SUMMARY. There are no additional policy implications of a financial or administrative nature.

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1 Executive Board Hundred and eighty-fifth session PARIS, 10 September 2010 Original: English Item 26 of the provisional agenda REPORT BY THE DIRECTOR-GENERAL ON THE IMPLEMENTATION OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS) AND PROPOSED AMENDMENTS TO THE FINANCIAL RULES SUMMARY This document gives an update on the status of implementation of the IPSAS project within the Organization and describes progress within the United Nations system. Under Financial Regulation 15.2 the Director-General is required to communicate to the Executive Board for approval the Financial Rules proposed by her to carry out the provisions of the Financial Regulations. The Director-General has recently revised the Financial Rules to bring them up to date with IPSAS requirements, to ensure they cover all necessary financial areas, and to reflect changes in structure and nomenclature in the Secretariat. These proposed amendments to the Financial Rules are presented in the Annex. There are no additional policy implications of a financial or administrative nature. Action expected of the Executive Board: proposed decision in paragraph 25.

2 INTRODUCTION 1. This document represents a fifth progress report on the implementation of International Public Sector Accounting Standards (IPSAS) at UNESCO and within the United Nations system. Previous communication to the Executive Board on the benefits and impacts of the introduction of IPSAS was first made in the autumn of 2006 by document 175 EX/INF.7, and subsequently in progress reports 176 EX/40, 180 EX/34, 181 EX/36 and 182 EX/ Adoption of IPSAS requires accounting on a full-accruals basis, which effectively means that transactions and other events are recognized and recorded when they occur (and not only when cash or its equivalent is received or paid). The first set of IPSAS-compliant statements and notes will be prepared for the current year 2010, and these will have significant differences in presentation and content compared to the previous financial statements prepared under United Nations System Accounting Standards (UNSAS). 3. This fifth progress report informs the Executive Board of the actions being taken towards ensuring implementation of IPSAS at UNESCO in 2010, and presents proposed amendments to the Financial Rules. ACTION TAKEN BY THE UNITED NATIONS SYSTEM 4. The United Nations Task Force on Accounting Standards is the forum where United Nations organizations discuss and decide on matters relating to IPSAS adoption. UNESCO attended the Task Force meeting held in Rome on 7 and 8 December 2009, and also participated in a Task Force teleconference held on 12 May The Task Force meeting in Rome included a joint seminar with the IPSAS Board. Several key areas of accounting policy were addressed, and feedback was provided on the system-wide IPSAS training courses prepared by the Task Force. The May teleconference was an opportunity for organizations implementing IPSAS in 2010 to share their progress and experience. Information was also provided on developments concerning the work plan of the system-wide IPSAS project. 6. In February 2010 the Task Force released its IPSAS adoption progress report. This showed that two other organizations have revised their 2010 implementation deadlines (one to 2011 and the other to 2012). The World Food Programme (WFP), as an early adopter from 2008, has now prepared its second set of IPSAS-compliant financial statements and notes for Of the remaining 21 organizations, eight reported that they plan to adopt in 2010, four in 2011, eight in 2012 and one in ACTIONS TAKEN BY UNESCO 7. The Project Management Team and Gap Teams have been working on producing UNESCOspecific IPSAS policy papers to provide detailed and practical guidance for IPSAS implementation. The primary papers have now all been finalized, and have been reviewed by the Steering Committee. 8. Work is ongoing on the other policy areas which may also have an impact on the Organization s financial statements presented under IPSAS. This second group of policy papers deals with topics including related party transactions, budget presentation and reconciliation, events after the reporting date and stock of publication materials. These policy papers are being prepared centrally by members of the Project Management Team in BOC. 9. A summary of the 12 policy papers reviewed by the Steering Committee is as follows:

3 page 2 Status of the policy papers Policy papers finalized: Finalization date Revenue recognition September 2008 Employee benefits September 2008 Segment information September 2008 Foreign currency November 2008 Expense recognition November 2008 Financial instruments November 2008 Intangible assets January 2009 Tangible fixed assets January 2009 Accounts receivable March 2009 Financial statements presentation and disclosure March 2009 Provisions for risks and liabilities March 2009 Consolidating entities December In order to help ensure that the policies applied under IPSAS are understood throughout the Organization, UNESCO has produced its first Policy Guidance Manual for IPSAS. The manual provides a summary of accounting policies, practice and guidance on the application of IPSAS at UNESCO. It acts as an easy reference tool for staff applying IPSAS, giving a summary of IPSAS and UNESCO policy papers and providing UNESCO-specific examples. The manual is available in French and English, and over 300 hard copies have been distributed throughout the Organization. 11. Training continues to be an integral part of the IPSAS implementation project. In September and November 2009, the system-wide computer-based IPSAS training courses developed by the United Nations Task Force were made available to all UNESCO staff. These training courses, which cover all the major IPSAS subjects affecting United Nations organizations, can be accessed online via the UNESCO Intranet. In January and February 2010, training was provided to Headquarters Administrative Officers and Administrative Assistants on the new Fixed Asset Module of FABS. In March 2010 a three-day training session was held for UNESCO institute administrative and finance staff, who will be required to prepare separate IPSAS financial statements for each institute. 12. A significant training programme was delivered to UNESCO Headquarters and field office Administrative Officers and Administrative Assistants during March to July This training focused on accrual accounting and some of the day-to-day impacts of IPSAS. It is planned to perform a second wave of training with the same target group in the final quarter of This will provide the opportunity to reinforce understanding of key concepts, and also to address and analyse practical examples that have arisen during the year. 13. Important changes have been made to the UNESCO ERP system FABS in order to address the requirements of IPSAS implementation. Following the roll-out of the Materials Management and Travel Management modules during 2009, the roll-out of the Sales and Distribution module and the Fixed Asset module to Headquarters was completed in early The Sales and Distribution module facilitates the accurate recognition of revenue under voluntary contribution agreements, while the Fixed Asset module will enable UNESCO to record and track its property, plant and equipment. 14. As UNESCO moves towards finalizing its first set of IPSAS financial statements for 2010, a vital first step has been to ensure that accurate opening balances are available as at 1 January UNESCO must be able to present an IPSAS-compliant opening balance sheet, and to explain the impact on the financial statements of adjustments from the transition to IPSAS. During the first quarter of 2010, a major project has been carried out to identify, calculate and record the opening balance adjustments. This project and the work performed have been subject to an IOS

4 page 3 review. The report and final conclusions from this review will be carefully analysed when available to ensure that the opening balances are accurate and compliant with IPSAS requirements. 15. In order to ensure that the first IPSAS closing runs as smoothly as possible at the end of 2010, UNESCO is performing two dry runs of preparing IPSAS financial statements. The first of these will take place for the five months ended 31 May A complete set of financial statements and notes will be prepared, and these will be reviewed by the consultants and international firm of accountants PricewaterhouseCoopers. PricewaterhouseCoopers have provided advice and assistance in managing the project and technical inputs throughout the adoption process. The report from PricewaterhouseCoopers will enable UNESCO to improve its closing procedures and to fine-tune the presentation of its financial statements and notes. A second dry-run is scheduled for the nine months ended 30 September As UNESCO progresses in its implementation of IPSAS, a clear picture is emerging of how the financial statements prepared under IPSAS will look. The format and presentation will differ significantly from the financial statements previously prepared under UNSAS. It is important that all users of UNESCO financial statements are ready for the changes, and are able to fully understand the information that is contained in the new financial statements. Without this, UNESCO will not be able to extract the full benefit of implementing IPSAS. In order to help users prepare for and understand the changes in the IPSAS financial statements, a short brochure has been written and made available to delegations. This brochure provides a guide to the new presentation, and highlights some of the key information and differences resulting from the implementation of IPSAS. FINANCIAL RULES 17. Based on the analysis of IPSAS requirements, amendments were made to the UNESCO Financial Regulations relating principally to the move to annual financial reporting and auditing, expense recognition based on the delivery principle and the overall financial management of the surplus of the General Fund. The amendments to the Financial Regulations were approved by the General Conference at its 35th session in October Following the changes to the Financial Regulations and the ongoing implementation of IPSAS, it has been necessary to review and revise the UNESCO Financial Rules to ensure they are coherent both with the amended Financial Regulations and the requirements of IPSAS. The review provided an opportunity to consider the existing range of the Financial Rules, and to analyse any financial areas not specifically referred to in the Rules which should be included. The Rules were also reviewed to ensure they reflect the current structure and nomenclature of the Secretariat. 19. In reviewing the Financial Rules, reference was made to the financial rules of the United Nations and other sister organizations, especially where those rules had already been updated in other organizations to take account of IPSAS requirements. Particular reference was made to the current draft of the United Nations Development Group (UNDG) financial regulations and rules. The UNDG is working on a harmonization exercise to develop common financial regulations and rules which would form a model for wider adoption within the United Nations system. 20. The main changes affecting the Financial Rules include the clear distinction brought about by IPSAS between the financial statements and the budget records. The treatment of transactions and events must now be considered separately from a budget perspective (applying the modified cash basis of budget preparation) and the financial statements perspective (applying the accrual basis of accounting). 21. Further important amendments have been made to clearly reflect the responsibility of the Deputy Director-General for the overall supervision of the implementation and application of the Financial Rules, as well as assigning financial responsibilities within the Organization. New rules

5 page 4 have been added to respond to new requirements and developments such as those addressing internal control and oversight, conflict and disaster activities, procurement and contracting, management of property and investments. The amendments also cover rules dealing with the receipt and retention of financial resources, including assessed contributions, voluntary contributions, private-sector fundraising and interest or investment income. 22. The complete amendments proposed may be found in the attached Annex. New text is shown underlined in italics and deleted text is shown struck through. Where applicable, the corresponding current Financial Rules are shown in the adjacent column. Where the revised rules are drawn from other organizations, reference is made to them. CONCLUSION 23. UNESCO continues to make significant progress with the IPSAS implementation project. The principal accounting gaps have been analysed and policy papers written, extensive training has been delivered and major IT system modifications have been completed. The process of establishing IPSAS-compliant financial statements has started with preparation of the 2010 opening balances, and now UNESCO enters the important phase of developing its final presentation of the financial statements and ensuring that closing procedures are in place to meet IPSAS requirements. Other important work to be performed in 2010 includes completion of the secondary policy papers, and further training programmes to reinforce IPSAS knowledge. 24. Beyond 2010, it is important to note that the final work on the preparation of the first IPSAScompliant statements will be completed in 2011, to be presented at the autumn Executive Board. In order to ensure UNESCO fully benefits from the implementation of IPSAS, the continuing strengthening of internal controls and financial reporting processes will be essential. UNESCO will need to be able to respond to the future developments in IPSAS, including new standards and different reporting requirements. As such, it is important that long-term progress is made in the training of staff and the improvement of necessary in-house knowledge and experience. ACTION EXPECTED OF THE EXECUTIVE BOARD 25. The Executive Board may wish to adopt a decision along the following lines: The Executive Board, 1. Having examined document, being the fifth progress report on the implementation of IPSAS, 2. Takes note of the work performed and the progress to date, and of the importance of the work to be performed in the remainder of 2010 and 2011; 3. Recalling 181 EX/Decision 36 requesting the Director-General to review and revise the Financial Rules for the approval of the Executive Board in accordance with Article 15.2 of the Financial Regulations, 4. Having considered the amendments to the Financial Rules shown in the Annex to the Director-General s report, 5. Recognizing the need to revise the Financial Rules to bring them up to date with IPSAS requirements and current UNESCO processes and procedures, 6. Approves the amendments to the Financial Rules presented in the Annex to document.

6 ANNEX PROPOSED AMENDMENTS TO THE FINANCIAL RULES Amended Financial Rules Current Financial Rules Comments and Source (where applicable) The structure of the Articles has been based ARTICLE 1: General Provisions Purpose and Applicability on UNDG draft as of 11 November This Article provides the General Provisions governing the establishment, approval and application of the Financial Rules. 1.1 Purpose. The Financial Rules implement the provisions of the Financial Regulations and establish the financial procedures and main delegated authorities of the Organization. The Financial Rules ensure effective financial administration, the exercise of economy and safeguard the assets of the Organization. 1.2 Applicability. The Financial Rules apply uniformly to all sources of funds and all financial transactions of the Organization unless otherwise stated in these Financial Rules. are applicable to all offices and to all financial transactions of the Organization, including those relating to trust funds, reserve and special accounts that may be established outside the regular programme of the Organization. The purpose and limits of each trust fund, reserve or special account established shall be defined by the appropriate authority. Such funds and accounts shall be administered in accordance with these Financial Rules unless otherwise provided by the Executive Board. 1.1 Purpose. The Financial Rules implement the provisions of the Financial Regulations and establish the financial procedures of the Organization. See also amended rule 4.1 below 1.2 Applicability. The Financial Rules are applicable to all offices and to all financial transactions of the Organization, including those relating to trust funds, reserve and special accounts that may be established outside the regular programme of the Organization. The purpose and limits of each trust fund, reserve or special account established shall be defined by the appropriate authority. Such funds and accounts shall be administered in accordance with these Financial Rules unless otherwise provided by the Executive Board. Expands on the purpose of the Financial Rules and aligns them with Financial Regulation 10.1 and current internal control policy and scope. Summarizes the range of applicability of the Financial Rules. The detail concerning trust funds and special accounts is included within Article 4 Funds and Reserves. WHO Financial Rule PAHO Financial Rule Authority and Responsibility 1.3 Authority. The Director-General is required to establish detailed Financial Rules in accordance with Financial Regulation Confirms the authority for establishing the Financial Rules, as referred to in Financial Regulation WHO Financial Rule Annex

7 1.4 Responsibility. The Director-General, by virtue of the authority vested in him/her as the chief executive administrative officer of the Organization, is responsible to the General Conference for the implementation of the Financial Rules. 1.5 Delegation of Responsibility Authority. The Director- General may delegate, together with authorization for redelegation, such of his/her powers as he/she deems necessary to secure effective administration of these Rules. 2.1 Responsibility. The Director-General, by virtue of the authority vested in him as the chief administrative officer of the Organization, is responsible to the General Conference for the implementation of the Financial Rules. 2.2 Delegation of Authority. The Director-General may delegate, together with authorization for redelegation, such of his powers as he deems necessary to secure effective administration of these Rules. Includes within the General Provisions the overall responsibility of the Director-General to the General Conference for the implementation of the Financial Rules. UNDG Financial Rule Includes the ability of the Director-General to delegate responsibility within the General Provisions. Annex page The Deputy Director-General is responsible for the overall supervision of the implementation and application of the Financial Rules. The Deputy Director-General oversees the development and issuance of detailed instructions, policies and procedures manuals for the implementation of these rules on behalf of the Director-General. Assigns responsibility for the implementation of the Financial Rules to the Deputy Director- General. Provides scope and reference for other materials which support the Financial Rules. UNDG Financial Rule Effective Date and Interpretation 1.7 Effective date. The Financial Rules established by the Director-General, and any amendments thereto, shall enter into force after approval by the Executive Board. as well as further amendments made by the Director-General become effective as from the date of issue. 1.3 Effective date. The Financial Rules as well as further amendments made by the Director-General become effective as from the date of issue. The Financial Rules are communicated to the Executive Board for approval in accordance with Financial Regulation WHO Financial Rule Interpretation. In case of doubt as to the meaning of any of the Financial Rules, the Director-General shall rule thereon. ARTICLE 2: Resource Planning 1.4 Interpretation. In case of doubt as to the meaning of any of the Financial Rules, the Director-General shall rule thereon. Existing rule maintained. This Article is limited to the regular budget, extrabudgetary activities and budget reporting, and is distinct from Article 7 which deals with Accounts and Financial Statements. With the introduction of IPSAS, there is a clear distinction between the budget and the financial statements. The Regular Programme and Budget 2.1 Regular programme and budget proposals, and supplementary proposals if appropriate, reflecting all sources of funds in such manner and at such times as may be required, shall be drawn up and submitted by designated officials to the Director-General. Summarizes responsibility and delegation of preparation of regular budget proposals. WHO Financial Rule UNDG Financial Rule (b) UNDG Financial Rule (a)

8 2.2 The Director-General shall decide on the programme content and resource allocation of the proposed biannual regular programme and budget (C/5 document) to be submitted for examination by the Executive Board, which forwards it to the General Conference for consideration and approval. Summarizes overall authority and responsibility for resource planning (regular budget). UNDG Financial Rule (a) UNDG Financial Rule (b) Extrabudgetary Activities 2.3 All Sectors, field offices and institutes, under the overall policy guidance and supervision of the Director-General and the concerned Assistant Directors-General and senior officials, are responsible for the programming, implementation and monitoring of extrabudgetary programmes and projects which must be in line with the regular programme priorities. 2.4 The Bureau of Financial Management is responsible for the budgetary management of extrabudgetary programmes and projects, in close cooperation with the Bureau of Strategic Planning. Summarizes responsibility for implementation and management of extrabudgetary programmes and projects. Summarizes responsibility for budgetary management of extrabudgetary programmes and projects. Budget Records 2.5 The Comptroller is responsible for establishing and maintaining all official accounting records of the Organization. with the exception of Records of budget appropriations and allotments which are maintained by the Bureau of Financial Management Bureau of the Budget in accordance with Financial Rule 10.7 below. The budget records are prepared on the modified cash basis. See also amended Rule7.1 below 10.1 The Comptroller is responsible for establishing and maintaining all official accounting records of the Organization with the exception of records of budget appropriations and allotments which are maintained by the Bureau of the Budget in accordance with Financial Rule 10.7 below. Refers to the preparation of the budget on the modified cash basis. This provides a clear distinction from the full accrual basis which is applied under IPSAS to the financial statements. Official accounting records are addressed in Article 7 Accounts and Financial Statements. Replaces Bureau of the Budget with Bureau of Financial Management. 2.6 Budget records shall be maintained by the Bureau of Financial Management Director of the Bureau of the Budget concerning showing: (a) the appropriations voted by the General Conference and the adjustments made subsequently in these appropriations; (b) the total allotments made against such appropriations; (c) the unallotted balance of the appropriation Budget records shall be maintained by the Director of the Bureau of the Budget showing: (a) the appropriations voted by the General Conference and the adjustments made subsequently in these appropriations; (b) the total allotments made against such appropriations; (c) the unallotted balance of the appropriation. Existing rule maintained with minor amendments. Replaces Bureau of the Budget with Bureau of Financial Management for harmonization with current terminology. Annex - page 3

9 2.7 The Bureau of Financial Management Comptroller will maintain records allotment accounts concerning showing: (a) the original allotments and any adjustments; (b) the amount of commitments obligations entered into incurred and commitments obligations liquidated; (c) the amount of expenditures; (d) the uncommitted unobligated balance of allotments; and The Comptroller is responsible for furnishing: (a) monthly (e) statements showing the budgetary situation on all allotment codes. (b) such other periodic financial statements required by the Financial Regulations; (c) financial statements required by the Director-General, the Executive Board or the General Conference; (d) the final and any interim statements of accounts for all funds. See also amended Rule 7.13 below 10.8 The Comptroller will maintain allotment accounts showing: (a) the original allotments and any adjustments; (b) the amount of obligations incurred and obligations liquidated; (c) the amount of expenditures; (d) the unobligated balance of allotments The Comptroller is responsible for furnishing: (a) monthly statements showing the budgetary situation on all allotment codes; (b) such other periodic financial statements required by the Financial Regulations; (c) financial statements required by the Director-General, the Executive Board or the General Conference; (d) the final and any interim statements of accounts for all funds. Distinguishes elements related to budget reporting and elements related to the financial statements. Replaces the term obligation with commitment for harmonization with the Financial Regulations. Replaces Comptroller with Bureau of Financial Management for harmonization with current terminology. Annex - page Commitments Obligations and expenditures shall be reported recorded in the accounts in accordance with the budgetary structure allotment symbols established by the Director-General Obligations and expenditures shall be recorded in the accounts in accordance with the allotment symbols established by the Director-General. Replaces the term obligation with commitment for harmonization with the Financial Regulations. Under IPSAS, expenditure and commitments are not reflected in the financial statements (which will refer to expenses and accruals), and are now purely budget concepts. 2.9 The Bureau of Financial Management shall prepare a statement showing budget and actual expenditure for inclusion in the annual financial statements of UNESCO prepared in accordance with IPSAS. This statement shall compare the final approved regular budget to actual expenditure expressed on the same basis as the corresponding budgetary amounts. This comparison statement is a requirement of IPSAS. IPSAS 1 IPSAS The Bureau of Financial Management shall prepare a reconciliation between the actual amounts included in the statement of comparison of budget and actual expenditure (see Financial Rule 2.9 above) and the actual amounts presented in the primary financial statements, for inclusion in the notes to the annual financial statements of UNESCO prepared in accordance with IPSAS. This reconciliation is a requirement of IPSAS. IPSAS 24

10 Modified Cash Basis 2.11 UNESCO budget records shall be prepared on the modified cash basis, which combines both the cash and accrual basis depending on the nature of the transaction Commitments Obligations shall be recorded in the budget records accounts of the budget financial period in which they are entered into incurred. Income shall be credited to the budget records account of the budget financial period to which it relates Expenditures shall be charged to the budget records account of the budget financial period to which they relate. subject to the provisions of Financial Regulation The cost of all property acquired, other than real property, shall be charged as an expenditure out of the budget for the year in which the commitment obligation for its acquisition acquirement is entered into incurred. See also amended rule 7.9 below 10.3 Obligations shall be recorded in the accounts of the financial period in which they are incurred. Income shall be credited to the account of the financial period to which it relates. See also amended rule 7.9 below 10.4 Expenditures shall be charged to the account of the financial period to which they relate, subject to the provisions of Financial Regulation 4.3. See also amended rule 7.10 below 11.1 The cost of all property acquired, other than real property, shall be charged as an expenditure out of the budget for the year in which the obligation for its acquirement is incurred. The UNESCO budget is prepared on the modified cash basis. This is different and distinct from the full accrual basis used under IPSAS for the financial statements. The modifications clarify the difference between budget and financial accounts. Commitments are not recognized in the financial statements, where expense recognition is based on accrual accounting and the delivery principle. The term obligation is replaced with commitment for harmonization with the Financial Regulations. The amendments reflect that Financial Regulation 4.3 was removed following the update of UNESCO Financial Regulations for IPSAS. The recording of property, plant and equipment is different under budget reporting (where, other than real property, it is charged as expenditure) and financial accounting (where it is capitalized as an asset when it meets the necessary recognition criteria). The term obligation is replaced with commitment for harmonization with the Financial Regulations. ARTICLE 3: Financial Resources Assessed Contributions 3.1 The Chief Financial Officer is responsible for the collection of assessed contributions due by Member States. This Article provides rules detailing the acceptability and collection of UNESCO s funding sources, in line with the rules of other UN organizations. Introduction of a rule to detail the responsibility for collection of assessed contributions (see similar Rule 4.3 for advances to the Working Capital Fund) Annex - page 5

11 3.2 Payment of assessed contributions shall be in the United States dollar or the Euro as specified in Financial Regulation 5.6. The Chief Financial Officer shall determine the acceptability of payment of assessed contributions in other currencies subject to annual approval on a case-by-case basis. The approvals will stipulate any terms and conditions that the Chief Financial Officer considers necessary to protect the Organization, including any limit to the amount authorized to be paid in national currency and the fixed time limit for making the payment. 3.3 Where payment of assessed contributions is made in currencies other than those specified in Financial Regulation 5.6 (United States dollars or Euros) and has not received prior approval from the Chief Financial Officer, or does not comply with the specific terms of any approval given by the Chief Financial Officer, the Chief Financial Officer may immediately sell the received payment against the United States dollar if there is a market for the currency. The resulting credit will be given to the Member State for the proceeds of the sale. The Chief Financial Officer may also return the payment to the relevant Member State if there is no foreseeable need for that currency in the remaining months of the calendar year, and the assessed contribution concerned shall continue to be due and payable. Currently covered by General Conference Resolution (35 C/Res.88.II), this rule introduces the requirement that the Comptroller must approve the payment of assessed contributions in currencies other than United States dollar and euros. PAHO Financial Rule Details the possible options for the Chief Financial Officer following unapproved payment of assessed contributions in currencies other than USD and EUR. WHO Financial Rule PAHO Financial Rule Annex - page 6 Voluntary Contributions 3.4 Voluntary contributions, other than those from individuals, will be accepted on the basis of an agreement or other appropriate document with the donor, which shall specify the amount and purpose of the funds to be received and, where applicable, shall include such other provisions which in the opinion of the Director-General are acceptable and consistent with the Financial Regulations and Rules, and applicable policies, aims and activities of UNESCO. 3.5 Voluntary contributions from individuals may be accepted, with or without an agreement, where in the opinion of the Director-General these are acceptable and consistent with the Financial Regulations and Rules, and applicable policies, aims, priorities and activities of UNESCO. Details Rules concerning acceptance of voluntary contributions. UNDG Financial Rule PAHO Financial Rule Details Rules concerning acceptance of voluntary contributions from individuals. UNDG Financial Rule 103.5

12 Other Financial Resources 3.6 UNESCO may solicit and receive private-sector funding provided that: (i) such activities are consistent with the mandate, policies, aims, priorities and activities of UNESCO; (ii) the general principles of integrity, transparency and accountability are fully observed as well as the principles of the UN global compact; and (iii) all private sector funding agreements as well as publicprivate sector agreements receive the clearance of the Assistant Director-General for Strategic Planning. 3.7 Interest or investment income with respect to special accounts, trust funds, cost-sharing agreements and funds-intrust shall be retained by UNESCO, unless otherwise authorized by the Director -General. Private-sector funding is not directly covered by the UNESCO Financial Regulations. In order to facilitate such activities, the text is proposed as general guidance and thus included in the Financial Rules. UNDG Financial Regulation 3.18 Treatment of interest income on investments is partly addressed by UNESCO Financial Regulation 7.2. In order to fully cover this area and in the interest of harmonization with other United Nations organizations, the amendment is proposed for inclusion in the Financial Rules. UNDG Financial Regulation 3.20 UNFPA Financial Regulation 4.15 ARTICLE 4: Funds and Reserves This Article provides detail concerning rules and responsibility over UNESCO funds and reserves, in line with rules of other UN organizations. Applicability 4.1 The Financial Rules are also applicable to all offices and to all financial transactions of the Organization, including those relating to the General and Working Capital Funds, all trust funds and special accounts that may be established outside the regular programme, and Reserves and special accounts that may be established outside the regular programme of the Organization. The purpose and limits of each Fund and trust fund, Reserve or special account established shall be defined by the General Conference, Executive Board or Director-General as appropriate. appropriate authority. Such Funds and Reserves accounts shall be administered in accordance with these Financial Rules unless otherwise provided by the General Conference or Executive Board. See also amended Rule 1.2 above 1.2 Applicability. The Financial Rules are applicable to all offices and to all financial transactions of the Organization, including those relating to trust funds, reserve and special accounts that may be established outside the regular programme of the Organization. The purpose and limits of each trust fund, reserve or special account established shall be defined by the appropriate authority. Such funds and accounts shall be administered in accordance with these Financial Rules unless otherwise provided by the Executive Board. Details the applicability of Financial Rules to Funds and Reserves. Annex - page 7

13 Working Capital Fund 4.2 Advances from the Working Capital Fund may be made only for the purposes and within the terms and conditions prescribed by the General Conference. 4.3 The Chief Financial Officer is responsible for the collection of advances due by Member States to the Working Capital Fund. Details Rules concerning advances from the Working Capital Fund. UNDG Financial Rule Introduction of a rule to detail the responsibility for collection of advances to the Working Capital Fund. ICAO Financial Rule Annex - page 8 Trust Funds and Special Accounts 4.4 The Director-General shall issue guidelines for the establishment and administration of trust funds and special accounts. To ensure cost-effective administration, the Director-General may determine a minimum contribution level below which he/she may refuse the establishment of a trust fund or special account. Reserves Details Rules concerning the establishment and administration of trust funds and special accounts. Note that Reserves are treated as a separate element from trust funds and special accounts. UNDG Financial Rule The Director-General may establish operating and other reserves for clearly defined and specified purposes consistent with the policies, aims and activities of UNESCO. The Director-General shall also establish the level, separate accounting records, utilization and reporting requirements as required of each reserve. ARTICLE 5: Utilization of Resources Appropriations Details Rules concerning the establishment of reserves. UNDG Financial Regulation 4.18 This Article, which is based largely on existing Rules, addresses the requirements for appropriations, allotments and financial commitments. 5.1 The appropriations voted by the General Conference constitute authorization to the Director-General to issue allotments and incur expenditure up to the amount of the approved appropriation. 3.1 The appropriations voted by the General Conference constitute authorization to the Director-General to issue allotments and incur expenditure up to the amount of the approved appropriation. Existing Rule maintained

14 5.2 The Director-General may determine the maximum amount of the appropriations that it would be prudent to make available for allotment, taking into account the status of approved Work Plans, the prospects for payment of assessed contributions and the availability of both the Working Capital Fund and internal borrowing. Specific reference is made to a reduction in allotments due to outstanding assessed contributions. Note that under IPSAS, an allowance for outstanding assessed contributions will be calculated. This Rule introduces the application of prudence in determining appropriations. WHO Financial Rule Allotment of Regular Budget Funds 5.3 Under the authority of the Director-General, the Chief Financial Officer Bureau of the Budget issues allotments, within the limits of the appropriation voted by the General Conference, to Assistant Directors-General and Bureau or office directors in accordance with the approved Work Plans. Programme Execution Plan (PEPs). 4.1 Under the authority of the Director-General, the Director of the Bureau of the Budget issues allotments within the limits of the appropriation voted by the General Conference, to Assistant Directors-General and bureau or office directors in accordance with the approved Programme Execution Plan (PEPs). Existing Rule maintained with minor amendments. Replacement of term PEP with term Work Plan for harmonization with current terminology. Replacement of Bureau of the Budget with Chief Financial Officer for harmonization with current terminology. 5.4 The Director-General may, as necessary, make subsequent changes of the allotments within an appropriation line. 4.2 The Director-General may, as necessary, make subsequent changes of the allotments within an appropriation line. Existing Rule maintained 5.5 Assistant Directors-General and Bureau or office directors, as appropriate, may enter into commitments incur obligations for the purpose covered by the allotments up to the amount so allotted. 4.3 Assistant Directors-General and bureau or office directors, as appropriate, may incur obligations for the purpose covered by the allotments up to the amount so allotted. Existing Rule maintained with minor amendments. The term obligation is replaced with commitment for harmonization with the Financial Regulations. 5.6 Transfers between appropriation lines may only be made by the Director-General with the explicit approval of the Executive Board within the limitations set forth in the appropriation resolution. Within each appropriation line, transfers between funds earmarked for main lines of action may be made by the Director-General. 4.4 Transfers between appropriation lines may be made by the Director-General within the limitations set forth in the appropriation resolution. Rule amended to reflect current procedures. Annex page 9

15 Financial Commitments 5.7 Only those officials designated in writing by the Director- General (or their delegated authorities) are authorized to enter into incur commitments obligations. Every person entering into incurring a commitment obligation is responsible to the Director-General for the commitment entered into obligation incurred. 5.1 Only those officials designated in writing by the Director-General are authorized to incur obligations. Every person incurring an obligation is responsible to the Director-General for the obligation incurred. Existing rule maintained with minor amendments. The term obligation is replaced with commitment for harmonization with the Financial Regulations. Annex - page Commitments Obligations may be entered into incurred only during the financial period concerned, for delivery in that financial period or the subsequent calendar year, and only if they comply with: (a) the Financial Regulations and Rules, and in particular only if they are certified as being in accordance with the approved Work Plans PEPs; (b) such instructions complementing the Financial Regulations and Rules as are laid down by the Director- General; (c) other applicable regulations and rules. 5.2 Obligations may be incurred only during the financial period concerned and only if they comply with: (a) the Financial Regulations and Rules, and in particular only if they are certified as being in accordance with the approved PEPs; (b) such instructions complementing the Financial Regulations and Rules as are laid down by the Director- General; (c) other applicable regulations and rules. Amendment is made to ensure that, as per Financial Regulation 4.2, budget carryforward to the third year is enabled. Replacement of term PEP with term Work Plan for harmonization with current terminology. 5.9 Except as provided in Rules 5.104, 5.115, and 5.159, all proposed commitments obligations shall be submitted for the prior approval of the Chief Financial Officer Comptroller. 5.3 Except as provided in rules 5.4, 5.5, 5.6 and 5.9, all proposed obligations shall be submitted for the prior approval of the Comptroller. Existing Rule maintained with minor amendments. The term obligation is replaced with commitment for harmonization with the Financial Regulations. Comptroller is replaced by Chief Financial Officer for harmonization with current terminology The Chief Financial Officer Comptroller (or his/her delegated authority) may delegate to officers designated for this purpose and known as certifying officers the authority to examine and approve commitments obligations within limits approved from time to time by the Director-General. 5.4 The Comptroller may delegate to officers designated for this purpose and known as certifying officers the authority to examine and approve obligations within limits approved from time to time by the Director-General. Existing Rule maintained with minor amendments. The term obligation is replaced with commitment for harmonization with the Financial Regulations. Comptroller is replaced by Chief Financial Officer for harmonization with current terminology.

16 5.11 The Chief Financial Officer Comptroller or certifying officers shall be responsible for examining the proposed commitments obligations to ensure that: (a) they are certified to be in accordance with the approved Work Plans PEPs; (b) funds are available under the particular code; (c) the terms and currency of payment are acceptable; (d) they are in accordance with the Financial Regulations and Rules and the Staff Regulations and Rules; (e) they conform to existing policies and procedures; (f) the amount to be paid is reasonable; (g) contracts are drawn up in such a manner as to form sound financial transactions; (h) the interests of the Organization have been fully protected; (i) the amount relating to accruals where goods or services have been delivered is identified. 5.5 The Comptroller or certifying officers shall be responsible for examining the proposed obligations to ensure that: (a) they are certified to be in accordance with the approved PEPs; (b) funds are available under the particular code; (c) the terms and currency of payment are acceptable; (d) they are in accordance with the Financial Regulations and Rules and the Staff Regulations and Rules; (e) they conform to existing policies and procedures; (f) the amount to be paid is reasonable; (g) contracts are drawn up in such a manner as to form sound financial transactions; (h) the interests of the Organization have been fully protected. The requirement for identification of accruals included within commitments is added this is a key requirement for preparing IPSAS financial statements. The term obligation is replaced with commitment for harmonization with the Financial Regulations. Replacement of term PEP with term Work Plan for harmonization with current terminology. Comptroller is replaced by Chief Financial Officer for harmonization with current terminology The Chief Financial Officer Comptroller or the certifying officer after examining each proposed commitment obligation shall signify his/her approval in writing on each commitment obligating document. Revisions to an commitment obligation shall require the same treatment as the original commitment obligation. 5.6 The Comptroller or the certifying officer after examining each proposed obligation shall signify his approval in writing on each obligating document. Revisions to an obligation shall require the same treatment as the original obligation. Existing Rule maintained with minor amendments. The term obligation is replaced with commitment for harmonization with the Financial Regulations. Comptroller is replaced by Chief Financial Officer for harmonization with current terminology The appropriate internal procedures applicable to each category of commitment obligation shall be followed in every case. 5.7 The appropriate internal procedures applicable to each category of obligation shall be followed in every case. Existing rule maintained with minor amendments. The term obligation is replaced with commitment for harmonization with the Financial Regulations Any official authorizing or entering into incurring commitments obligations shall be personally responsible for actions or decisions taken in disregard of these Rules and for failure to follow the appropriate procedure. 5.8 Any official authorizing or incurring obligations shall be personally responsible for actions or decisions taken in disregard of these rules and for failure to follow the appropriate procedure. Existing Rule maintained with minor amendments. The term obligation is replaced with commitment for harmonization with the Financial Regulations. Annex - page 11

17 5.15 The prior approval of the Chief Financial Officer Comptroller shall not be required for: (a) commitments obligations entered into incurred by engaging staff members. The control over this is primarily exercised by the Director-General and the Director of the Bureau of Human Resources Management Personnel through the authorized staffing table. (b) obligations or expenditures incurred by authorized persons in offices away from Headquarters. These will be governed by separate rules issued by the Comptroller. 5.9 The prior approval of the Comptroller shall not be required for: (a) obligations incurred by engaging staff members. The control over this is primarily exercised by the Director- General and the Director of the Bureau of Personnel through the authorized staffing table; (b) obligations or expenditures incurred by authorized persons in offices away from Headquarters. These will be governed by separate rules issued by the Comptroller. The Rule is updated to refer to Human Resources Management in accordance with current terminology. Reference to separate rules for expenditures in offices away from Headquarters is no longer considered to be applicable and is therefore removed. Comptroller is replaced by Chief Financial Officer for harmonization with current terminology. Annex - page 12 ARTICLE 6: Administration of Resources This Article introduces Financial Rules to cover a wide range of areas detailing how UNESCO should administer, manage and control its resources, corresponding to subjects addressed by the rules of other United Nations organizations. Authority and General Principle 6.1 The Chief Financial Officer Comptroller is responsible for the management, receipt and disbursement of all funds of the Organization. 9.1 The Comptroller is responsible for the management, receipt and disbursement of all funds of the Organization. Existing Rule maintained. Comptroller is replaced by Chief Financial Officer for harmonization with current terminology. 6.2 Except where otherwise provided in these Rules Payment from funds of the Organization shall be made only for services rendered or goods delivered, except under special circumstances provided in these Rules where advance payments are authorized. 6.1 Except where otherwise provided in these Rules payment shall be made only for services rendered or goods delivered. Makes clear reference to the possible cases of advance payments, while referring to the overriding principle of payment only for services rendered or goods delivered. Management of Resources 6.3 Funds of the Organization shall be deposited only in banks or institutions, which the Director-General, or the officials duly authorized by him/her, shall designate. 9.2 Funds of the Organization shall be deposited only in banks or institutions, which the Director-General or the officials duly authorized by him, shall designate. Existing Rule maintained 6.4 The Treasurer Comptroller shall administer all banking accounts operated by the Organization including those opened for trust and other special purposes, maintaining separate accounts for each bank or cash account in which all receipts and payments shall be accounted for. entered in chronological order. Receipts and payments shall be supported by either receipt or payment vouchers drawn up a priori by the appropriate official in the Bureau of the Comptroller. 9.3 The Comptroller shall administer all banking accounts operated by the Organization including those opened for trust and other special purposes, maintaining separate accounts for each bank or cash account in which all receipts and payments shall be entered in chronological order. Receipts and payments shall be supported by either receipt or payment vouchers drawn up a priori by the appropriate official in the Bureau of the Comptroller. Amendments made to more accurately reflect the current practices of the Organization.

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