Advanced Search

Regulations On Financial Management For Joint Parish Councils And Parish Councils In The Norwegian Church

Original Language Title: Forskrift om økonomiforvaltningen for kirkelige fellesråd og menighetsråd i Den norske kirke

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
Regulations on financial management for joint parish councils and parish councils in the Norwegian Church


Date FOR-2003-09-25-1215


Ministry of Culture Ministry


Published in 2003 Booklet 14


Commencement 01.01.2004

Edited

FOR-2015-01-15-45 from 01.01.2015

Changes
FOR-1996-11-18-1466

For
Norway

Legal

LOV-1996-06-07-31-§9, LOV-1996-06-07-31-§14

Promulgated
10.10.2003


Corrected 23.06.2015 (Appendix 4B no. 790)

Short Title
Regulations on financial management in the church

Chapter Overview:

§ 1. Purpose and scope (§§ 1-1 - 1-3)
§ 2. Definitions
§ 3. Økonomiplan
§ 4. Budget (§§ 4-1 - 4- 5)
§ 5. Accounting (§§ 5-1 - 5-7)
§ 6. Revision
§ 7. Reporting
§ 8. Economy Regulations
§ 9. Finansforvaltning || | § 10. Implementation
Appendix 1A
Annex 1B
Appendix 2A
Appendix 2B
Appendix 3
Appendix 4A
Appendix 4B
Comments

Adopted of Culture and Church Affairs (now the Ministry of Culture) 25 September 2003 pursuant to the Act of 7 June 1996 no. 31 on the Norwegian Church (church law) § 9 and § 14
Changes: Changed by regulations 22 Dec 2009 No.. 1905 13 Dec 2012 No.. 1412, 19 Dec. 2013 No.. 1747, 15 January 2015 No.. 45.
Corrections: 23/06/2015 (appendix 4B no. 790).

§ 1. Purpose and scope

§ 1-1. Purpose purpose of these regulations is to facilitate an expedient and prudent financial management in Joint and parish councils in the Norwegian Church, and thus ensure sound financial management in the business that councils are responsible.

§ 1-2. These regulations apply for joint parish councils and parish councils in the Norwegian Church, for businesses under councils that have their own income and that disposes of these following decisions separate governing bodies and for cooperation measures between councils where funds allocated by decisions of governing bodies for this business.

§ 1-3. Accounting principles The regulations are based on the accounting principles laid down by the municipal budget and accounting regulations.

§ 2. Definitions

Brief definition of the terms used in the regulation.

A)

Annual budget: Consists of operating and investment budget. It is a statement of expected revenues, receipts and use of provisions in the budget year on one side and anticipated expenses, payments and reserves in the budget year on the other side.

B)

Operating budget: A schedule of anticipated revenues and receipts and use of reserves in the fiscal year and current expenses and payments (provisions) to be covered by the use of these revenues.

C)

Investment Budget: A statement of intended use of loan funds and income / payments that are not to be regarded as running and what measures of investment-related nature of these funds are adopted used.

D)

Revenues: Remuneration / payment to common council / ward council services as well as remittances from others without consideration.

E)

Expenses: Remuneration / payment from joint council / parish council for goods and services, as well as remittances to others without consideration.

F)

Current income or payments: Foreseeable revenue / payments coming in regularly.

G)

Budget Authority: Authority to adopt the annual budget and regulations of this. Authority includes both revenue and expenditure side of the budget.

H)

Grant: The economic framework that joint council / parish council has adopted and which can be used by a subordinate body (also administration) in the fiscal year.

I)

Allocation Mandate: Authority to allocate the appropriations listed in the annual budget.

§ 3. Økonomiplan

1.
Ecclesiastical council, and parish councils in ettsoknskommuner shall annually adopt a rolling financial plan.

2.
Finance plan shall include at least the next four budget.

3.
Finance plan shall cover all the Council's activities and provide a realistic overview of the likely earnings, expected expenses and priority tasks in the plan period. The plan must be set up in a transparent manner.

4.
In setback shall for each year during the plan period are shown how they behaved spending and measures to be funded.

5.
Plans that include defined parts of the Council's activities to be integrated into economic planning and use of funds incorporated in the plan.

6.
Competent advice adopts economic plans and changes to this. The decision taken on the basis of a recommendation from the Council's financial regulations determine.

§ 4. Budget


§ 4-1. Preparation of ecclesiastical joint Council budget to the municipality ecclesiastical council, and parish councils in ettsoknskommuner, shall annually promote an overall proposal for the municipality of appropriations over the municipal budget to the ministry in the municipality, as well as proposals for grants in the finance period.
The proposal will build on the Council's approved budget / finance plan. Each Joint Council shall in financial regulations stipulate how the manufacturing process shall be arranged so that the participation of parish councils ensured.

§ 4-2. The annual budget The annual budget is a binding plan for council's funds and the application of these in the budget year.
Ecclesiastical council, and parish councils in ettsoknskommuner, shall adopt the annual budget in the beginning or at the latest within 1 month after the municipality's grant is known.
Ward in multi parish municipalities shall adopt its annual budget in the beginning, or at the latest within one month after any transfers of Joint Council of Churches is known.
Council approves the annual budget. Decisions are made on the basis of recommendation from the Council's financial regulations determine. Changes in the annual budget so happens Council decides in financial regulations.

§ 4-3. The annual budget content annual budget shall include all the business council is responsible for, ref. § 1-2. The annual budget should be realistic. It shall be adopted on the basis of the income and expenditure Council expect the budget year.
The annual budget should be set up in a transparent manner and in accordance with installation requirements in Appendix 1A and 1B. The Council will decide how further division of the budget going to happen. Priorities, objectives and conditions which the budget is built on should be clearly stated. The individual grants should be listed with the amount and text indicating what grant applies. The annual budget shall show the amount for the year budget applies, the preceding fiscal year and the most recent annual financial statements.
It shall be adopted separate operating and investment budget if it is to be made investments in the fiscal year.
Operating budget shall include:

1.
All revenues and payments in the year.

2.
Current income and payments made in earlier budget periods planned applied in the annual budget.

3.
Use of revenue as referred to in § 1 and § 2 of different purposes.

The operating budget will be set up in balance so that all revenues, receipts and use of reserves is finally disposed of or entered at provision for use in subsequent budget periods. If the Council has previously agreed to allocate an accounting increased consumption over several years, should such a provision be covered. The same applies to other statutory provisions.
The budget shall provide a gross operating profit of at least provide adequate coverage for interest, installments and necessary provisions.
The investment budget shall include:

1.
Use of loan funds.

2.
Revenue and payments related to investment projects.

3.
Other revenues and payments that are not ongoing.

4.
Revenue and payments referred to under items 1-3 above. Allocated in previous budget periods, planned applied in the annual budget.

5.
Transfers from the operating budget.

6.
Loans, offset rings and measures of investment-related nature covered by income and payments referred to in section. 1-5, including provisions.

7.
Other financing transactions related to loans and offset rings.

The investment should be put into balance so that all expenses, payments and reserves funding purposes are covered.

§ 4-4. Budget management Joint Council / Parish Council shall ensure that the budget year submitted reports to the council showing the trend in revenues and receipts and expenditures and payments according to the approved annual budget. If there is reason to assume that there may be significant deviations from the original or adjusted annual budget, it shall report to the Council proposed appropriate measures.

§ 4-5. Changes in the annual budget, the Council is responsible for ensuring that changes are made in the annual budget when this must be deemed necessary.

§ 5. Accounting

§ 5-1. Financial statements and annual report
1.
It shall for each calendar drawn up annual accounts and annual report.

2.
The annual report shall include any funds allocated for the year, and application of funds. All known expenses, payments, revenue and payments in the year to be included in the financial statements for the year, whether they are paid or not when the annual accounts terminated. The annual report shall be in conformity with municipal accounting practices.

3.
Accrued pension in a calendar year are expensed.

4.

Council / Parish Council approves the financial statements. The decision must specify the allocation of accounting profit or coverage of accounting loss.

5.
Losses on accounts that can not be covered in the budget in the year financial statements presented shall be carried over to cover the following year's budget. Under unusual circumstances, joint Council / Parish Council, after having made the necessary changes to the finance plan, decide that the deficit should be covered over until a further two years.

6.
The annual report must include information on matters that are important for judging the joint Council / ward council's financial position and results of operations when this is not stated in the accounts, as well as on other matters of significance to the business.

§ 5-2. Annual financial content The financial statements shall consist of a management accounting, investment accounting, balance sheet and notes.
The current account shall include:

1.
All revenues and payments in the year.

2.
Current income and payments made in earlier fiscal years have been applied in the financial year.

3.
Use of funds referred to in paragraph. 1 and 2, including allocations of funds for use in subsequent financial years and to finance investments in this year's investment accounting.

Investment accounts shall include:

1.
Use of loan funds.

2.
Revenue and payments related to investment projects.

3.
Other revenues and payments that are not ongoing.

4.
Revenue and payments referred to under items 1-3 above. Appropriated in previous years that have been applied in the financial year.

5.
Revenues in the current account used for investing activities for the investment accounts.

6.
Loans, offset rings and measures of investment-related nature covered by income and payments referred to in section. 1-5, including provisions.

7.
Other financing transactions related to loans and offset rings.

Managerial accounting and investment accounts should be set up in accordance with Appendix 2A and 2B to this regulation and show accounts at the same level of detail as the Council has used the annual budget. The schedules should at least show the amount for that year financial plan, annual budget and recent annual financial statements.
The balance sheet shall show the status of the Council's assets, equity and liabilities at the end of the fiscal year. It should be set up in accordance with Annex 3 to this Regulation. Balance sheet should at least show the amount of recent annual financial statements in addition to this year's accounts.

§ 5-3. Bookkeeping, specification, documentation and storage of accounting information shall be made in accordance with Law 19 November 2004 no. 73 relating to bookkeeping § 3 to § 14, and regulations on 1 December 2004 no. 1558 relating to bookkeeping Chapters 2 to 7. parish in multi parish municipalities applies only prescribed in § 4 Basic accounting principles.
By cash sales less than 3G in the individual enterprise does not apply the regulations on 1 December 2004 no. 1558 on accounting § 5-3-2 on cash register etc., If the cash sale occurs within business that is not a bookkeeping obligation pursuant November 19 2004 no. 73 on accounting § 2 second paragraph. Documentation of cash sales shall be met in accordance with the Regulation on 1 December 2004 no. 1558 on accounting § 5-4 of exemption from the requirements for documentation of cash sales.
Mandatory financial reporting include:

-
Financial reporting as specified in Regulation 25 September 2003 no. 1215 concerning financial management for joint parish councils and parish councils in the Norwegian Church

-
Financial reporting established pursuant to Law 12 December 2003 no. 108 regarding compensation of VAT for municipalities, counties, etc. § 6

-
Financial reporting as mentioned in Act 19 November 2004 no. 73 on accounting § 3, cf. Regulation on 1 December 2004 no. 1558 on accounting § 2-1.

In preparing the subject specification and updating of accounting within business that is not a bookkeeping obligation by law on 19 November 2004 no. 73 on accounting § 2, second paragraph, does not apply the provisions of accounting accordance with § 5 and § 7 of this to safeguarded minimum every four months, but only provisions relating to each period of mandatory financial reporting.

§ 5-4. Notes to the financial statements in the annual report shall be provided the following additional information in the notes, with clear reference to the items in the financial statements they relate to:

1.
Shall be given an account of how the Council's pension liabilities are covered.

2.
Shares in companies that are recognized as fixed assets shall be specified by a company. Should disclose the carrying amount of any market capitalization and share in each company.

3.

It should be given a specification of total provisions and use of provisions in fiscal year, overall and for each type of fund.

4.
It should be given a synoptic overview of the transactions that are recorded against the capital account during the financial year.

§ 5-5. Basic accounting principles and good municipal accounting practices All access and use of funds during the year concerning joint Council / ward council business shall state the operating accounts or investment accounts. Accounting for access and use of funds only in the balance sheet will not occur.
All expenses, payments, revenue and payments shall be recorded gross. This also applies to the internal financing transactions. It should thus not be made net of related income to expenditure, nor shall earnings appear less any associated costs.
All known expenses, payments, revenue and payments in the year to be included in the financial statements for the year, whether they are paid or not when the annual accounts terminated. This shall not result in the annual accounts must be displaced beyond the time limits specified, cf. § 5-7.
For loans, only the portion of the loan that is actually used during the year are recognized in investment accounts. The part of the loan that has not been used, are logged as memoriapost.
To the extent that certain expenses, payments, income or payments can not be determined exactly at the time of reporting, recorded an estimated amount in the financial statements for that year. Adjustment according to the exact amount made in the following financial year.
The annual report shall be in conformity with municipal accounting practices, both in terms of the company's accounting and in terms of the financial information financial statements give.
The effect of changes in accounting policy in 2010 and beyond impacting the working capital to be directly account for accounting changes from 2010.

§ 5-6. Rating Rules In the balance sheet fixed assets defined as assets intended for permanent ownership or use by the parish. Fixed assets as a joint council on behalf of the parish has management responsibility for, ref. Church Act § 14, to enable the common council balance sheets.
Other assets are current assets. Current assets must be valued at the lower of cost and net realizable value.
Market-based financial current assets are valued at fair value.
Fixed assets should be valued at acquisition cost. Fixed assets that have limited useful lives should be amortized in equal annual installments over the life of the asset.
Depreciation shall begin no later than a year after the asset is acquired or adopted by business.
Fixed assets must be written down to fair value in the balance sheet if impairment is not expected to be temporary. The impairment shall be reversed if the basis for the impairment no longer exists.

§ 5-7. Closing, accounting deadlines and the treatment of the annual Financial Statements and Annual Report presented by the Council's financial regulations determine. The accounts shall be submitted by 15 February of the year following the fiscal year. The financial statements and annual report are determined by the Council and signed by the Council Chairman and CEO where it exists and is submitted to the auditor by March 1. The auditor shall, for each financial year submit an auditor's report to the Council by April 1.
If current account at year end is shown to give an accounting overspending, this shall be reduced by:

1.
Stroking any budgeted transfers from current account to finance expenditure in this year's investment accounting.

2.
Stroking any provisions for untied funds.

3.
Stroking budgeted coverage of previous years' accounting overspending.

Deletions carried out until one has satisfied the requirement that it is not made provisions / transfers that are not exempt from deletions, while the joint council / parish council has an accounting overspending. Deletions of budgeted coverage of previous years' accounting overspending can only occur when deletions by section. 1 and 2 is completed.
Excluded from the provisions of deletions are provisions which are justified by the funds pursuant to law, regulation or agreement is reserved particular purpose.

If expenditures, payments and reserves in investment accounts can not be fully funded by income, receipts and use of provisions in investment accounts shall be uncovered amount is entered to cover the investment budget in the year the accounts submitted. The unfunded amount shall first be reduced by reducing the budgeted allocations funded by revenues in investment accounts and transferring budgeted, not predisposed use of untied funds for projects with insufficient financial coverage.
Any unutilized amount in investment accounts are recorded as income in the investment in the year the accounts submitted.

§ 6. Revision

Accounts shall be audited by the municipal auditor, chartered accountant or certified auditor.
For parish in multi parish municipalities common council approve or choose another auditor than mentioned above. This provision applies when ward council income did not exceed £ 250,000, - according to last year's accounts.
Auditor's report submitted to the competent advice within deadline stipulated in § 5.7 of these regulations. If the auditor does not emit positive statement for approval of financial statements, a copy of the audit report sent diocesan council, which may appoint a committee of three members to consider measures. Commission members may not be members of that advice.
If it is not prepared accounts by July 1 of the year following the fiscal year, the auditor shall report the this diocese council.

§ 7. Reporting

Ecclesiastical Joint Council and parish councils must submit information from the church accounts of the Ministry or the Ministry.
Reports from the Joint Council of Churches, and from parish in ettsoknskommuner shall be in accordance with Appendix 3 and 4A. Acquisition and application of funds relates more features will be distributed to affected functions. If income and expenses are recognized in both the operating and investment accounts, shall Annex 4A be specified in an operating and investment part.
Reporting from parish councils in multi-parish municipalities shall be conducted according to Annex 3 and 4B. For parish councils in multi-parish municipalities there is no requirement for allocation of expenditure items and revenue species on features. If income and expenses are recognized in both the operating and investment accounts, the appendix 4B be specified in an operating and investment part.
By the way, reporting shall be in accordance with the specifications laid down by the Ministry or the Ministry.

§ 8. Economy Regulations

Communal councils and parish councils shall adopt regulations concerning financial management in the private financial regulations.
This shall at least contain provisions on:

-
Delegation of authority

-
Preparation of budget proposals to the municipality

-
Decisions and changing the annual budget

-
Internal reporting and budget monitoring.

Financial Management Regulations for parish councils in multi-parish municipalities must be approved by the competent ecclesiastical Joint Council.

§ 9. Finansforvaltning

The church councils and parish councils will manage their funds so that satisfactory performance can be achieved without it involves significant financial risks, and taking into account that it should have assets to meet its payment obligations when due.
Competent advice shall lay down rules for financial management.
To the extent that financial assets invested in other than bank deposits must be advised through regulations decide:

-
Objectives The objective

-
General guidelines and restrictions for management

-
Financial risk

-
Risk diversification

-
Procedures for reporting from the nominee.

Assets related restricted funds should not be placed so that they are exposed to financial risks.

§ 10. Implementation

Regulations apply from 1 January 2004. From the same date regulations of 18 November 1996 no. 1466 on the budgetary arrangement, accounting and auditing for joint parish councils and parish councils.

Appendix 1A

Budget Scheme - operating budget
Budget
(Year t)
Budget
(Year t-1)
Accounting
(Year t-2)

Revenues

1
600-659
user fees, sales tax and rental income

2
660-679
Sale of assets / real estate

3
700-789
Refunds / transfers

4
790
Kalk. Income by Comm. tj.ytingsavtale


5 800-829
State grants

6
830-839
Frame Transfer / grants from the municipality

7
840-859
Subsidies from Joint / ward

8
860-879
Other grants, gifts, funds

9

Total revenue
Total (L1: L8)

Expenses

10
010-099
Wages and social costs

11
100-299

Purchases of goods and services

12
300-389 429
Refunds / transfers

13
390
Kalk. ed. comm. tj.ytingsavtale

14
400-479 excl. 429
Contributions and donations

15

Total operating expenses:
Total (L10: L14)

16

Gross operating profit:
(L9 - L15)

17
900-909
Interest and dividend

18
920-929
Received repayments of loans

19
500-509
Interest expenses and låneomkostn.

20
510-519
installment on loans

21
520-529
loans, purchase of stock, mutual funds, etc.

22

Net financial income / expenses
Total (L17 + L18 - L19 - L20 - L21)

23
590
Depreciation

24
990
offsetting entry depreciation

25

Net operating
Total (L16 + L22 - L23 + L24)

Internal financing transactions:

26
930
Use of unallocated from f. Years (surplus)

27
940-949
Use of retained earnings

28
950-959
Use of restricted funds

29

Total use of provisions
Total (L26: L28)

30
530
Proposed coverage from previous years (deficit)

31
540-549
Allocated to distributable reserve

32
550-559
Allocated to restricted funds

33
570
Transferred to investment budget

34


Total provisions Total (L30: L33)

Overspending / LOWER CONSUMPTION = 0
L25 + L29 - L34

Annex 1B

Budget Scheme - The investment
Budget
(Year t)
Budget
(Year t-1)
Accounting
(Year t-2)

1
010-389 + 429
Investments in fixed assets

2
390
Kalk. Expenditure by Comm. tj.ytingsavtale

3
500-509
Interest expenses, borrowing costs

4
510-519
installment on loans


5 520-529
loans, purchase of shares, etc.

6
530-559
Provisions

7

This year's financing needs
Total (L1: L6)

Financed as follows:

8
910
Use of loan funds

9
660-670
Revenues from sales of fixed assets / commerc.

10
700-779
Refunds / Transfers

11
790
Kalk. Income by Comm. tj.ytingsavtale

12
800-879
Grants for investments

13
920-929
Received repayments of loans (extraord.)

14

Total external financing
Total (L8: L13)

15
970
Transferred from the operating budget

16
930-959
Use of provisions

17

Total financing
Total (L14: L16)

18

Uncovered / unallocated = 0
L7 - L17

Appendix 2A

Accounting Form 1 - The current account
Accounting
(Year t)
Regulated budget
(Year t)
origin. budget
(Year t)
Accounting
(Year t-1)

Revenues

1
600-659
user fees, sales tax and rental income

2
660-679
Sale of assets / real estate

3
700-789
Refunds / transfers

4
790
Kalk. Income by Comm. tj.ytingsavtale


5 800-829
State grants

6
830-839
Frame Transfer / grants from the municipality

7
840-859
Subsidies from Joint / ward

8
860-879
Other grants, gifts, funds

9

Total revenue
Total (L1: L8)

Expenses

10
010-099
Wages and social costs

11
100-299
Purchases of goods and services

12
300-389 + 429
Refunds / transfers

13
390
Kalk. ed. comm. tj.ytingsavtale

14
400-479 excl. 429
Contributions and donations

15

Total operating expenses:
Total (L10: L14)

16

Gross operating profit:
(L9 - L15)

17
900-909
Interest and dividend

18
920-929
Received repayments of loans

19
500-509
Interest expenses and låneomkostn.

20
510-519
installment on loans

21
520-529
loans, purchase of stock, mutual funds, etc.

22

Net financial income / expenses
Total (L17 + L18 - L19 - L20 - L21)

23
590
Depreciation

24
990
offsetting entry depreciation

25

Net operating
Total (L16 + L22 - L23 + L24)

Internal financing transactions:

26
930
Use of unallocated from f. Years (surplus)

27
940-949
Use of retained earnings

28
950-959
Use of restricted funds

29

Total use of provisions
Total (L26: L28)

30
530
Proposed coverage from previous years (deficit)

31
540-549
Allocated to distributable reserve

32
550-559
Allocated to restricted funds

33
570
Transferred to investment accounts

34


Total provisions Total (L30: L33)

580
ACCOUNTING LESS CONSUMPTION (PROFIT)
L25 + L29 - L34

980
ACCOUNTING Overspending (DEFICIT)
L25 + L29 - L34

Appendix 2B

Accounting Scheme - Investment accounts
Accounting
(Year t)
Regulated budget
(Year t)

Origin. budget
(Year t)
Accounting
(Year t-1)

1
010-389 + 429
Investments in fixed assets

2
390
Kalk. ed. comm. tj.ytingsavtale

3
500-509
Interest expenses, borrowing costs

4
510-519
installment on loans


5 520-529
loans, purchase of shares, etc.

6
530-559
Provisions

7

This year's financing needs
Total (L1: L6)

Financed as follows:

8
910
Use of loan funds

9
660-670
Revenues from sales of fixed assets / commerc.

10
700-779

Refunds
11
790
Kalk. Income by Comm. tj. ytingsavtale

12
800-879
Grants for investments

13
920-929
Received repayments of loans (extraord.)

14

Total external financing
Total (L8: L13)

15
970
Transferred from current account

16
930-959
Use of provisions

17

Total financing
Total (L14: L16)

18
580/980
Uncovered / unallocated
L7 - L17

Appendix 3

The balance sheet shall show the status of the Council's assets, equity and liabilities at the end of the fiscal year. It should be set up according to the statement below. When reporting year balance sheet (statement (year t)) to Statistics Norway will account class 5 used.


BALANCE Accounting
(Year t)
Accounting
(Year t-1)

ASSETS:

A
Chapter 5.2
Fixed assets

5:27 to 5:29
Real estate and construction

5:24 to 5:26
equipment, machinery and transport

5:22 to 5:23

Loans
5.21
Shares and participations

B
Chapter 5.1
Current assets

5:13 to 5:17
Current receivables

5.18
Shares and participations

5:12

Certificates
5:11

Bonds
5.10
Cash, bank deposits

C

TOTAL ASSETS:
(A + B)

EQUITY AND LIABILITIES:

D
Chapter 5.5
Equity

5:56 to 5:58
Outline Fund

5:51 to 5:52
Restricted driftsfond

5:53 to 5:54
Unbound investment

5.55
Restricted funds

5580
Changes in accounting principles affecting AK (investment)

5581
Changes in accounting principles affecting AK (operation)


5.5950 Accounting less consumption


5.5900 Accounting overspending


5.5960 Unallocated investment accounts


5.5970 Uncovered in investment accounts


5.5990 Capital Account


Debt
E
Chapter 5.4
term liabilities

5:41 to 5:42

Bearer bonds
5:43 to 5:44

Certificate
5:45 to 5:49
Other loans

F
Chapter 5.3
Current liabilities

5.31
Overdraft Borrowed

5:32 to 5:39
Other payables

G

TOTAL EQUITY AND LIABILITIES:
(D + E + F)

Chapter 5.9
Memoriakonti


5.9100 Unused borrowing funds

5.9200 to 5.9899
Other memoriakonti


5.9999 bal for memoriakontiene

Appendix 4A

Ecclesiastical Joint Council and parish councils in ettsoknskommuner shall register economic data so that it can be reported on the features and species listed below. When reporting financial information to Statistics Norway shall operating expenses and income reported in the account class 3 and investment expenditures and revenues on account class 4.

Features
Explanation

041
Ecclesiastical Administration
Includes expenses / income related to common council and its administration, including the salary of the CEO and administrative staff for general office expenses, meeting expenses, etc.

042
Churches
Includes all expenditures and revenues that relate to the church building and the church service all activities which take place in the church. That includes expenses for construction, operation and maintenance of churches, spending on jobs for sexton, watches, organist / cantor, spending on furniture and equipment etc. Also income from churches, such as the rent, to be classified in this function.

043
Cemeteries
includes all expenses and income in connection with the burial, including the establishment and operation of plants, including burial chapels, for burial workers at grave care appointments and ground rent. Also any expenses / income Operating / establishment of crematoria falls under this function.

044
Other ecclesiastical business
includes all expenses and revenues related to activities in education, diakonia, church music and other similar measures.

045
Kindergartens
Includes all expenditure and revenue by BARNEHAGEDRIFT.

089
Financing Transactions
For species (500-580) and species (900-980).


Species Explanation

010
Fixed remuneration

Salaries for permanent employees in permanent positions. Salaries for substitute for a permanent employee of unpaid leave / salary of persons engaged in vacancy. Committed addition, public holidays addition, T-addition.

020
Substitutes
Vikar Expenses are in addition to regular salary payments during vacancies art. 010, for example, substitute wages for people who have paid leave from his position.

030
Extra help
Payroll for temporary positions. Summer Help seasonal help, engagements.

040
Overtime
Overtime pay above the fixed wage scale wages, fixed overtime pay.

050
Other Pay
salaries of the trainees, fellows, employment measures.

060
subject to withholding allowances
withholding scholarships, stipends (withholding tax), free newspaper, surplus allowances ref. Art. 160 and art. 165.

080
Remuneration elected
Lost earnings to members of parish councils, salaries for ward council / joint council leader, meeting fees.

090
Pension contribution
board cashier, for example KLP or private pension fund AFP.

095
subject to withholding insurance
Collective accident and group life, employer contributions insurance.

099
Employer
Employer species 010-095.

100
Office Supplies
Consumables, subscriptions to periodicals, literature, current expenditures on office computers and printers etc.

110
Activity related supplies / equipment / services
Expenses consumption of materials / equipment / services through business practice after church Act § 9 and § 14, including by religious education (My Parish), the confirmation (for example, the distribution of NT), by burial (eg procurement of ballot box), at services (payment of choir) mm

120
Other consumables
costs by consuming goods and services that are not covered by Art. 100 and 110, including welfare, service costume, cleaning materials, food.

130
Post, banking, telephony and data lines
Porto, banking, subscription fee and call charges for phone / mobile, data communications, etc..

140
Ads, advertising, information and representation
Job advertisements and announcements, information, gifts by representation etc.

150
Training, courses (not oppg.pl.)
Training measures for employees, course fees, expenses for the instructor.

155
Travel expenses, training (not oppg.pl.)
Travel expenses in connection with courses, training.

160
Expenses and allowances for travel and subsistence, car etc. which is taxable, but not taxable
Travel allowance, travel allowance for courses, allowance, subsistence allowance.

165
Other reportable but not taxable benefits
Phone Compensation, moving allowance, scholarships are not taxable, taxable consultancy fees etc.

170
Travel expenses / operating of vehicles
Not reportable travel expenses (train, bus, plane, etc.), Operation of own machinery and transport equipment, annual fees and insurance for vehicles and machines, fuel, maintenance, etc..

180
Power / energy
Power / electricity etc. for lighting and heating.

185
Insurance
Insurance of buildings and facilities. Insurance of persons / personnel not draft and filing requirement, cf. Art. 095.

190
Rental of premises and because
Rent, ground rent, etc..

195
Taxes, fees and licenses
Dues, municipal taxes, property taxes, copying agreement, licenses for computer software, etc.

200
Fittings
Buy, rent / leasing of fixtures and equipment including purchase / or acquisition costs. Acquired for permanent ownership or prolonged use in business. Office fixtures, office equipment, communications equipment, decoration, hymn books, tools, utensils, musical instruments, notes, etc.

210
rental, leasing, purchase of transport
All expenses related to the purchase or rental of vehicles incl. Purchasing expenses.

220
rental, leasing, purchase of machinery
All expenses related to the purchase or rental of equipment including purchasing expenses. Photocopier, dishwasher, tractor, excavator, etc.

230
Maintenance and building services, new construction
All expenses related to the purchase of services for maintenance of buildings, facilities and equipment. All expenses related to the purchase of services for new constructions and establish new facilities (cemetery, park).

240
CSAs and repairs
CSAs for technical infrastructure (IT, machinery etc.), Fire detection, alarm systems, etc.. and minor repairs which form part of such agreements.

250
Materials Handling

Expenses for materials for maintenance of buildings, facilities etc. as joint council / parish council performs himself.

260
Cleaning, laundry and janitorial
Purchase of services related to cleaning services, etc..

265
Security and guard services, alarm systems
Purchase of services related to security and expenses for alarm systems.

270
Consulting / services purchased
Legal assistance, inspections and (audit), accounting services. Ref. Art. 165 for payment of reportable consultancy fees.

280
Land Acquisition
Purchase of site and soil (proceeds). Stamp duty and registration fees. Valid only for investment accounts.

285
Purchase of existing buildings and infrastructure
Purchase of construction equipment (sales). Stamp duty and registration fee. Valid only for investment accounts.

300
Reimbursement of state / government institutions
For example, expense reimbursement to the diocesan council.

330
Reimbursement to municipality
For example if the municipality has had advance expenditure for the common council, ref. Art. 390.

340
Reimbursement to Joint
For example, as the second Joint Council has had advance expenditure for the common council through such collaborative projects, safeguarding legal employer etc.

350
Reimbursement to ward
For example, in that ward have had advance expenditure for the common council.

370
Refunds to other
For example by others (NGOs) have had advance expenditure for the common council.

380
Internal transfers

390
Imputed expenses by public services
Imputed value of services that the municipality provide on request, ref. Church Act § 15 fourth paragraph. The amount expensed shall be identical to the amount under Art. 790.

400
Grants for State / governmental institutions
transfer / gift for such diocesan council without concrete demands for reciprocity.

429
VAT entitling the VAT compensation

430
Contribution to the municipality / municipal institutions

440
grants / gifts for Joint

450
grants / gifts to ward

465
Transfer of offerings / funds to other
Transfer of funds from offerings, fund raising. The amount shall be identical with incomes under art. 865.

470
grants / gifts for others
Transfer of funds for such NGOs that are not collected through special fundraising, ref. Art. 465.

500
Interest expenses
Interest expenses, borrowing costs, losses relating to financial instruments.

510
installment Expenses

520
loans, purchase of shares

530
Coverage of previous years' accounting overspending / Coverage of previous years uncovered

540
Provisions for untied funds

550
Allocations to restricted funds

570
Transfer to investment accounts
Applies only to current account

580
Accounting less consumption (surplus) / unallocated

590
Depreciation
Applies only to current account

600
user fees at church services
Revenue from payments in connection with marriage and burial.

610
Payment from participants
Participant Payment (deductibles) at courses, camps, travel, payment from parents, contingents etc..

620
Sales of goods and services, fees etc.. outside the VAT area
Sales and rental income (excl. rent) of varying character that is tax-free (cfr. art. 650). VAT rules decides what should be entered here.

630
Rent income / rental of premises / ground rent
Rental income from staff housing, ground rents for burial mm, rental of premises (church, parish, etc.)

650
Taxable sales of goods and services
VAT liable sales, ref. Art. 620 and art. 660.

660
Sale of assets
Revenues from sales of fixed assets. If the means of procurement has been defined as investment expenditure (and activated in the balance sheet) recorded income as investment income. VAT payer sales recognized on art. 650.

670
Selling real estate
Revenue from sale of land, building, etc. Applies only to investment accounts.

700
Refunds of state / government institutions
Reimbursement of Labour. Reimbursement Revenue for safeguarding tasks in agreement with the diocesan council.

710
Sick pay Reimbursement // refunds from National Insurance
Sick pay reimbursement from national insurance, reimbursement for maternity.

729
compensation for VAT

730
Reimbursement of municipality / municipal institutions
Reimbursement Revenue for safeguarding duties under the agreement with the municipality.

740
Reimbursement of Joint

For example, by joint council have had advance expenditure for the second Joint Council (for example, collaborative projects or safeguarding of employer's liability).

750
Reimbursement from parish
For example, by joint council have had advance expenses for ward (for example, collaborative projects or safeguarding of employer's liability).

770
Reimbursement from other
For example, by joint council have had advance expenses for other (NGOs).

780
Internal transfers
Shall be equal to 380 for the business overall.

790
Imputed income by municipal service
Imputed value of services that the municipality provide on request, ref. Church Act § 15 fourth paragraph. The amount recognized as revenue should be the amount expensed under art. 390.

800
Subsidies from the State / government institutions
Subsidies from dioceses to ecclesiastical activities in the municipality, diakonia and teaching, OVF funds (Endowment Fund), National Council etc.

830
grants from the municipality / municipal institutions
Financial transfers from their own municipality.

840
Subsidies from Joint

850
Subsidies from parish

860
Victim / collected for its own operations

865
Victim / collected for other activities (external victim)
Shall be identical with nature. 465.

870
grants / gifts from other

900
Interest
Interest income, foreign exchange gains relating to financial instruments.

905
Dividend

910
Use of loan
Applicable to investment accounts

920
Received repayments of loans, sales of shares, units, etc.

930
Use of previous years 'accounting less consumption / use of prior years' undistributed

940
Use of untied funds

950
Use of restricted funds

970
Transferred from current account
Applicable to investment accounts

980
Accounting an overspend (deficit) / Uncovered
Overspending / uncovered by the use of reserves.

990
offsetting entry depreciation
Applicable to operational accounts. Offset against depreciation which the individual functions are charged with, ref. Art. 590. Recognition of depreciation does not allocated to functions, but income amount shall be equal to the sum of art. 590.

Appendix 4B

Ward in multi parish municipalities to register economic data so that it can be reported on the species listed below. There is no requirement that the accounting information to be specified on features.


010-099 Wages, social charges, payroll
Payroll permanent positions, temps, engagements etc., pension expenses, payroll taxes.


100-299 Purchases of goods, services and equipment
Expenses for materials, equipment, training, travel, equipment, various services etc.

300
Reimbursement of state / government institutions
For example by the diocesan council has had advance expenses for ward council.

330
Reimbursement to municipality
For example if the municipality has had advance expenses for the parish council, ref. Also art. 390.

340
Reimbursement to Joint
For example by the Joint Council has had advance expenses for the parish council through joint projects, the protection of employer's liability etc.

350
Reimbursement to ward
For example, as the second ward have had advance expenses for ward council.

370
Refunds to other
For example by others (NGOs) have had advance expenses for ward council.

390
Imputed expenses by public services
Imputed value of services that the municipality provide on request, ref. Church Act § 15 fourth paragraph. The amount expensed shall be identical to the amount under Art. 790.

400
Grants for State / governmental institutions
transfer / gift for such diocesan council without concrete demands for reciprocity.

429
VAT entitling the VAT compensation

430
Contribution to the municipality / municipal institutions

440
grants / gifts for Joint

450
grants / gifts to ward

465
Transfer of offerings / funds to other
Transfer of funds from offerings, fund raising. The amount shall be identical with incomes under art. 865.

470
grants / gifts for others
Transfer of funds for such NGOs that are not collected through special fundraising, ref. Art. 465.

500
Interest expenses
Interest expenses, borrowing costs etc.

510
installment Expenses

520
loans, purchase of shares

530
Coverage of previous years' accounting overspending / Coverage of previous years uncovered

540
Provisions for untied funds

550
Allocations to restricted funds

570

Transfer to investment accounts
Applies only to current account

580
Accounting less consumption (surplus) / unallocated

590
Depreciation

Applies only to current account Expenditure carrying amount shall be equal to art. 990.

600
user fees at church services
Revenue from payments relating to such marriages and funerals.

610
Payment from participants
Participant Payment (deductibles) at courses, camps, travel, payment from parents, contingents etc..

620
Sales of goods and services, fees etc.. outside the VAT area
Sales and rental income (excl. rent) of varying character that is tax-free (cfr. art. 650). VAT rules decides what should be entered here.

630
Rent income / rental of premises / ground rent

650
Taxable sales of goods and services
VAT liable sales, ref. Art. 620 and art. 660.

660
Sale of assets
Revenues from sales of fixed assets. If the means of procurement has been defined as investment expenditure (and activated in the balance sheet) recorded income as investment income. VAT payer sales recognized on art. 650.

670
Selling real estate
Revenue from sale of land, building etc.

700
Refunds of state / government institutions
Reimbursement of Labour. Reimbursement Revenue for safeguarding tasks in agreement with the diocesan council.

710
Sick pay Reimbursement / reimbursements from the National Insurance
Sick pay reimbursement from national insurance, reimbursement for maternity.

729
compensation for VAT

730
Reimbursement of municipality / municipal institutions
Reimbursement Revenue for safeguarding duties under the agreement with the municipality. Compensation for VAT.

740
Reimbursement of Joint
For example by the parish council has had advance expenditure for Joint.

750
Reimbursement from parish
For example by the parish council has had advance expenses for other parish.

770
Reimbursement from other
For example by the parish council has had advance expenses for others eg voluntary organizations.

790
Imputed income by municipal service
Imputed value of services that the municipality provide on request, ref. Church Act § 15 fourth paragraph. The amount [recognized as revenue] * shall be identical with the amount expensed under art. 390.

800
State subsidy // state institutions
Subsidies from dioceses to ecclesiastical activities in the municipality, diakonia and teaching, OVF funds (Endowment Fund), National Council etc.

830
grants from the municipality / municipal institutions
Financial transfers from their own municipality.

840
Subsidies from Joint
Subsidies from Joint Council which is not tied to specific benefits.

850
Subsidies from parish
Grants from other ward.

860
Victim / collected for its own operations

865
Victim / collected for other activities
Income from offerings, fund raising to be paid to others. The amount shall be identical to the expenses under art. 465.

870
grants / gifts from other

900
Interest

905
Dividend

910
Use of loan
Applies only investment accounts.

920
Received repayments of loans, sales of shares, units, etc.

930
Use of previous years 'accounting less consumption / use of prior years' undistributed

940
Use of untied funds

950
Use of restricted funds

970
Transferred from current account
Applicable to investment accounts.

980
Accounting an overspend (deficit) / uncovered

990
offsetting entry depreciation
Applicable to operational accounts. Transferred amounts shall be equal to art. 590.

Comments

Note to § 1

By "financial management" means all processes and procedures relating to planning, budgeting, accounting, reporting, financial management and auditing in Joint and parish councils.
It will form the respective Joint / ward to clarify which activities come under the provisions "entities under common council / parish council" and "cooperation measures". Such delineation / clarification will for example be relevant in relation to the activities carried out by national religious organizations.
For issues and matters that are not regulated or referred to in this regulation refer to the relevant provisions of the corresponding regulations for municipalities stipulated by the Local Government and Regional Development under the Local Government Act Sec. 8 and 9.

Comment to § 2

Investment budget / investment accounts replace the previous concepts of capital budget / capital accounts.

Commentary to § 3


Pursuant it is not compulsory for parish councils in multi-parish municipalities to draw up financial plan. They shall, however, provide input to common council finance plan when common council requests it.

Comment to § 4

Comment to § 4-1

Provision follows the Code of Canon Law § 15. There are no legal restrictions on what communal council can promote in its budget proposal to the municipality, but that should the proposal be clarified expenditure purposes that local authorities have a statutory responsibility for, ref. Church Act § 15. Also revenues for example, from the cemeteries, to be included in the budget proposal, cf. funeral Act § 3 and § 21
municipality may issue further guidelines on the procedures and deadlines for submission of the budget proposal, which specified the proposal shall be mv. and will also be able to demand access to common council and parish councils the overall economic situation as a basis for its consideration of the draft budget.
Council must identify the procedures for obtaining the necessary budget information from the various parish councils. When common council is authorized to promote the budget proposal to the municipality on behalf of the parish, the common council's responsibility to make any priorities between different actions.

Comment to § 4-2

The budget should be based on the budgetary principles set out in these regulations. The provisions institute an obligation for joint parish councils and parish councils to prepare an annual budget. The budget is the central management tool for business and must be prepared so that it provides a sound basis for economic management during the year.

Comment to § 3.4

The provisions on annual budgets content must be considered together with the corresponding provision on the financial statements in § 5. After assembly principle, expected revenues and expenses are included regardless of whether they are unlikely to be paid or not the budget end of the year. Please refer to § 5 Accounting, ref. § 5-5.

Comment to § 4-4

It's not set specific requirements to report ring shape or frequency. The term "through the budget year" indicates that at least must happen one reporting every six months.

Comment to § 5

Comment to § 1.5

The provisions on annual accounts means that accounts for joint parish councils and parish councils should continue to follow principles for municipal accounting. Accounting regulations that were established for the municipalities with effect from 2001 is more frame marked than previously. The regulation also includes provisions on good municipal accounting practices. This concept is also included in this regulation. Reference is made to the commentary on § 5-5 for an explanation of this term.
To section. 3 refer to the Ministry's circular V-06-03 dated 20 January 2003 which states that the provisions on the recognition of pension costs for municipalities not apply to Joint Council and parish councils.
There were no specific formal requirements for the annual report. In § 9 of the rules on forms of ward council and ecclesiastical common council business, established by the General Synod in 1996, regulations concerning the compilation of annual reports. The provisions of Regulations § 5-1 must be understood so that the annual report also discussed relevant issues related to common council / ward council finances.

Comment to § 2.5

The provisions on annual financial content must be seen in conjunction with the corresponding provision of the annual budget in Chapter 4. The provisions on separate operating and investment accounts are now made mandatory in line with the provisions of the municipal accounting regulations. That in connection with the municipal accounting regulations established accounting standards specifying guidelines for the distinction between what is to be recorded in each of operating and investment accounts. It is believed that the requirements for total sum materiality will cause too many parish would not be appropriate to use private investment accounts. The requirement that the budget amount shall be included in the financial statement refers to the valid budget reporting period. Ie including any budget changes that have been enacted during the financial year. The municipal accounting regulations have required that both originally enacted and regulated budget shall be included. It will of course be possible on taking account both columns to increase the information value.

Comment to § 3.5

Ministry assumes that the provisions of the Act 19 November 2004 no. 73 on accounting (accounting law) and related regulations on 1 December 2004 no. 1558 on accounting (accounting regulations) applies in full for joint parish councils and parish councils which have duty to submit an income after tax law or VAT returns for VAT Act, cf. bookkeeping § 2, second paragraph. The provisions of this regulation is not intended to change this.

The first paragraph stipulates that for operations in joint parish councils and parish councils in ettsoknskommuner not enterprises obligated by the Act of 19 November 2004 no. 73 on accounting § 2, second paragraph, the rules in the Bookkeeping Act § 3 to § 14 and the rules of accounting regulations Chapter 2 to 7 are followed. Then stipulates that subsection for business in parish councils in multi-parish municipalities that are not enterprises obligated by the Act of 19 November 2004 no. 73 on accounting § 2, second paragraph, applies only to the provisions of § 4 of basic accounting principles.
The second paragraph establishes an exception from the requirement of accounting regulations § 5-3-2 on cash register etc. The exception applies if cash sales are less than 3G in the current business and if cash sale occurs within business that is not a bookkeeping obligation for accounting law § 2 subsection (subject to VAT). Documentation of cash sales shall then take place in accordance with the requirements of accounting regulations § 5-4. The Ministry expects that the requirement for cash registers, etc.. in accounting regulations § 5-3-2 nevertheless apply to activities in joint parish councils and parish councils who have bookkeeping obligation pursuant Bookkeeping § 2 second paragraph. The exception in the second paragraph does not preclude joint parish councils in the interests of internal control requirements still require cash register etc. to document cash sales.
The third paragraph stipulates what is considered mandatory financial reporting. In addition to reporting as referred to in the Bookkeeping Act § 3, ref. Bookkeeping Regulations § 2-1, will councils mandatory financial reporting be financial reporting for regulations on financial management for joint parish councils and parish councils and compensation task for VAT compensation law. Mandatory financial reporting are defined more closely because its definition of the concept determines what is to be recorded, when accounting to happen and how the information should be specified mv. according to the rules of the Bookkeeping Act of 2004 regulations.
The fourth paragraph provides exemptions from requirements in accounting law that specifications will not be drawn less frequently than every four months and that the bookkeeping shall be updated at least every four months for activities not bookkeeping mandatory under accounting law § 2 second paragraph. Requirements for the preparation of mandatory specification and updating of accounting follow this by the dates set for mandatory financial reporting. This applies to deadlines for reporting as stated in accounting Act § 3, ref. Bookkeeping Regulations § 2-1 for reporting under regulations on financial management for joint parish councils and parish councils, cf. § 4-4 with comment and reporting established pursuant to Law 12 December 2003 No.. 108 for compensation of VAT for municipalities, counties, etc.

Comment to § 4.5

Provisions regarding disclosures to the financial statements must be regarded as minimum rules. The purpose of providing disclosures is to improve the information value of the accounts where figures alone do not provide adequate information. Joint / ward should therefore include additional notes to the financial statements except as required in § 4.5, if deemed necessary.

Comment to § 5-5


There are regulations contain the financial statements shall be in conformity with municipal accounting practices. This must be seen in connection with the change that occurred when determining the new accounting regulations for municipalities with effect from 2001. The new regulations for municipalities was geared towards providing frameworks. Meanwhile, the November 1, 2000 founded an association for good municipal accounting practices whose purpose is to give meaning to the term "good local government accounting practices." KKD is from 2003 member of the association. Society has made / will make statements, recommendations and standards of good municipal accounting practices that define how different types of transactions should be handled in the accounts. In the initial phase it will be appropriate to base the previous legislation / regulations until the union has treated the various areas of the financial statements. The association will primarily work with issues in the municipal accounts, but statements and standards that are adopted will also provide detailed guidelines for processing transactions in church accounts in areas where this is relevant. The association will also be able to make statements on specific issues for the church accounts. When the municipality borrows money to invest in the church, will include accounting effects of transactions between the municipality and the church happen in accordance with regulations of the association. When a loan is raised on parish behalf it in church law does not set specific criteria for the purpose of borrowing, but the ministry assumes that diocesan councils when approving loans, cf. Code of Canon Law § 16, has in mind the criteria for municipal borrowing stated in the Local Government Act § 50.

Comment to § 6.5

Valuation rules in § 6.5 are the same as applies to municipal accounts and regulations are generally identical to the corresponding provisions of the Accounting Act. Association for good municipal accounting practices will provide additional rules.

Comment to § 7.5

The deadline for submitting financial statements are the same as for municipal accounts. Moreover, it is assumed that it is the Council itself which defines accounts and the annual report and the deadline for such treatment is set to 1 March.

Note to § 6

It is assumed that each parish can have so little economic activity that the common council in the relevant cases will be able to confirm that the parish council, the auditor uses that do not meet requirements set (municipal auditor, chartered accountant or certified accountant). Council must in such cases make an independent assessment of the need for auditor competence. This assessment will include question of the parish council undertakes the remuneration of personnel have significance as an expert auditor evaluation are important in matters concerning taxes and fees. In public the Council's assessment will also question whether the church's assets and liabilities be one of assessment subjects. The amount limit of $ 250,000 must be assessed from the possibility of exceeding the limit is expected to be permanent. For example, not an excess as a result of a random legacy one year entail the elected auditor for the special requirements for the following year.
The provision that the audit report be sent to the diocesan council if the auditor does not emit positive confirmation of the financial statements must be seen in the context of the diocesan council authority under church law § 16

Comment to § 8

Provision imposes Joint Council of Churches and parish councils to draw up written guidelines for financial management. Opplistningen of what financial regulations should contain minimum provisions. The regulations included, inter alia, provisions on who should have the authority to assign payments and limitations / conditions and liability associated with such authority, outline powers in relation to bank accounts, procedures and control of collected reticence / victim, storage and shipment of monetary values ​​and other valuables.
Requirement for written guidelines (regulations) for financial management is an important requirement on the basis of the economic independence each congregation has. The provision that the joint council must approve ward the financial regulations means that the joint council is given the overall responsibility to ensure that the parish councils provides written regulations, and that the joint council has a general responsibility to guide the parish councils in preparation.

Comment to § 9


The provision that the council itself should provide more detailed rules for financial management involves an obligation for the Council to assess financial risk. There will be major differences in the various Joint / ward. The need to design rules must be assessed on the basis of the amount spending on the financial assets and liabilities. In cases where financial assets are limited to the current liquidity and managed as bank deposits is believed to be sufficient with simple rules contained in the Financial Regulation. Insofar Joint / ward placing funds in stocks, bonds or similar obligations council to consider risks and designing procedures for the management and reporting.

Comment to § 10

The new regulation applies from the financial year 2004. The Regulations of 18 November 1996 no. 1466 with subsequent supplementary provisions will be applicable to financial statements for 2003, including the requirements regarding the presentation of the 2003 accounts.