The Board approved the administrative policies of the Fund (decision B.06/03) covering human resources, administrative budget, procurement and asset management, information and communication technology, and audit and internal controls. Policies shall be supplemented by administrative guidelines endorsed by the Board and promulgated by the Executive Director (ED).

In addition, in decision B.07/02 ,the Board has approved to adopt the initial fiduciary principles and standards for the Fund including, the Financial management and accounting (GCF/B.07/11 Annex II 1.1.2).

The Board approved the adoption of the International Financial Reporting Standards (IFRS) as the accounting standard for the Fund (decision B.08/18).

The Board approved the 2015 administrative budget of the Fund (decision B.08/16).

This document sets out in Annex II the Guidelines on the administrative budget and accounting system.

Endorsement of the guidelines by the Board will constitute an authorization to the ED for their promulgation.