J--ACCOUNTING AND REPORTING
Accounts
J-1.
| (a) |
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The accounts of the General Department shall be summarized, and the financial statements relating to them shall be expressed, in terms of the SDR. Currencies and other assets denominated in currency shall be valued in accordance with exchange rates under Article XIX, Section 7(a) and decisions of the Fund. Gold held by the Fund on the date of the Second Amendment shall be valued on the basis of one SDR per 0.888 671 gram of fine gold, and gold accepted by the Fund after that date shall be valued in terms of the SDR in such manner as the Executive Board shall decide. |
| (b) |
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The accounts of the Special Drawing Rights Department shall be kept in terms of the SDR. |
| (c) |
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An Account administered by the Fund under Article V, Section 2(b) shall be summarized, and the financial statements relating to it shall be expressed, in terms of the SDR or, if the Fund so decides, in terms of a currency held in the Account. |
Adopted September 25, 1946; amended September 18, 1969; February 25, 1972, effective March 20, 1972; April 1, 1978; and July 26, 1983
J-2.
| (a) |
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The accounts of the General Department shall be kept in a manner that will show clearly the nature and amount of each operation and transaction and the position of each member. The accounts of the Special Drawing Rights Department shall be kept in a manner that will show clearly the nature and amount of each operation and transaction in SDRs and the position of each participant, the Fund, and each other holder. |
| (b) |
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Accounts administered by the Fund under Article V, Section 2(b) shall be kept in a manner that will show clearly the nature and amount of each operation and transaction, the position of each such Account, the position of each contributor, and the position of each recipient of resources from the Account. |
Adopted September 25, 1946, amended September 18, 1969, April 1, 1978, and July 26, 1983
J-3.
| (a) |
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A summary statement of the operations and transactions conducted through the General Department shall be issued at intervals of three months or less. A monthly statement shall be sent to each member, setting forth the member's position in the Accounts of the General Department and the details of operations and transactions between the member and the Fund other than operations and transactions of an administrative nature. |
| (b) |
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A summary statement of the operations and transactions conducted through the Special Drawing Rights Department, and of the position of each participant and each other holder, shall be issued at intervals of three months or less. A statement shall be sent periodically to each participant and each other holder, setting forth the position of the participant or the other holder in the Special Drawing Rights Department and the details of operations and transactions involving the participant or the other holder. |
| (c) |
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A summary statement of the operations and transactions conducted through Accounts administered by the Fund under Article V, Section 2(b), except the Staff Retirement Fund, shall be issued at intervals of three months or less. A monthly statement shall be sent to each contributor and to each recipient of benefits through such an Account, setting forth the position of the contributor or the recipient, and the details of operations and transactions between the Account and the contributor or the recipient. |
| (d) |
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Accounting and reporting with respect to the Staff Retirement Fund shall be carried out in accordance with the terms of the Staff Retirement Plan. |
Adopted September 25, 1946, amended September 18, 1969, and April 1, 1978
Annual Administrative Budget
J-4. Not later than April 1 of each year, the Managing Director shall present for the approval of the Executive Board the annual administrative budget of the Fund. The budget shall include a projection of the income of the Fund and of the expense of conducting the business of the Fund and of reimbursement of the General Resources Account in respect of the expenses of administration of the Special Disbursement Account, the Special Drawing Rights Department, and Accounts administered by the Fund under Article V, Section 2(b).
Adopted September 25, 1946, amended February 20, 1948, September 18, 1969, and April 1, 1978
Annual Report
J-5. Not later than May 31 of each year, the Managing Director shall present to the Executive Board for its consideration a summary of the matters which in his opinion should be included in the annual report to the Board of Governors. At least two months before a regular meeting of the Board of Governors, the Managing Director shall submit to the Executive Board for its consideration a draft of the annual report. If a regular meeting of the Board of Governors is not scheduled to be held during a year, the draft shall be submitted as soon as possible after May 31 of the same year.
Adopted September 25, 1946, amended April 1, 1978
Audit
J-6. At least two months before a regular meeting of the Board of Governors, the audited financial statements of the Fund shall be submitted to the Executive Board for its consideration. If a regular meeting of the Board of Governors is not scheduled to be held in any year, the audited financial statements shall be submitted as soon as possible after the end of the financial year of the Fund.
Adopted September 25, 1946, amended April 1, 1978
J-7. When the external audit committee communicates views and suggestions pursuant to Section 20(f) of the By-Laws, those views and suggestions shall be communicated at the same time to the Managing Director and the Executive Board.
Adopted May 22, 1998
J-8. Any review of the external audit process initiated by the Fund shall be conducted under the direction of the Executive Board and the Managing Director and any report shall be communicated upon completion, at the same time, to the Executive Board and the Managing Director.
Adopted May 22, 1998
Financial Year
J-9. For purposes of the Fund's accounts and reports, its financial year shall begin on May 1 and end on the succeeding April 30.
Adopted February 7, 1947; amended May 28, 1947, effective September 17, 1947; April 1, 1978; and May 22, 1998