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Europe > Iceland

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Public finance accounting x
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Cover IMF Working Papers
Some Algebra of Fiscal Transparency: How Accounting Devices Work and How to Reveal Them
Mr. Timothy C Irwin
Accounting devices that artificially reduce the measured fiscal deficit can be analyzed as transactions involving unrecognized assets and liabilities. Different accounting systems recognize different sets of assets and liabilities and are thus vulnerable to different sets of devices. Some devices can be revealed by moving progressively from cash accounting to modified accrual accounting to full accrual accounting. Revealing all would require the publication of extended fiscal accounts in which all future cash flows give rise to assets or liabilities.
Keywords:
WP; surplus; present value; accounting device; balance sheet; government accounting; budget deficits; accounting devices; deficit device; targeted surplus; recognized assets; accounting rule; Fiscal accounting and reporting; Accrual accounting; Currencies; Financial statements; Government finance statistics
Cover Policy Papers
Using the Government Finance Statistics Manual 2001 (GFSM 2001) Statistical Framework to Strengthen Fiscal Analysis in the Fund
International Monetary Fund
This paper responds to the Board’s call for greater consistency in fiscal reporting in line with GFSM 2001. In this context, the paper summarizes the framework, reviews the implementation process of the GFSM 2001 framework by member countries and Fund staff, and proposes pilot studies. It seeks the support of the Board for gradual adoption of the framework as the basis for fiscal analysis in Fund staff reports.
Keywords:
PP; fixed capital; opening balance; accrual basis; staff report; net lending; closing balance; net incurrence; net acquisition; acquisition of financial assets; Government finance statistics; Financial statements; Accrual accounting; Fiscal reporting; Africa
Cover IMF Working Papers
Central Bank Financial Strength, Transparency, and Policy Credibility
Mr. Peter Stella
A central bank is financially strong if it possesses resources sufficient to attain its fundamental policy objective(s). Once endowed with those resources, relations between government and central bank should be designed so that significant changes in central bank financial strength do not occur unless necessitated by changes in policy objectives. The level of strength required depends on the array of policy objectives (for example, the exchange rate regime) as well as the constraints and risks presented by the operational environment. Attaining credibility is facilitated if the public can easily determine the financial strength of the bank, yet for a variety of reasons this is often difficult. Transparency requires institutional arrangements that ensure the central bank generates profit in most states of the world, is subject to strict ex post independent audit, and transfers regularly all profits, after provisions, to the treasury.
Keywords:
WP; central bank loss; monetary policy; foreign exchange; rate of inflation; Central bank losses; transparency; credibility; policy objective; profit determination; policy capability; Financial statements; Inflation; International reserves; Central bank legislation; Australia and New Zealand
Cover IMF Working Papers
Do Central Banks Need Capital?
Mr. Peter Stella
Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank independence and interfere with its ability to attain policy objectives. If society values an independent central bank capable of effectively implementing monetary policy, recapitalization may become essential. Proper accounting practice in determining central bank profit or loss and rules governing the transfer of the central bank’s operating result to the treasury are also important. A variety of country-specific central bank practices are reviewed to support the argument.
Keywords:
WP; central bank capital; monetary policy; distribution rule; profit and loss account; interest income; profit transfer; transfer policy; market value; transfers profits; profit payment; debt issuance; profit distribution rule; central bank loss; central bank solvency; Financial statements; Commercial banks; Fiscal accounting and reporting; Currencies; Central bank accounting; Baltics