Iceland: Technical Assistance Report on a New Organic Budget Law

January 12, 2012

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Iceland: Technical Assistance Report on a New Organic Budget Law, (USA: International Monetary Fund, 2012) accessed November 25, 2024

Summary

This technical assistance report on Iceland focuses on a new organic budget law (OBL). In designing a new OBL, it is important to preserve good features of Iceland’s current legal framework for budgeting. At the same time, any new OBL should address the key weaknesses in the Financial Reporting Act 1997 that prevent it from providing a credible, integrated framework for budgeting. The institutional coverage of the OBL should be expanded to encompass the whole public sector and incorporate an integrated timetable for the entire budget process.

Subject: Budget planning and preparation, Expenditure, Financial statements, Fiscal law, Fiscal policy, Public financial management (PFM)

Keywords: Annual budget, Australia and New Zealand, Balance sheet, Budget planning and preparation, Budget year, Central government, CR, Financial statements, Fiscal law, ISCR, Medium-term Fiscal Strategy, Net lending, Operating statement, Permanent secretary

Publication Details

Pages:

84
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2012/004
Stock No:

1ISLEA2012001
ISBN:

9781463932480
ISSN:

1934-7685

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