Standards & CodesAugust 04, 2011
The IMF and World Bank have endorsed internationally recognized standards and codes in 12 areas as important for their work and for which Reports on the Observance of Standards and Codes (ROSCs) are prepared. Standards in the areas of data, fiscal transparency, and monetary and financial policy transparency have been developed by the Fund while others have been developed by other standard setting bodies including the World Bank, the Basel Committee on Banking Supervision, and the Financial Action Task Force (FATF).
ROSCs are prepared and published at the request of the member country by the IMF and/or World Bank in each of the 12 areas. ROSCs covering financial sector standards are usually prepared in the context of the Financial Sector Assessment Program. In some cases, detailed assessments of countries' observance of standards are also published.