IMF Reports on the Observance of Standards and Codes (ROSCs)

Source details

ROSCs summarize the extent to which countries observe certain internationally recognized standards and codes.
Reports summarizing countries' observance of these standards are prepared and published at the request of the member country.
Reports are used to help sharpen the IMF's and the World Bank's policy discussions with national authorities, and in the private sector (including by rating agencies) for risk assessment.
Short updates are produced regularly and new reports are produced every few years.

The IMF has recognized 12 areas and associated standards as useful for the operational work of the Fund and the World Bank.
The 12 areas comprise:
- accounting
- auditing
- anti-money laundering and countering the financing of terrorism (AML/CFT)
- banking supervision
- corporate governance
- data dissemination
- fiscal transparency
- insolvency and creditor rights
- insurance supervision
- monetary and financial policy transparency
- payments systems
- securities regulation
AML/CFT was added in November 2002.

Reports are prepared and published at the request of the member country.
They are used by the IMF and the World Bank for operational work and policy dialogue with national authorities.
They are used in the private sector, including by rating agencies, for risk assessment.
Short updates are produced regularly; new reports are produced every few years.

Data Module ROSCs have included a substantial data quality assessment component since early 2001.
This assessment is based on the Data Quality Assessment Framework (DQAF).
The July 2003 version of the DQAF was introduced at the Fifth Review of the Fund's Data Standards Initiatives.
The July 2003 version:
- supersedes earlier versions of the DQAF to reflect experience and developments in international methodological standards and generally accepted good statistical practices;
- means ratings for ROSCs using the July 2003 version of the DQAF are not necessarily directly comparable with ROSCs using earlier versions;
- is now used in Data Module ROSC updates for countries that originally were assessed using earlier versions.

Standards and Codes - Implementing the Fund's Medium-Term Strategy and the Recommendations of the 2005 Review of the Initiative
Public Information Notice: IMF Executive Board Reviews the Standards and Codes Initiative August 8, 2005
Public Information Notice: IMF Executive Board Reviews International Standards: Strengthening Surveillance, Domestic Institutions, and International Markets, April 3, 2003
Press Release: IMF Executive Board Approves 12-Month Anti-Money Laundering Pilot Project, November 22, 2002
Policy Papers and Selected News Releases Related to the IMF's Standards Initiative
World Bank ROSCs
Financial Sector Assessment Program (FSAP)
Standards and Codes: The Role of the IMF - A Factsheet