During the 2006-2007 biennium the results of the World Intellectual Property Organization (WIPO) once again show a marked upward trend due to sustained efforts to adapt to constant change affecting intellectual property on the world stage. The Organization’s expenditure has been contained while income has continued to increase. In the absence of approval by the Member States at their General Assembly in September 2007 of the proposed revised budget for the biennium, expenditures were contained within the level of the initial budget, with adjustments to the latter made only to the extent allowed within the authority of the Director General. Combined with the higher than budgeted income level, this led to a surplus of 76.7 million Swiss francs, instead of the balanced result forecast in the initial budget for the 2006-2007 biennium. Consequently, the reserves increased significantly and, together with the Working Capital Funds, reached 203.6 million Swiss francs, i.e. 38.2 per cent of the Organization’s biennial expenditure. This means that reserves were in excess of the target of 18 per cent fixed by the Member States. This situation helps to prepare the Organization as well as possible for the transition to the new International Public Sector Accounting Standards (IPSAS), approved by the Member States and which will officially enter into force as of January 2010. In the absence of approval by the Member States of the proposed revised budget, this financial management report shows the Organization’s accounts for the 2006-2007 biennium by means of a comparison with the initial budget and also the figures for the previous biennium. It acts as a reference document for the Member States in their exchanges with WIPO and in the preparation of future budgets, in which they take an active part
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