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on Accounting and Auditing |
| By: | International Monetary Fund |
| Abstract: | This paper reports on the Fund’s income position for FY 2024 following the closing of the Fund’s accounts for the financial year and completion of the external audit. Overall net income of the General Department was SDR 4.7 billion, about SDR 0.2 billion higher than estimated in April, mainly reflecting an increase in the remeasurement gain reported under IAS 19 (the accounting standard for employee benefits). GRA net income in FY 2024 increases the Fund’s reserves and, in accordance with decisions taken by the Executive Board in April 2024, a net transfer of currencies of SDR 3.3 billion will be made from the GRA to the Investment Account during FY 2025. The Fund’s precautionary balances, following the placement of net income to the Fund’s reserves and the pension-related adjustments for the year, reached SDR 25.1 billion at the end of FY 2024, in line with the April projection. |
| Keywords: | IMF's FY; transparency policy; SDR billion; SDR millions; weighted average FY; Income; Financial statements; Global |
| Date: | 2024–11–21 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfpps:2024/056 |
| By: | Rosanne Altshuler; Lysle Boller; Kevin A. Roberts; Juan Carlos Suárez Serrato |
| Abstract: | We use newly linked IRS data to study how US multinationals use tax-planning structures that exploit mismatches between US and foreign tax laws. In 2016, these structures accounted for 36% of foreign profits despite being adopted by only 18% of firms. We develop and estimate a structural model using adoption patterns and changes in foreign effective tax rates, domestic and foreign investment, and global R&D following adoption. The model implies substantial heterogeneity in adoption costs and benefits and shows that restricting tax planning creates tradeoffs between tax revenue and economic activity that are amplified by global R&D linkages. |
| JEL: | D22 H25 H26 H32 |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35874 |