#2001-692Organic Finance Law of France 2001
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The law establishes guidelines for the formation and implementation of finance laws in France, focusing on budgetary processes, revenue definitions, and expenditure guidelines. It impacts government accounting, budgeting procedures, and requires certain allocations to specific expenses. Compliance mainly affects public sector financial operations.
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Key Changes
- Defines state budgetary resources
- Allows direct allocation of certain revenues to specific expenses
- Outlines budgeting and accounting principles
Obligations
What this law requires
Record budget receipts in the year they are collected by public accountants; record budget expenses in the year they are paid by assigned accountants
Impute all expenses to credits of the year in which they occur, regardless of when the debt was incurred
Record provisional imputation accounts to definitive accounts no later than 20 days after the end of the civil year (supplementary period)
National Assembly must vote on first reading of finance law projects within 40 days of submission; Senate within 20 days of receipt
Prepare finance law projects under Prime Minister authority and deliberate them in council of ministers before submission