02149cas a2200241 a 4500 AALejournalIMF014881 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498393355 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Fiscal Affairs Dept. Iceland : Technical Assistance Report. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (63 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This Technical Assistance report on Iceland discusses that the issue of maintaining alignment with budgets and budgetary reports that are expected to focus on Government Finance Statistics Manual of 2001 (GFSM 2001) indicators. Consolidated 'whole-of-government' financial statements of the central government will facilitate fiscal policy informed by a broader view of public finances. Recognition and systematic accounting of physical assets are expected to enhance transparency and facilitate management and budgetary decisions. Under the current framework such assets-including roads, bridges, tunnels, land, and buildings-are treated as expenses and written off in the year in which they are acquired. Some changes in valuation of financial assets and liabilities may also be required. The cash flow statement should provide information about key revenues and expenditures. The budget should recognize depreciation as an expense but need not appropriate for depreciation at this stage. The budgeted operating statement should include depreciation as an expense to determine the operating result. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2014/353 Full text available on IMF http://elibrary.imf.org/view/journals/002/2014/353/002.2014.issue-353-en.xml IMF e-Library