Framework for Disaster Risk Reduction

(UN), 113t, 128Sensitivity analysis

Brazil’s statement of fiscal risks, 102bbudget documentation, 102–3government’s debt holdings, 117long-term sustainability analysis, 109Philippines’ fiscal risk statement, 102–3b

Sierra Leone, budget laws and fiscal risk disclosure, 99b

Social security funds, 12, 14bbudget documentation, 57–58GFSM 2014, 15n29long-term sustainability analysis, 109–10

South Africacontingency reserve access criteria, 114bmedium-term expenditure projections,

64bpublic disclosure of fiscal information,

83bSouth Africa National Treasury, 83bSpecial drawing right, 18bSpecial purpose funds, 15b. See also

Extrabudgetary funds (EBF)Specific fiscal risk, 95, 97

explicit and implicit risks, 104–5monitoring and managing, 111, 111bsources and magnitude, 104, 104b

summary reporting of, 104–7Staff Guidance Note for Public Debt

Sustainability Analysis in Market Access Countries (IMF), 101t

Standardized guarantees, 119Standing Orders of the Althingi

(Parliament), Iceland, 71bState Ownership Policy, Norway, 136bStatistical integrity, 44–47. See also Fiscal

statisticsStatistics. See Fiscal statisticsStatistics Canada, 47bStock-flow adjustments, 39, 40

Finland, 40–41bStocks, coverage of, 17–21

Subnational government, 10Colombia, 133bconsolidated data for, 16fiscal risks, 100b, 104, 105, 131–33Iceland, 133binformation on, 131–33Peru’s compliance with fiscal rules, 77bpublic sector, 12, 14b

Supplementary budget, 51b, 88–91effective control by the legislature, 89–90modifications to appropriations, 88new emergency policy priorities, 89prior to material changes, 90–91regularizing expenditure exceeding

approved budget, 90timing of approval of, 88, 89funexpected macroeconomic

developments, 89Supreme audit institution (SAI), 7, 43,

47–49, 81System of National Accounts (SNA), 42

Tanzania, fiscal risks disclosure, 106bTax Administration Diagnostic Assessment

Tool (TADAT), 5bTax arrears, 135Tax expenditures

annual publication, 26Australia, 27n49control on, 26–27estimation methods, 25expiration dates, 27n50France, 27n49grouped by sector/policy area, 26India, 26bPeru, 26b

Portugal, 27brevenue loss from, 24–27, 25f

Tax Expenditures in OECD Countries, 11tTax revenue, 23, 56Technical efficiency, 78b. See also

Performance information, on budgetTechnical Notes and Manuals, 11t, 34bTimeliness

of budget documents, 72–73of fiscal reports, 27–33

Treasury Single Account (TSA), 19Tunisia

budget classifications, 37blegislative authorization to changes in

expenditures, 91bTurkey

expenditure rules/fiscal targets, 76bextrabudgetary funds (EBF), 16blegislature power to amend budget, 70bnatural disasters risk management, 129b

Turkish Catastrophe Insurance Pool (TCIP), 129b

UgandaConstitution (1995), 84bcontingent liabilities related to PPP, 123bexternal audit, 49bNational Audit Act (2008), 49bOffice of the Auditor General (OAG), 49bsector working groups, 84b

United Kingdom (UK)budget execution reports, 30bfan charts of macro-fiscal aggregates,

103bOffice of Budget Responsibility (OBR),

88bWhole of Government Accounts System

of, 17bUnited States (US)

Congressional Budget Office (CBO), 88bdisclosure on guarantees, 120–21b

User charges, 23b, 56n75

West Africa Economic and Monetary Union (WAEMU), 17b, 71b

Whole of Government Accounts System of United Kingdom, 17b

World Bank Catastrophe Drawdown Option, 129b

Year-end reports, timeliness of, 31–33

©International Monetary Fund. Not for Redistribution

This page intentionally left blank

©International Monetary Fund. Not for Redistribution

2.1 Relevant Standards, Norms, and Guidance Material 102.2 Relevant Standards, Norms, and Guidance Material 282.3 Relevant Standards, Norms, and Guidance Material 342.4 The Four Main Types of Budget Classification 352.5 Relevant Standards, Norms, and Guidance Material 442.6 Three Major Models of Supreme Audit Institutions 482.7 The Four Audit Opinions on Financial Statements 483.1 Relevant Standards, Norms, and Guidance Material 543.2 Relevant Standards, Norms, and Guidance Material 683.3 Timing of the Submission of the Budget Proposal to the Legislature 733.4 Relevant Standards, Norms, and Guidance Material 743.5 Relevant Standards, Norms, and Guidance Material 843.6 Indicative Reconciliation Table for Expenditure 924.1 Relevant Standards, Norms, and Guidance Material 1004.7.1 Fiscal Cost of Specific Contingent Liability Realizations (1990–2014) 1044.2 Relevant Standards, Norms, and Guidance Material 1114.3 Relevant Standards, Norms, and Guidance Material 1294.4 Different Approaches to Managing Subnational Fiscal Risks 131

LIST OF TABLES

159

©International Monetary Fund. Not for Redistribution

This page intentionally left blank

©International Monetary Fund. Not for Redistribution

1.1 Architecture of the Revised Fiscal Transparency Code 31.2 Summary Results of Fiscal Transparency Evaluations Conducted as of the End of March 2018 62.1 Examples of the Difference in Coverage in Various Fiscal Reports 112.1.1 The Public Sector and Its Main Components 132.2.1 Progress in Coverage of Budgetary, Central, and General Government Reporting

 (Number of Countries) 142.8.1 Reporting of Assets and Liabilities (Number of Economies) 182.11.1 Accounting Basis of Data Reported to the IMF, by Region (2016) 222.2 Revenue Loss from Tax Expenditures in Selected Countries (Percentage of GDP) 252.3 Periodicity and Timeliness of Central Government Fiscal Reporting (Number of Countries) 292.17.1 Trends in Timeliness of Annual Financial Statements (Number of Countries) 312.21.1 Classification Used (Number of Countries) 362.25.1 Stock-Flow Reconciliation of the Financial Balance Sheet, 2015 412.26.1 Revisions to Government Deficit (Percentage of GDP) 432.26.2 Revisions to Gross Government Debt (Percentage of GDP) 432.33.1 Comparability of Reports with Budget Estimates (Percentage of Total) 513.1 Absolute Error Ex Post Real GDP Forecast Accuracy in EU for Budget Year (Average 2000–15)

 (Percentage of GDP) 593.2 Optimism Bias Ex Post Real GDP Forecast Accuracy in EU Budget Year (Average 2000–15)

 (Percentage of GDP) 603.5.1 Australia: Mining and Non-Mining Business as a Share of GDP 613.17.1 Increase in the Number of Fiscal Rules, 1947–2017 753.3 Number of Full-Time Equivalent Staff and Functions of Fiscal Councils 863.4 Timing of Most Recent Supplementary Budget Approval 894.1 Costs of Fiscal Risk Realizations 964.1.1 Four Stages of Fiscal Risks Management 974.6.1 UK Public Sector Net Borrowing Fan Chart (2008/09–2020/21) 1034.11.1 Increase in Health and Pension Costs (2015–50) 1084.2 Size of Contingency Reserves in Selected Countries (Percentage of Total Expenditure) 1134.3 Stock of Government Guarantees in European Countries (2016) 1184.4 Liabilities of Subnational Governments in OECD Countries (2016) (Percentage of GDP) 1304.5 Liabilities of Financial and Nonfinancial Public Corporations (2015) (Percentage of GDP) 133

LIST OF FIGURES

161

©International Monetary Fund. Not for Redistribution

This page intentionally left blank

©International Monetary Fund. Not for Redistribution

LIST OF BOXES

1.1 The IMF’s Fiscal Transparency Code (the Code) 21.2 Complementary Fiscal Standards and Assessment Tools 52.1 The Public Sector and Its Subsectors 132.2 Trends in the Institutional Coverage of Fiscal Reports 142.3 Consolidation of Stocks and Flows within the Public Sector 152.4 Extrabudgetary Funds 152.5 Turkey and Brazil: Rationalization of Extrabudgetary Funds 162.6 European Union Member States: General Government Consolidation 162.7 Full Public Sector Consolidation: The Whole of Government Accounts of the United Kingdom 172.8 Trends in Balance Sheet Reporting by Governments 182.9 A Nomenclature for Public Debt 182.10 Austria: The Statement of Financial Position of the Federal Government 202.11 Accounting Basis of Fiscal Reports (Number of Countries) 222.12 Philippines: Coverage of Flows 232.13 OECD Approaches for Defining a Benchmark Tax System 252.14 India and Peru: Reporting of Tax Expenditures 262.15 Portugal: Reporting and Control on Tax Expenditures 272.16 Budget Execution Reports: Country Examples 302.17 Timeliness of Annual Financial Statements 312.18 Peru: Consolidated Financial Statements 322.19 Finland: Publication of Financial Statements of Central Government and Municipalities 332.20 International Public Sector Accounting Standards: Key Characteristics of Financial Reporting 332.21 How Countries Classify Budgets 362.22 Kenya: Administrative and Economic Classifications 372.23 Tunisia: Classification of Fiscal Transactions 372.24 France: Program Classification 382.25 Finland: Reconciliations of Fiscal Data 402.26 Portugal: Historical Revisions to Fiscal Data 432.27 Professional Practices of Fiscal Statistics Producing Agency 452.28 Romania: Dissemination of Fiscal Statistics 462.29 Canada: Ensuring Statistical Integrity 472.30 Uganda: External Audit 492.31 New Zealand: Audit Opinion of the Controller and Auditor-General 502.32 Major Sources of Difference among Fiscal Forecasts, Budgets, and Fiscal Reports 502.33 Comparison of Fiscal Reports with the Budget 512.34 Australia and New Zealand: Aligning the Reporting Standards across Budgets, Statistics, and Accounts 523.1 Principles/Criteria for Retention of Revenues by Ministries/Agencies 563.2 Brazil: Federal Government Budget Documentation 573.3 Portugal: Coverage of Budget Documentation 583.4 Brazil: Macroeconomic Forecasts in the Budget 603.5 Australia: Assumptions about Business Investment 613.6 Medium-Term Budget Framework Terms and Concepts 623.7 Costa Rica: Medium-Term Budget Framework 633.8 Cameroon: Medium-Term Budget Framework 64

163

©International Monetary Fund. Not for Redistribution

164 LIST OF BOXES

3.9 South Africa: Medium-Term Expenditure Projections 643.10 Cost-Benefit Analysis 663.11 Elements of a Well-Designed Public Procurement System 663.12 Chile and Korea: Managing Public Investment Projects 673.13 Main Sections of a Budget System Law (Illustrative) 693.14 Examples of the Latitude of the Legislature to Amend the Budget 703.15 Iceland: Fiscal Legislation for an Orderly Budget Process 713.16 WAEMU and CEMAC Countries: Fiscal Legislation 713.17 Fiscal Rules 753.18 Turkey: Expenditure Rules/Fiscal Targets 763.19 Colombia and Peru: Numerical and Time-Bound Fiscal Policy Objectives 773.20 Chile: Structural Balance Rule 773.21 Key Characteristics of a Program Classification 783.22 Definition of Key Terms Related to Performance Information 783.23 Canada: Monitoring and Evaluation System 793.24 Malawi: Presentation of Output Information 803.25 Peru: Performance Information and the Budget Process 803.26 Key Elements of the Global Initiative for Fiscal Transparency Principles of Public

 Participation in Fiscal Policy 813.27 Suggested Outline of a Citizen’s Guide to the Budget 823.28 South Africa: Public Disclosure of Fiscal Information 833.29 Korea: Open Discussion of Budget Issues 833.30 Uganda: Use of Sector Working Groups 843.31 Russia: Scrutiny of Government’s Macroeconomic and Fiscal Projections 873.32 Georgia: Assessments of the Government’s Macroeconomic and Fiscal Forecasts 873.33 UK Independent Office of Budget Responsibility and US Congressional Budget Office 883.34 Kenya: Authorization by National Assembly of Changes to the Aggregate Approved Budget 903.35 Tunisia: Legislative Authorization to Changes in Expenditures 913.36 Romania: Identification of Changes in Aggregate-Level Forecasts 923.37 Finland: Presentation of Forecast Reconciliations 934.1 The Fiscal Risk Management Toolkit 974.2 Budget Laws and Fiscal Risk Disclosure—Country Examples 984.3 Example of Outline of a Comprehensive Statement of Fiscal Risks 994.4 Brazil: Sensitivity Analysis in the Statement of Fiscal Risks 1024.5 New Zealand’s Macro-Fiscal Scenario Analysis and the Philippines’ Fiscal Risk Statement 1024.6 United Kingdom: Fan Charts of Macro-Fiscal Aggregates 1034.7 Specific Fiscal Risks: Sources and Magnitude 1044.8 Tanzania and Côte d’Ivoire: Disclosure of Fiscal Risks 1064.9 Philippines: Fiscal Risk Statement 1064.10 Chile: Reports on Contingent Liabilities 1074.11 Fiscal Implications of Demographic Changes 1084.12 Australia: Intergenerational Reports 1094.13 Instruments for Managing Specific Fiscal Risks 1104.14 South Africa: Contingency Reserve Access Criteria 1134.15 Medium-Term Debt Management Strategy 1154.16 Debt Sustainability Analysis 1164.17 Georgia: Debt Sustainability Analysis 1164.18 New Zealand’s Investment Statement 1174.19 Brazil: Policy on Federal Guarantees 1194.20 United States: Disclosure on Guarantees 1194.21 PPP Fiscal Risk Assessment Model 1214.22 Uganda: Annual Disclosure of Contingent Liabilities Related to Public-Private Partnership Contracts 1224.23 Chile: Framework for Managing Public-Private Partnerships 1224.24 Finland: Reports on Financial Stability 125

©International Monetary Fund. Not for Redistribution

LIST OF BOXES 165

4.25 Contingent Claims Analysis 1254.26 Norway: Reporting on Natural Resources 1264.27 Colombia and Turkey: The Management of Risks from Natural Disasters 1284.28 Colombia and Iceland: Monitoring Regime for Subnational Governments 1324.29 Norway: State Ownership Strategy 1354.30 Lithuania: Annual Reports of Public Corporations 136

©International Monetary Fund. Not for Redistribution