Appendix XI EXPLANATORY COMMENT ON DIFFERENCES IN FORM OF PRESENTING BALANCE SHEET ADOPTED BY THIS YEAR’S AUDIT COMMITTEE
- International Monetary Fund
- Published Date:
- September 1952
The following comment has been prepared by the Executive Directors for the purpose of assisting comparison between the balance sheet presented by the Audit Committee this year with balance sheets prepared by earlier Audit Committees:
In previous balance sheets gold held under earmark for members under Rule I-1 of the Rules and Regulations has not been shown as an asset of the Fund. In this year’s balance sheet such gold, amounting to 1,903.136 fine ounces, appears as a deduction from the gold held in custody for the Fund with authorized depositories.
In previous balance sheets a single amount was shown for the currency holdings of the Fund. In this year’s balance sheet separate totals are shown for the Fund’s No. 1 Accounts and No. 2 Accounts respectively.
In previous balance sheets a single total was shown for all Other Assets. In this year’s balance sheet Fixed Assets are shown separately from Other Assets.
In previous balance sheets reserves were shown separately for the potential cost of turning certain gold into new bars and for converting purchased gold into currency. In this year’s balance sheet these reserves are included in one item with the new title Liabilities and Deferred Credits amounting to $382,080.48, of which $87,799.61 represents the aforesaid reserves.
In previous balance sheets total Authorized Subscriptions have appeared on the Capital and Liabilities side, and unpaid subscriptions on the Assets side under the title Subscriptions to Capital-Receivable. In this year’s balance sheet unpaid subscriptions amounting to $870,795,122.72 appear as a deduction from authorized subscriptions of members under the heading Net Capital.