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

## Source details

**Canonical URL:** [IMF Reports on the Observance of Standards and Codes (ROSCs)](https://www.imf.org/en/publications/rosc)

## Other formats

- [Markdown version](/en/publications/rosc/index.md)
- [Structured JSON version](/en/publications/rosc/index.json)
- [Bundle manifest](/en/publications/rosc/bundle-manifest.json)

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### Purpose and scope
- 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.

### Recognized areas and standards
- 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.

### Publication practice and use
- 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 and the Data Quality Assessment Framework (DQAF)
- 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.

### Related institutional materials and timeline highlights
- 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

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## Content in this bundle

- [Policy Paper (2006) (PDF)](/external/np/pp/eng/2006/062906.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/rosc_