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4
Technical Notes and Manuals 11/03
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2011
Box 1. Commonly Used Classifications
Common classifications used to capture the relevant information required by various users/
stakeholders include:
• Administrative or organizational classification
• Fund classification (which may include donor classifications)
• Program classification
• Classification of Functions of Government (COFOG)
• Economic (or Natural account) classification*
• Government Financial Statistics (GFS) classification (usually based on the IMF
GFSM 2001)*
• Location or geographic classification
*
Both the economic and the GFS classifications should either be the same or the latter should be
derived from the former.
cord data in respect to budget related and other financial transactions and to generate budget
execution reports, financial statements and internal management reporting information.
For effective management, the COA should cover all transactions (flows) and balanc-
es (stocks) of the reporting entity for budget management and general purpose financial
reporting
(see Box 2 for the “reporting entity” concept and how it relates to the budgetary
sector). Governments produce not only general purpose financial statements, but also other
types of fiscal reports. The COA should facilitate (i) the required control features and manage-
ment information requirements at different stages of budget execution; and (ii) reporting to
various internal and external stakeholders. With an IFMIS, the needs of all stakeholders can
be met with one unified or common COA. A unified COA is configured with a hierarchical
set of linked codes based on parent-child relationships, with lower level codes being used
by individual accounting units and higher level codes used for consolidation of accounting/
financial information (see the diagram in Annex for an example of linked segments and codes
that will provide the required financial reports while effectively controlling budget execution).
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