Accrual basis accounting

(i) Going concern, consistency and accrual are fundamental accounting assumptions.

An accounting accrual of 27 million was made in 2004 for after service health insurance benefits.

This perspective (funds available) is different from the perspective of income and expenditure based on accrual accounting.

This perspective (funds available) is different from the perspective of income and expenditure based on accrual accounting.

Management reiterates that the Fund cannot intervene in the accounting practices of member organizations to enforce accrual accounting.

UNRWA will ensure full compliance with the accrual basis in 2006 as recommended earlier by the microfinance and microenterprise programme Advisory Board.

In conjunction with the implementation of a new integrated financial management system (PeopleSoft) during 2004, UNHCR further refined its accrual based expenditure accounting.

The recommendation has not been implemented because the Pension Board, at its fifty second session in July 2004, did not accept accrual accounting for contributions.

The Payroll Unit is already working with the Staff Administration Unit to follow up with former staff to determine the validity of the accrual of the repatriation grant.

(f) The income, expenditure, assets and liabilities are recognized on the accrual basis of accounting except for trust funds, the Industrial Development Fund, Montreal Protocol and Global Environmental Facility.

Since 15 June 2004, Côte d'Ivoire has accumulated significant arrears on its debt obligations to the World Bank and, on 1 November 2004, it fell into non accrual status.

(15) As regards payables to employees, it is required to list item by item the beginning balance, accrual at current period, amount paid at current period and ending balance of such payables.

In paragraph 46 of its report, the Board recommended that the Fund continue to invite all participating organizations to consider the feasibility of accounting for contributions on an accrual basis and by calendar year.

Unless otherwise directed by the Registrar, or by the particular terms governing the operation of a trust fund, reserve or special account, all financial transactions shall be recorded in the accounts on an accrual basis.

The accrual principle typical of financial accounting is incompatible with tax systems realization principle. Moreover, the IAS leaves the allocation of profit and losses to different fiscal years largely undetermined, with each member state choosing different solutions.

The Agency will revise the microfinance and microenterprise programme accounting policy once it has considered all systems (the financial management system and the loan management information system) and policy implications of the move to the full accrual basis.

UNDP has made an accounting accrual of 27 million for the year ended 31 December 2004. This amount is over and above disbursements by UNDP for after service health insurance, which are included as part of biennial support budget expenditure.

In paragraph 126, the Board recommended that UNRWA revise its accounting policy for the microfinance and microenterprise programme and implement the necessary adjustments to the financial management system to facilitate the accrual of investment income and compliance with international financial reporting standards.

In paragraph 42 of its report, the Board reiterated its recommendation that the Fund (a) implement a monthly reconciliation of the payments of contributions to enhance payment recovery and introduce full accrual accounting and (b) launch a United Nations system wide initiative to that effect.

(10) As regards intangible assets, it is required to list item by item their acquirement form, initial value, beginning balance, accrual at current period, amount transferred out at current period, amount of amortization at current period, amount of accumulated amortization, ending balance, the number of remaining years of amortization.

In addition, having failed to meet a deadline on 1 November 2004 for resumption of payment of its arrears to the Bank, Côte d'Ivoire became, in the World Bank's terms, a country in non accrual , which may make it more difficult for the Bank to release funds for the disarmament, demobilization and reintegration programme in the future.

In paragraph 41 of its report, the Board recommended that UNRWA (a) not process transactions occurring after the end of the biennium through the cashbook (b) apply accrual accounting to transactions that related to the current biennium but that came to management's attention only after the end of the biennium and (c) record adjusting journal entries for the purposes of accurately preparing the financial statements.