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A well-functioning financial management information system (FMIS) provides timely, reliable, and comprehensive reports that support implementation of the government’s fiscal policies and fiscal rules, and the formulating, controlling, monitoring, and executing of the budget. The architecture of FMISs has undergone a transformation since these systems were first developed in the 1980s. Rather than attempting to cover all or most public financial management (PFM) functions, many FMISs now focus on a few core functions such as accounting and reporting, budget execution, and cash management. Yet a survey of 46 countries shows that many face severe challenges in transforming their FMIS into an effective tool of fiscal governance. These challenges relate to weaknesses in the system’s core functions, its institutional coverage, the information technology platforms it uses, and the ease of sharing data with other IT systems. This How to Note discusses how to address these chal-lenges. Replacing an FMIS with an entirely new system may not be an optimal strategy. By utilizing the latest technology, a better approach may be to update or replace one or more core modules of the system: the so-called modular approach. Implementation of an effective FMIS, however, depends on two critical preconditions: strong political motivation and commitment, and the system’s ability to meet ongoing and anticipated PFM needs.

Economics: General --- Macroeconomics --- Public Finance --- Informal Economy --- Underground Econom --- Foreign Exchange --- Public Administration --- Public Sector Accounting and Audits --- Economics of specific sectors --- Economic & financial crises & disasters --- Public finance & taxation --- Economic sectors --- Financial crises --- PFM information systems --- Public financial management (PFM) --- Informal sector --- Economics --- Currency crises --- Finance, Public --- Pfm information systems

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The transparency of budget presentation and the accountability to parliament have been improved. A clear view has been provided of the implementation of the objectives of the previous fiscal year for the central government. An annex to the budget showed cost-sharing contributions, which were previously left out. On the revenue side, more information has been provided on the methodology and assumptions used to estimate tax revenues and on the amounts of tax revenues earmarked for social security funds and local authorities.

Budgeting --- Macroeconomics --- Public Finance --- Public Administration --- Public Sector Accounting and Audits --- National Budget --- Budget Systems --- Taxation, Subsidies, and Revenue: General --- Fiscal Policy --- Financial administration & public finance law --- Budgeting & financial management --- Public finance & taxation --- PFM legal and regulatory frameworks --- Budget planning and preparation --- Revenue administration --- Fiscal law --- Public financial management (PFM) --- Fiscal policy --- Finance, Public --- Law and legislation --- Budget --- Revenue --- France --- Pfm legal and regulatory frameworks

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This report assesses the Observance of Standards and Codes on Fiscal Transparency for Romania. Romania has made progress in improving fiscal transparency. Over the last few years, the pace of reforms in this area and in strengthening the management of public finances has intensified, with the strong commitment to European Union accession serving as a catalyst. This has led to a significant amount of relevant legislation that has either been passed recently or is in the final approval stages.

Accounting --- Budgeting --- Public Finance --- National Budget --- Budget Systems --- Public Administration --- Public Sector Accounting and Audits --- National Government Expenditures and Related Policies: General --- National Budget, Deficit, and Debt: General --- Budgeting & financial management --- Public finance & taxation --- Public finance accounting --- Financial administration & public finance law --- Budget planning and preparation --- Expenditure --- Fiscal accounting and reporting --- PFM legal and regulatory frameworks --- Budget execution and treasury management --- Public financial management (PFM) --- Budget --- Expenditures, Public --- Finance, Public --- Law and legislation --- Romania --- Pfm legal and regulatory frameworks

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This technical note describes need of conceptual design as a critical element of a government financial management information system project. Governments are increasingly turning to computerized financial management systems to help them respond to the demand for better information. This note describes the conceptual design for government financial management information systems (GFMIS), and explains why is it critical to the success of a GFMIS project. Key factors that influence the preparation of the conceptual design are discussed. The main stakeholders in the preparation of the conceptual design are also elaborated.

Accounting --- Budgeting --- Public Finance --- National Budget --- Budget Systems --- Public Administration --- Public Sector Accounting and Audits --- National Budget, Deficit, and Debt: General --- National Government Expenditures and Related Policies: General --- Budgeting & financial management --- Public finance & taxation --- Public finance accounting --- Budget planning and preparation --- PFM information systems --- Budget execution and treasury management --- Fiscal accounting and reporting --- Expenditure --- Public financial management (PFM) --- Budget --- Finance, Public --- Expenditures, Public --- United States --- Pfm information systems

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This study provides a factual report on developments in data dissemination and fiscal transparency since the September 1999 Experimental Report on the Observance of Standards and Codes—Czech Republic and the June 2000 update. The 2001 State Budget was prepared in accordance with the new budgetary rules. According to the new law on budgetary rules, all state guarantees must be approved by way of a special act (law), which means that each individual guarantee must be approved by government as well as by parliament.

Budgeting --- National Budget --- Budget Systems --- Budgeting & financial management --- Budget planning and preparation --- Fiscal transparency --- Public financial management (PFM) --- Budget --- Czech Republic