the nature of their business and ownership (ref GFS Manual 2014, Ch 2, s2.1, 2.64, 2.65, 2.88). Although a Central Bank may be legally established as a public corporation, if it receives subventions from the government to support its operations, it would statistically be considered as an extrabudgetary unit in accordance with GFSM 2014. The fiscal risks of central banks supported in this way should be covered under dimension 10.3 together with other implicit fiscal risk associated with central bank operations. In addition, financial reports should be covered under PI-6.3.
10.1:7. The audited financial statements of public corporations should include full information on revenue, expenditure, financial and non-financial assets, liabilities, guarantees and long-term obligations.
10.1:8. The consolidated report required for an ‘A’ score may be a stand-alone document covering only public corporations or it may be part of a consolidated ‘whole of government’ financial report that includes public corporations along with other public sector organizations.
10.1:9. To meet the requirements of a score of A and B for this dimension, only audited financial reports that are published are considered. For a score of C unaudited financial reports received by central government may be considered. However, the latter should include the same level of information regarding revenue, expenditure, financial and nonfinancial assets, liabilities, guarantees, and long-term obligations as audited financial statements. Table 10.1 may assist assessors to review compliance with this dimension.
10.1:10. Depending on the cut-off date of the assessments, some scores might be impossible to evidence. For example, if the cut-off date of the PEFA assessment is in July, within 7 months after the end of the last completed fiscal years, and the financial reports of public corporations are still to be submitted, assessors will be able to preclude A and B scores but they will not be able to evidence a B, a C or a D score. Therefore, depending on the cut-off date and the score to be evidenced, assessors can score the previous year’s report, in accordance to the following table:
| Cut-Off date | Score to be evidenced |
|---|---|
| Within 6 months after the end of the fiscal year | To evidence A, B, C, and D scores |
| Within 9 months after the end of the fiscal year | To evidence C, and D scores |
Dimension 10.1. Timing, coverage and data requirements
| Time period | Coverage | Data requirements/calculation | Data sources |
|---|---|---|---|
| Last completed fiscal year. | CG-controlled public corporations. |
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PEFA Handbook Volume 1: The PEFA Assessment Process – Planning, Managing and Using PEFA
