General budget of the European Communities: recasting of the financial regulation

In its 2/2001 opinion, the Court of Auditors is of the opinion that the Commission's proposal incorporates a basis for the recasting of the Financial Regulation, although it does not take into consideration all the interests expressed by the Court in its 4/97 opinion and that it is not radical enough. In the present opinion, the Court proposes amendments to the Commission's text when it deemed it necessary to do so except in the fields concerning the base accounting framework as well as the accounting objectives and of financial states for which the measures in the sections concerned are inadequate. The general philosophy underlying the present opinion is the following: - the Community's budgetary system should apply the budgetary principles by only tolerating the necessary exceptions; - the budgetary system should be as simple as possible; - the budget, as by provision as by execution, and the financial states should reflect the reality of the operations and of the Community's financial situation. �