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French Decree Strengthens Budget Management

by Ulrika Lomas, Tax-News.com, Brussels

30 October 2012


French Finance Minister Pierre Moscovici and Budget Minister Jérôme Cahuzac have recently presented to the council of ministers a decree relating to budgetary management and public accounting.

Reflecting the principles of the constitutional law relating to the country’s finance laws (LOLF) in terms of practical organization, the decree is designed to strengthen the governance of the public finances, to improve the management of the state and its operators, and to improve both efficiency and quality of accounting among all public administrations, via control mechanisms and internal audits.

The French finance ministry stated that the country’s general law on public accounting, dating from December 29, 1962, has up until now served as the particular reference text for both the state and for national public establishments, as well as in part for local authorities and local public establishments.

The new decree pertaining to budgetary management and public accounting adapts these regulations to the latest developments in terms of public finance management, arising from the LOLF from August 1, 2001.

The new decree defines not only the accounting rules applicable to public finance management but also the budgetary rules, which have up until now been split between several different texts.

The decree reflects the transition to a multi-annual framework and the move to the development and use of electronic procedures and documents.

TAGS: Finance | law | accounting | budget | audit | regulation

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