WORLD TRADE  
ORGANIZATION  WT/BFA/W/128 
6 September 2005 
 (05-3866) 
Committee on Budget, Finance and Administration  
  
 
     
DIRECTOR GENERAL'S BUDGETARY AND FINANCIAL REPORT 
 
FOR 2004 
 
AND REPORT OF THE EXTERNAL AUDITOR THEREON 
 
  
(INTERIM REPORT FOR THE BIENNIUM 2004/2005) 
  
 
 WT/BFA/W/128 
Page 2  
 
TABLE OF CONTENTS
 
 
 PAGE  
 
I. INTRODUCTION ................................................................................................................... ........3  
II. BIENNIAL BUDGET 2004 AND 2005 ..........................................................................................3  
III. OVERALL EXPENDITURE IN THE WTO IN 2004..................................................................3  
IV. INCOME......................................................................................................................... ................11  
V. SURPLUS ACCOUNT ................................................................................................................ ..12 
VI. GENERAL FUND................................................................................................................... .......12  
VII. WORKING CAPIT AL FUND......................................................................................................14  
VIII.  EARLY PAYMENT ENCOURAGEMENT SCHEME .............................................................14  
IX. EXTRA-BUDGETARY FUNDS ..................................................................................................14  
X. NEW ANNEXE BUILDING FOR THE WTO ...........................................................................15  
XI. REPORT OF THE EXTERNAL AUDITOR ON THE ACCOUNTS OF THE WORLD 
TRADE ORGANIZATION FOR THE FINANCIAL PERIOD 2004 OF THE 
BIENNIUM 2004/2005............................................................................................................. ......17  
OPINION OF THE EXTERNAL AUDITOR ON THE ACCOUNTS 
OF THE WORLD TRADE ORGANIZATION FOR THE FINANCIAL PERIOD 2004 OF THE BIENNIUM 2004/2005............................................22 
SECRETARIAT'S COMMENTS TO  THE AUDITORS REPORT......................................................23 
Statement 1a: WTO Secretariat -Stateme nt of Budgetary Expenditure 2004 ..........................................25
 
Statement 1b: Appellate Bo dy and its Secretariat ............................................................................... .....26 
Statement 2: Income and Expenditure Account  for the year ended 31 December 2004 ........................27  
Statement 3: Surplus Account for the year ended 31 December 2004 ...................................................28  
Statement 4: Statement of Assets and Liabiliti es as at 31 December 2004 – General Fund ..................29  
Statement 5: Statement of Assets and Liabilities as at 31 December 2004 – Working capital Fund .....30  
Statement 6: Statement of WTO Annex Building Fund - Phase I as at 31 December 2004...................31  
SCHEDULE A 2004  Early Payment Encouragement Scheme..............................................................32 
SCHEDULE B Statement of Outstanding C ontributions as at 31 December 2004................................37 
SCHEDULE C Observers Statement of Outstandi ng Contributions as at 31 December 2004...............42 
SCHEDULE D Investments Held on 31 December 2004 (in USD).......................................................43 
SCHEDULE E Investments held on 31 December 2004 (in EUR)........................................................44 
SCHEDULE F Investments Held on 31 December 2004 (in GBP) .......................................................45 SCHEDULE G Investments Held on 31 December 2004 - Working Capital Fund ...............................46 SCHEDULE H Investments Held On 31 December 2004 - WTOII.......................................................47 Annex  Statement of Significant Accounting Policies...............................................................48 WT/BFA/W/128 
Page 3 
 
 
I. INTRODUCTION 
1. In accordance with Regulations 24, 26 and 29  of the World Trade Organization Financial 
Regulations (WT/L/156/Rev 1), the Director-General  hereby submits the Budgetary and Financial 
Report of the World Trade Organization (WTO) for the financial year ended 31 December 2004, the 
first year of the 2004-2005 biennium.  The annual accounts are presented in Swiss francs.   
2. At its meeting on 14, 16 and 23 October 1998, the General Council adopted the resolution in 
document WT/GC/W/102/Rev.1 which set out the conditions  of service applicable to the staff of the 
WTO Secretariat.  These conditions of service have been applied in the WTO Secretariat with effect from 1 January 1999. 
3. The WTO Financial Rules and Regulations were approved by th e General Council in 
November 1995 (WT/GC/M/84) and August 2003 (WT/GC/M/82), respectively.  They have been 
applied as from 1 January 1996 and 1 January 2004, respectively. 
II. BIENNIAL BUDGET 2004 AND 2005 
Approved Budget for 2004/2005
 
 
4. Pursuant to the recommendations of the Co mmittee on Budget, Finance and Administration 
(CBFA) (Document WT/BFA/70), Members of the WTO in approving the first WTO biennial budget 
appropriated CHF 161,776,500 and CHF 166,804,200  for the years 2004 and 2005 respectively, 
(Document WT/GC/M/84).  
5. For 2004, the appropriation is CHF 157,060,700 for the WTO Secretariat and CHF 4,715,800 
for the regular expenditure of the Appellate Body and its Secretariat.  
6. In considering the developments of the 2003 Mini sterial Conference and the fact that this 
budget was the first biennial budget fo r the WTO, Members agreed to review the 2005 appropriations in 
2004 in the course of the mid-term review. 
7. In this respect, at the recommendation of the Committee on Budget, Finance and Administration  
(Document WT/BFA/75), Members of the WTO, in  approving the revised 2005 budget, appropriated 
CHF 168,703,400 for 2005 which is represented by  CHF 164,131,000 for the WTO Secretariat and 
CHF 4,572,400 for the regular expenditure of  the Appellate Body and its Secretariat. 
(Document WT/GC/M/90).  
III. OVERALL EXPENDITURE IN THE WTO IN 2004 
8. In the course of 2004, expenditure was incurre d in respect of the annual budget of the WTO 
as well as extra budgetary funds, made up of trus t funds and other funds.  The total overall 
expenditure of the Organization in 2004  amounted  to CHF 185,821,097.  Expenditure under the 
annual budget of the Organization accounted for 85. 47 per cent of the total, corresponding to 
CHF 158,824,886.  Expenditure against various trust funds represented 14.53 per cent or 
CHF 26,996,211 (excluding overhead).   
2004  REGULAR BUDGET 
9. Pursuant to the recommendations of the Co mmittee on Budget, Finance and Administration  
(Document WT/BFA/70), Members of the WTO ap propriated CHF 161,776,500 for the financial year 
2004, CHF 157,060,700 for the WTO Secretariat and CH F 4,715,800 for the regular expenditure of the 
Appellate Body and its Secretariat (Document WT/GC/M/84).   WT/BFA/W/128 
Page 4  
 
EXPENDITURE:  WTO 
 2004  Budgetary Situation
 
 
10. Expenditure for the WTO and the Appellate Body Secretariat for 2004 amounted to 
CHF 158,824,8861 equating to a budgetary saving of CHF 2,951,614 .  This budgetary saving is 
comprised of CHF 2,624,739 for WTO Regular Budget and a budgetary surplus of CHF 326,875 for Appellate Body and its Secretariat.   
WTO Regular Budget
 
 P
ERSONNEL -RELATED COSTS  
 11. Sections (1 and 2) include the cost of salari es, pension contributions and common staff costs 
associated with established posts and temporary assistance respectively.   
12. Under spending of CHF 154,312 on Personnel-related costs is th e net result of various under 
and over-expenditures under a number of sub-items.  The savings that occurred under Section 1 (Staff 
Work Years) sufficed to cover the over-expenditu re under Section 2 (Temporary Assistance):  
  CHF
 
 Section 1 - Staff Work Years   2,698,174  Section 2 - Temporary Assistance  (2,543,862)
  
 Total     154,312  
 
13. Under Section 1  (Staff Work Years), the saving of CHF 2,698,174 can be sub-divided into 
under-expenditures of CHF 2,149,456 in respect of Salaries, and CHF 777,863 in respect of Pensions 
which offset the over-spending of CHF 229,145 in resp ect of 'Common Staff Costs'.  The estimated 
saving with respect of vacant posts for 2004 am ounted to CHF 2,304,900 of which CHF 1,017,766 
was utilised for temporary assistance.  For Section 2  (Temporary Assistance), expenditure exceeded 
the appropriations by CHF 2,543,862.  
14. The over-spending under ‘Common Staff Costs' of CHF 229,145 is due to:  staff turnover, 
changes in staff profiles from those anticipated, va riations resulting under which year an entitlement is 
taken as well as an unforeseen number of staff who decided to end their contracts with the WTO in 2004. 
 The savings are comprised of:  
(a) Medical Insurance – CHF 309,164: reflecting the volume of vacant posts.     
 
(b) Family Allowances – CHF 46,685 and E ducation Grants - CHF 374,174, reflecting 
variations in staff profiles and the un utilized allocations corresponding to vacant 
posts. 
 (c) Installation Grants – CHF 23,092.  
 
(d) Language Allowances – CHF 22,083: this entitle ment is payable to staff recruited 
prior to 1998, expenditure is, as anticip ated, decreasing as older staff separate. 
                                                     
 
1 The refund with respect to the overhead charges made on activities funded through the Program 
Support Fund was, in previous years, credited to budgeta ry accounts. The examination of the proportions used on 
this credit proved to be non-representative, and consequen tly the credit was recorded as Miscellaneous Income for 
2004. This practice will be re-examined in 2005.  WT/BFA/W/128 
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(e) Rental Subsidy – CHF 44,725 
  Offset by over-expenditure under the following sub-items:  
(f) Separations – CHF 45,548; comprised of untaken leave upon termination 
CHF 283,528 and death benefit CHF 62,020 part ly offset by the unutilized allocations 
for  Termination Indemnity CHF 300,000. 
 (g) Travel and Removal Costs – CHF 258,778: CH F 23,367 related to staff departures; 
CHF 93,234 related to interview travel cost s of candidates and installation travel; 
CHF 142,177 for the recruitment of the new staff.  
 (h) Non-residence allowance – CHF 400  
 (i) Repatriation Grants – CHF 367,590 as more st aff decided to take up early retirement 
than anticipated. 
 (j) Home leave – CHF 376,752: influenced by  increased entitlements taken in 2004. 
 
15. Section 2
 (Temporary Assistance), the over-expenditu re under this section in 2004 amounted 
to CHF 2,543,8622.  This over-expenditure was met through savings under vacant posts (Section 1 – 
Work Years).  On an aggregate basis, the budge tary saving of CHF 154,312 with regard to the  
combined personnel-related costs of Sections 1 and 2 is equivalent to one work-year.   
                                                      
2 Includes the expenditure under the development of the Distance Learning module CHF 46,900, two 
Special Trade Policy Courses CHF 17,727, and the University Outreach Program CHF 9,387 all under the 
WTO Training Institute. WT/BFA/W/128 
Page 6  
 
16. The overall budgetary over-spending under  this section is summarised below: 
 
Temporary Assistance Budget 
Balance 
Interpreters (213,541)
Translators 433,895  
Other Professionals 170,556  
Replacements (473,918)
Consultants EDP 188,874  
Secretaries/Clerks (1,038,652)
Pool 41,942  
Messengers/Drivers/Manual Workers (164,949)
Guards (348,495)
Reproduction 22,564  
Conference  (24,586)
Overtime (198,574)
Internships (75,243)
Common Staff Costs (863,735)
TOTAL (2,543,862)
 
17. Historically, over-expenditure under temporary assistance was primarily encountered in the 
areas of translation, text processing and docume nt reproduction.  Recent increases in budgetary 
allocations for these activities combined with the consolidation of certain posts for these activities 
have resulted in aggregate savings.  The over-spending for interpretation 2004 amounts to 
CHF 213,541, and is due to an increase in the numb er of meetings where interpretation was required 
but also, includes expenditure for the late cancellati on of interpretation facilities for certain meetings.  
18. As divisions resorted to temporary assistance to  meet their staffing needs, over-spending is 
reported on under the following sub-items:  Secret aries/Clerks, Guards, Messengers/Drivers/Manual 
Workers, Conference Staff, Repl acements (staff on maternity or l ong sick leave), Internships and 
Overtime.  The over-expenditure with respect to Common Staff Costs is directly related to the 
expenditure incurred for all the sub-items under temporary assistance.   
ADMINISTRATIVE COSTS  
 19. This section of the budget covers  items related to premises, pe rmanent equipment, expendable 
supplies, and contractual services such as reproduction costs, EDP software etc.  For Part B, a net 
budgetary saving of CHF 864,994 has been realised in  2004.  In general, divisions did not exceed 
their budget allocations concerning their specific re quirements; however, variances against approved 
appropriations were primarily influenced from cha nges in project priorities and unforeseen activities.  
The redistribution of EDP allocations to accommodate  the re-prioritizing of projects contributed to 
some of the variances linked with EDP expenditure.   
20. The overall budgetary saving on administrative costs is the net result of various under and 
over-expenditures on a number of sub-items.    WT/BFA/W/128 
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Budgetary savings were incurred for the following sections:    CHF
  
Section 3 - Communications  401,258 Section 5 - Permanent Equipment  70,569 Section 6 - Expendable Equipment  395,678 
Section 7 - Contractual Services  6,292 
 And, were reduced by an over-expenditure under:  Section 4 - Building Facilities  (8,804)
 
 
Total     864,994  
 21. Under Section 3
 (Communications), the overall budgetary saving of CHF 401,258 is 
comprised of  under-expenditures of CHF 64,669 fo r telecommunications (telephones and faxes) and 
CHF 336,589 with respect to postal services.  Savings  were realised under postal services as more and 
more document demands are satisfied through the Documents-on-line service.  In addition, the 
Secretariat encourages competition amongst service pr oviders on an on-going basis to obtain the 
lowest possible mailing costs. 
22. Section 5  (Permanent Equipment), the overall budget saving of CHF 70,569 was primarily 
realised under Office Equipment.  Within the allo cation, an over-expenditure of CHF 47,677 under 
EDP – Purchases was offset by savings  under other specific EDP allocations. 
23. Section 6  (Expendable Equipment), the budgetary saving of CHF 395,678 was primarily 
realised under Reproduction Supplies as existing stocks  of paper where utilized and fewer copies of 
documents were produced.  In addition, where pr inting was conducted for other regular and extra-
budgetary lines, the costs of paper associated with such  printing were credited back to this particular 
appropriation. 
24. Under Section 7  (Contractual Services), the budgetary saving of CHF 6,292 realised under 
this section is comprised of CHF 120,567 with resp ect to Reproduction, CHF 38,867 for the sub-item 
Other (vehicle repair, running costs, related insu rance and office equipment maintenance) and was 
reduced by an over-expenditure of CHF 153,142 under Office Automation. 
These savings were offset by ove r-expenditure under the following: 
 
25. Under Section 4  (Building Facilities), the overall over-e xpenditure of CHF 8,804 is the net 
result of over-expenditure under: i) Rental of Pr emises – CHF 11,534, as the facilities at the CICG 
became unavailable due to repair s, alternative conference arrangements had to be used to 
accommodate meetings which could not be held in  the Centre William Rappard, and ii) Utilities- 
CHF 498, primarily for heating fuel.  This over-expenditure was reduced by savings under 
iii) Maintenance and Insurance - CHF 3,228 on reduced repairs costs.   WT/BFA/W/128 
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O
THER  
26. The overall budgetary saving of CHF 1,605,434 under Part C is the net r esult of various under 
and over-expenditures on a number of sub-items.  These savings were incurred for the following 
sections:  
  CHF   
 
Section 8 - Staff Overheads   433,456 Section 9 - Missions  341,902 Section 10 - Trade Policy Training Courses  855,452 Section 12 - Unforeseen  100,000 
 
And was reduced by an over-expenditure under:  Section 11 - Various  (125,377)
 
 
Total  1,605,434  
 27. Under Section 8
 (Staff Overhead Costs), the saving of CHF 433,456 realised in 2004 is 
comprised of: CHF 25,608 for Training, CHF 156,795 for Insurance and a net saving of CHF 189,544 
for Joint Services of which CHF 189,698 was realised  under Joint Medical Service (JMS).  Costs for 
medical supplies/examinations have been char ged to the appropriate budget lines following the 
change to the WTO Medical Service.  Finally, there were savings under Miscellaneous amounting to 
CHF 61,510;  as there was less reliance on placing vacancy advertisements in newspapers and 
journals and greater use made of the WTO Website for this purpose.  
28. The overall under-expenditure for Section 9 (M issions) amounted to CHF 341,902 and is 
comprised of Official Missions - CHF 139,398, and Technical Missions – CHF 202,504.  The saving 
under Technical Missions includes the budgetary saving of CHF 162,003 for the University Outreach 
Programme, for which implementati on lagged behind expectations. 
29. Under Section 10  (Trade Policy Training Courses), pursuant to the Ministerial Declaration 
(document WT/MIN/(01)Dec/1), the General Counc il, in adopting the 2002 budget, approved the 
funding from the regular budget of: (i) Geneva Week ;  (ii) two short LDC courses;  and iii) one 
Special Trade Policy Course.  In 2003, this pr ogramme was extended and increased by one Special 
Trade Policy Course and the introduction of the Un iversity Outreach Programme.  In 2004, due to 
logistical difficulties with respect to accommodation, the proposed budget allocation for the fifth regular Trade Policy Training Course was cancelled.  
30. The overall saving of CHF 855,452 is comprised of the following:  
(a) with respect to the four regular Trade Policy Training Courses a budgetary saving of 
CHF 358,724 was realized;   
 (b) a budgetary saving of CHF 153,833 was made on the two short LDC courses; 
 
(c) a budgetary saving of CHF 105,639 was made on the two Special Short Trade Policy 
Courses; 
 
(d) Geneva Week: from an initial overall budget of CHF 742,600;  overall under-
expenditure amounted to CHF 235,793 of wh ich CHF 199,302 is reflected under this 
section; 
  WT/BFA/W/128 
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(e) a budgetary saving of CHF 37,954, with respect to three short Dispute Settlement 
Courses. 
 31. With respect to Section 12
 (Unforeseen Expenditure), no expe nditure was recorded under this 
section thereby recording a saving of the entire appropriation of CHF 100,000. 
32. Under Section 13  (Contribution to the International Tr ade Centre (ITC)) WTO contributions 
to the ITC in 2004 equalled the appropriation.   
33. Over-expenditure was incurred under the following sections: 
34. Under Section 11  (Various), aggregate expenditure under this section exceed the 
appropriations by CHF 125,377 and is represented by (i) over-expenditure with respect to Dispute 
Settlement Panels – CHF 58,147;  Experts – CHF  29,027 and Publications – CHF 149,659, offset by 
(ii) budgetary savings under Hosp itality –CHF 19,600; Library – CHF 3,510;  Public Information 
Activities – CHF 49,787;  External Audit – CHF 13, 295;  ISO – CHF 11 and Other – CHF 25,253.  
35. To avoid budgetary fluctuations  with respect to expenditure for Ministerial Conferences, the 
Committee on Budget Finance and Administration decided in 1999 (WT/BFA/44) to create a 
provision in the regular budget for this event and for it  to be carried forward in Non-Ministerial years.  
The expenditure under this heading concerns any t ype of expenditure that the organization would 
have had to incur should the Ministerial be held  at the headquarters in Geneva, and excludes all 
expenditure relating to its change of venue. 
36. The overall budget appropriations made for each  Ministerial Conference is CHF 1,200,000 
and is comprised of a budget allocation of CHF 600 ,000 for 2004 and 2005 respectively.  In 2004, 
after recording preparatory expenditure of CHF 167, 769, the balance of this appropriation, amounting 
to CHF 432,231, was carried forward to 2005. 
37. In accordance with WTO Financial Regulation 24 and WTO Financial Rule 4.4, transfers 
between WTO budgetary sections of CHF 2,678,043 are necessary  in order to cover excess 
expenditure over approved appropriations by sav ings as detailed in paragraphs 11 through 36.  
Authority is sought to increase these appropriations accordingly, as follows: 
    Transfers from  Transfers to  
    CHF  CHF  
 Section 1 - Staff Work Years (2,543,862) Section 3 - Communications (8,804) 
Section 8 - Staff Overhead Costs (125,377) 
 Section 2 - Temporary Assistance  2,543,862 Section 4 - Building Facilities  8,804 Section 11 - Various  125,377 
    __________ _________ 
     (2,678,043)
 2,678,043  
  WT/BFA/W/128 
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EXPENDITURE:  APPELLATE BODY 
 
38. Pursuant to the recommendation of the Committee on Budget, Finance and Administration 
(WT/BFA/51), the General Council approved (WTGC/M/61)  that the financing of the Appellate Body 
would be divided into two categories:  (i) permanen t costs, and (ii) variable costs.  The permanent 
costs form part of the regular budget pro cedure and are charged against the corresponding 
appropriations according to the financial regulati ons and rules within the limits set up by the WTO 
Members.  In this respect, WTO Members appropriated CHF 4,715,800 for the permanent costs of the Appellate Body for the financial year 2004 including, the first regular funding of the replenishment of 
the Appellate Body Operating Fund of CHF 1,596,8 00, against which the variable costs associated 
with each appeal is charged. 
P
ERSONNEL -RELATED COSTS  
39. The budgetary savings of CHF 298,489 on personne l-related costs was the net result of under-
expenditure of CHF 327,965 under Section 1 and an over-expenditure of CHF 29,476 under 
Section 2.  Under Section 1 (Staff Work Years), the saving resulted from staff rotation and vacancies 
whilst, with respect to Section 2 (Temporary A ssistance), over-expenditure was primarily due to 
additional internships.  In maintaining a uniform standard cost for both the WTO and the Appellate 
Body Secretariats, part of the savings under Section 1 is due to the fact that the standard cost applied 
is not representative of the relatively small number of staff in the secretariat.   
ADMINISTRATIVE AND OTHER COSTS  
40. A budgetary saving of CHF 28,386 was realised on Administrative and Other Costs, which is 
the net result of various over and under- expenditures on a number of sub-items. 
Over-expenditure was incurred for the following sections:  
  CHF   
Section 4 - Building Facilities  (351) Section 7 - Contractual Services  (723) 
Section 9 - Missions  (2,677)
 
 which were offset by savings under the following sections:  Section 3 - Communications  502 Section 5 - Permanent Equipment  13,577 
Section 6 - Expendable Equipment  9,706 
Section 8 - Staff Overheads  5,092 Section 11 - Various  3,260
 
Total     28,386  
 
41. In accordance with WTO Financial Regulation 24  and Financial Rule 4.4, transfers between 
budgetary sections of CHF 33,227 necessary  in order to cover excess expenditure over approved 
appropriations by savings as detailed in paragraphs  38 through 40.  Authority is sought to increase 
these appropriations accordingly, as follows:  WT/BFA/W/128 
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  Transfers from  Transfers to  
    CHF  CHF   
Section 1 - Staff Work Years (29,476) 
Section 3 - Communications    (351) Section 6  - Expendable Equipment  (723)  
Section 12 - Various    (2,677) 
 Section 2 - Temporary Assistance  29,476 Section 4 - Building Facilities  351 Section 7 - Contractual Services  723 
Section 9 - Missions   2,677 
    _______ _____       Total    (33,227
) 33,227  
 IV. INCOME 
42. 2004 expenditure was to be f unded from two sources:  (i) contributions assessed on Members 
and (ii) miscellaneous income. 
43. At the adoption of the income budget, contributions for 2004 were assessed on Members in 
the amount of CHF 160,560,000 (Statement 2).  S ubsequently, contributions of CHF 22,258 and 
CHF 7,038 were assessed on the Kingdom of Nepal and the Kingdom of Cambodia, respectively, as 
new WTO Members.  Collections as at 31 De cember 2004 in respect of 2004 contributions 
represented CHF 160,589,296 (including interest of CHF 181,224 earned by Members in 2002 in the 
context of the Early Payment Encouragement Scheme). 
44. The details of miscellaneous income regarding (i) a comparison with 2003 figures and (ii) the 
excess of actual 2004 miscellaneous income over es timates by CHF 422,769 (Statements 2 and 3), is 
provided below: 
  2003 2004 2004 2004 
  Actual
 Estimated  Actual  Balance  
  CHF   CHF   CHF  CHF  
Sale of Publications/Souvenir s & Royalties 301,098 120,000 166,8353 46,835 
Profit or (loss) on exchange (124,785) -  (337,473) (337,473) 
Savings on previous year's  
  outstanding obligations 198,533 165,000 162,906 (2,094) Rental of meeting rooms and office    space at Centre William Rappa rd 125,345 150,000 143,545 (6,455) 
Contributions of Observer Countries 700,022 610,000 733,803 123,803 
Interest on Current Account  20,042   51,000 50,881 (119) 
Various  319,026
 120,500  718,772  598,272  
 Total  1,539,281
 1,216,500  1,639,269  422,769  
 
                                                      
3 Includes royalties CHF 89,282 for the sale of publications.   
 WT/BFA/W/128 
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45. Various other income for 2004 comprises the following: 
  CHF
 
 Refund of prior year's expenditure  511,295 Work done for delega tions and others 184,000 
Discount on suppliers' invoices  498 
Miscellaneous (identity photos, sale of used computers, travel commission, etc.)  22,979
 
 Total  718,772
 
 
V. SURPLUS ACCOUNT 
46. The Surplus Account (Statement 3) show s a deficit amounting to CHF 3,036,427 as at 
31 December 2004, due to the opening deficit balance of CHF 6,587,883 on 1 January 2004. 
 
This was offset by: 
   
(a) the decrease in the provision for contributions in arrears of CHF 147,7774 ; 
(b) a contribution amounting to CHF 29,296 asse ssed on two new Members subsequent to 
the adoption of the 2004 scale of contributions;  
(c) an excess in actual versus estimated mi scellaneous income of CHF 422,769 (WTO 
Secretariat) and nil for the Appellate Body Secretariat;  
(d) the 2004 overall budgetary surplus of CHF 2, 951,614 for the WTO Secretariat and the 
Appellate Body Secretariat. 
 
47. Taking into account the opening deficit balance of CHF 6,587,883 in the Surplus Account on 
1 January 2004, the net effect of the movements e xplained in paragraph 46 above resulted in an 
accumulated deficit of CHF 3,036,427 at the end of 2004.  This amount was covered from the 
Working Capital Fund in accordance with WTO Financial Regulation 26.4. 
VI. GENERAL FUND 
Assets  
 
48. At 31 December 2004, cash in hand represented CHF 10,000; cash at bank and in the postal 
checking account amounted to CHF 19,991,409.  Investments held on 31 December 2004, were 
CHF 456,000 worth held in US dollars (Schedule D), CHF 2,268,000 worth held in Euros (Schedule E), and CHF 1,075,500 worth held in Pounds sterling (Schedule F).   
49. Funds remaining with UNDP were in the am ount of CHF 83,804 (equivalent USD 73,513). 
50. Contributions receivable from Members am ounted to CHF 31,305,471 at 31 December 2004 
as shown in Schedule B.  This corresponding amount for 31 December 2003 was CHF 31,453,248. 
51. At the recommendation from the External Auditors
5 contributions receivable from WTO 
Observers were recorded from 2000 as a receiva ble asset and amount to CHF 829,773, as at 
                                                      
 4 Contributions receivable from WTO members amounted  to CHF 31,305,471 at 31 December 2004 as 
compared with CHF 31,453,248 at the end of 2003, i.e., a decrease of CHF 147,777 in contributions 
outstanding.  
5 Document WT/BFA/W42 paragraph 77.  WT/BFA/W/128 
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31 December 2004 as shown in Schedule C.  Th is corresponding amount for 31 December 2003 was 
CHF 667,357. 
52. A receivable of CHF 344,618 is due for th e Cancun Ministerial Meeting since 2003. 
53. Prepaid 2004 expenditure is  CHF 69,936.  Miscellaneous accounts receivable at 
31 December 2004 totalled CHF 3,315,493.  This am ount includes staff advances of CHF 1,662,213 
for salary, travel and education grants of which,  CHF 26,900 concerns the Appellate Body and its 
Secretariat.  In respect of United States taxes, an amount of CHF 390,188 is due from their authorities.  
CHF 35,798 was recorded as recoverable Swiss taxe s, an amount which includes VAT refunds and 
withholding taxes on interest.  Accrued interest on investments amount to CHF 4,328.  A total of 
CHF 1,034,970 recorded as receivable represen ts the value of stock of WTO publications, 
co-publications and souvenirs.  Various other ite ms amounted to CHF 187,996 of which outstanding 
invoices on the sale of publications amounted to CHF 75,711; advance to supp liers CHF 16,225, other 
receivables of CHF 72,028, leaving a balance of  CHF 24,032 for receivable WTO invoices on rental 
of meeting rooms, cost for interpretation services, electricity and water charges, and travel costs funded by outside entities. 
 Liabilities
 
 54. Miscellaneous accounts payable at 31 December 2004 amounted to CHF 3,407,081 and 
included the following:  (i) amounts payable to suppliers: CHF 2,653,685;  (ii) amounts payable to WTO staff (e.g.  travel claims), to consultants an d interns for unliquidated payments on contracts:  
CHF 408,549 and other payables CHF 344,847. 
55. CHF 94,840 (Schedule A) in respect of inter est earned in 2004 will be applied against 
assessed contributions for the year 2006 in accord ance with the provisions of the Early Payment 
Encouragement Scheme (see paragraph 66).  The 2 003 interest of CHF 128,493 has been apportioned 
and deducted from the 2005 assessments  on relevant Members.   
56. Advance contributions received from Member s pertaining to 2005 and 2006 amounted to 
CHF 9,165,256 and CHF 9,934, respectively.  Advance payments from WTO Observers amounted to 
CHF 8,860. 
57. Total outstanding obligations at 31 December 2004 amount to CHF 1,430,655 with respect to 
the WTO Secretariat and CHF 975 for the Appellate Body and its Secretariat. 
58. CHF 31,305,471 covered all contributions in a rrears from Members as at 31 December 2004.  
(Statement 4 and Schedule B). 
59. Further to the General Council's decision to set up a Ministerial Operating Fund (MOF), a 
provision of CHF 432,231 has been established to fund the Ministerial Conference expenditure in 
2005. 
60. In accordance with the decision of the Ge neral Council (WT/GC/M/72) a provision of 
CHF 1,000,000 has been created to be used as  buffer account in connection with the ‘Doha 
Development Agenda Global Trust Fund'. 
61. The balance of the Appellate Body Opera ting Fund (ABOF) amounted to CHF 639,006 on 
31 December 2004. WT/BFA/W/128 
Page 14  
 
62. The balance sheet of all other extra-budgetary funds stood at CHF 15,163,629 on the same 
date.  (see documents WT/BFA/W/128 and 129). 
63. As mentioned in paragraph 47, the 2004 Deficit amounted to CHF 3,036,427. 
VII. WORKING CAPITAL FUND 
64. The Working Capital Fund amounted to CHF 9,134,893 as at 31 December 2004 (ref 
Statement 5).  The principal of the Fund consists  of the 2004 beginning balance of CHF 5,366,282 
plus interest on investments credited to the Fund during 2004 amounting to CHF 31,248
6.  Advances 
made by Members total CHF 3,737,363 as at 31 December 2004.  This includes subsequent assessments of advance to the Working Capital F und of CHF 45,066 and CHF 45,326 to the Kingdom 
of Nepal and the Kingdom of Cambodia, respectively,  as new WTO Members. 
65.  Current account balance amounted to CHF 106,657 as at 31 December 2004.  An amount of 
CHF 219,665 has been recorded  as receivable from Members as well as CHF 8,571 representing 
withholding tax on interest earned as at 31 D ecember 2004.  In accordance with WTO Financial 
Regulation 26.4, the accumulated deficit for 2004, of CHF 3,036,427, was covered by the Working 
Capital Fund (see paragraph 48). 
VIII.  EARLY PAYMENT ENCOURAGEMENT SCHEME 
66. Pursuant to the Council's approval (C/M/226) of the recommendation of the Committee on 
Budget, Finance and Administration (L/6384) to introduce a system to encourage payment of contributions, interest earned on the current year's contributions is refunded to Members on the basis of calculations which take account of the amount and date of payment.  Schedule A shows the 
apportionment of CHF 94,840 earned as interest in 2003  (Schedule A/Statement 4).  The apportioned 
amounts will be deducted from the releva nt Members' contributions for 2006. 
IX. EXTRA-BUDGETARY FUNDS 
Appellate Body Operating Fund (ABOF)
 
 
67. Permanent costs expenditure of the Appellate B ody and its Secretariat has been reported on in 
the previous section.  This section considers the va riable cost expenditure of the Appellate Body 
consisting of the number of cases brought before th e Body and their duration.  Pursuant to the 
Committee's recommendation as set out in document WT/BFA/W/110, whereby the ABOF deficit for 2003 of CHF 819,774 be cleared through an extra-ordinary charge to the regular budget, there was consequently no balance to be carried forward to 2 004.  The replenishment of the fund is, as of 2004, 
included as a separate appropriation under the regular budget, i.e. CHF 1,596,800 
(Document WT/BFA/70, Schedule 1 – C, Section 11 – Various). 
68. Interest earned amounting to CHF 14,410 was cr edited to the fund for the financial period 
2004.  
69. After recording 2004 expenditure of CHF 972,204, the balance of the fund amounting to 
CHF 639,006 is carried forward to 2005. 
                                                     
 
6 Inclusive of the CHF 39 bank charges on the current account of the Working Capital Fund. 
  WT/BFA/W/128 
 Page 15 
 
 
Statement of Appellate Body Operating Fund Expenditure  
as at 31 December 2004  
 
    CHF   CHF  
 
Opening balance as at 1 January 2004     nil 
 Transfer from the regular budget   1,596,800  Expenditure as at 31 December 2004   
 
Interpreters   34,932 Transcribers   43,965 Temporary Assistance 122,552 Travel of Members  432,790 
Member's fees   313,200 
Miscellaneous   12,790 Postage    11,975
 
 Less: Total expenditure  (972,204)  
Interest earned during the course of the year  14,410
 
 Closing balance as at 31 December 2004  639,006
 
  
Ministerial Operating Fund (MOF)
 
 
70. In 1999 (WT/BFA/44), the Committee on Budget Finance and Administration decided to 
reduce the burden of the costs associated with a Ministerial Conference by spreading the costs over 
two years with a budgetary appropriation in each  year of the regular budget of the WTO of 
CHF 400,000.  In 2004, the provision for the Ministerial Conference Operating F und was increased by 
CHF 200,000 to CHF 600,000 (Document WT/BFA/70,  Schedule 1 – B, Section 11 – Various). 
71. After recording preparatory expenditure of CH F 167,769, the balance of this appropriation, 
amounting to CHF 432,231, was carried forward to 2005. 
X. NEW ANNEXE BUILDING FOR THE WTO7 
72. Pursuant to the agreement between the WT O and the Swiss authorities on the funding 
arrangements as set out in document WT/BFA/ SPEC/67, the Swiss Confederation through the 
‘Fondation pour les immeubles des organisations intern ationales (FIPOI)' has arranged for an interest-
free loan facility of CHF 5 million to be made availa ble to the WTO.  This loan facility, considered as 
part of the original loan of CHF 50 million, whose reimbursement will commence one year after 
completion of construction and will cover a period of fifty years, is foreseen in connection with the 
pre-construction/studies phase of the total c onstruction costs of the new building.   
                                                      
7 WT/BFA/SPEC/104. WT/BFA/W/128 
Page 16  
 
73. Expenditure, on the preliminary studies, consider ed as construction-in-progress, was incurred 
in the later half of 2004.  The funds for this proj ect are segregated from all other activities of the WTO 
and reported on separately.  Statement 6 summarizes  the various movements under this fund.  The 
pre-construction costs reflected in the statement a nd itemised below, include some of the payments 
made by FIPOI on behalf of the WTO in 2004, amounting to CHF 1,168,632.   
CHF 
 Architectural Competition 78,550  
Honorarium, Assistant to the Project Manager 149,500 
 Legal, and Notary fees 2,500  Architect fees 658,600 
 Civil Engineer fees 104,000 
 Electrical Engineer fees 29,173  Ventilation and Air Conditi oning Engineer fees 110,000 
 Building Physics Engineer fees 5,634  Façade  Engineer fees 30,675
 
  1,168,632   WT/BFA/W/128 
 Page 17 
 
 
XI. REPORT OF THE EXTERNAL AUDITOR ON THE ACCOUNTS OF THE WORLD 
TRADE ORGANIZATION FOR THE FINANCIAL PERIOD 2004 OF THE 
BIENNIUM 2004/2005 
GENERAL  
74. The revised Financial Rules and Regulations of the World Trade Organization (WTO) came 
into effect on 1 January 2004 and have  been applied to the financial administration of the Secretariat to 
the WTO of that date.  The examination has been carried out in accordance with those regulations and 
rules, and with the financial resolutions and decisions of the WTO. 
75. The audit of the 2004 accounts has been carri ed out on the assumption that the transfers 
between budgetary sections proposed in documen t WT/BFA/W/128, paragraphs 37 and 41, in 
accordance with WTO Financial Regulation 24 and WT O Financial Rule 4.4, will be approved by the 
WTO General Council. 
EXPLANATORY NOTES TO THE ACCOUNTS  
 
Outturn in 2004  
 
76. Appropriations authorized by the Members of the WTO for 2004 were CHF 157,060,700 for 
the WTO Secretariat (Statement 1a), and CHF 4, 715,800 in respect of the Appellate Body and its 
Secretariat (Statement 1b).  The overall budget of CHF 161,776,500 (WTO Secretariat and the 
Appellate Body and its Secretariat) was to be financed by contributions of CHF 160,560,000 and 
estimated miscellaneous income of CHF 1,216,500 (WT/BFA/70). 
77. Expenditure under the WTO Secretariat in 2004 amounted to CHF 154,435,961, leaving a 
budgetary surplus of CHF 2,624,739.  With respect to the Appellate Body and its Secretariat, 2004 expenditure amounted to CHF 4,388,925, resulting in a budgetary surplus of CHF 326,875.  The total excess of income over expenditure am ounted to CHF 3,403,679 (Statement 2). 
Outstanding Contributions
 
 
78. Outstanding contributions as at 31 December 2004 for WTO Members amounted to 
CHF 31,305,471 (Schedule B).  This was CHF 147, 777 less than at 31 December 2003.  This 
provision does not take into account the colle ctability of the outstanding contributions. The 
collectability rate improved from 90.3 per cent in 2003 to 91.4 per cent in 2004. WT/BFA/W/128 
Page 18  
 
Outstanding obligations as at 31 December 2004
 
 79. The total provision for outstanding obligations at the end of 2004 amounted to 
CHF 1,431,630.  This is comprised of: an amount  of CHF 1,430,655 with respect to the regular 
budget of the WTO Secretariat and CHF 975 with respect  of the Appellate Body and its Secretariat. 
Section WTO Appellate 
Body Total 
Section 1 Work Years 62,300  62,300 
Section 2 Temporary Assistance 548,331  548,331 
Section 3 Communications 859  859 
Section 4 Building Facilities 161,354  161,354 
Section 5 Permanent Equipment 257,982  257,982 
Section 6 Expendable Equipment 79,000  79,000 
Section 7 Contractua l Services 169,144 169,144 
Section 8 Staff Overheads 116,254 975 117,229 
Section 12 Various 35,431  35,431 
Total 1,430,655 975 1,431,630 
 
80. The General Fund contained an amount of CHF 15,163,629 that remained available under 
extra-budgetary funds.  In addition, the closing position on 31 December 2004 of the Appellate Body 
Operating Fund amounted to CHF 639,006. 
NEW WTO ANNEX (WTOII ) 
 
Introduction  
 81. During the course of the audit, the External Aud itors reviewed the draft project study of a new 
building "New Annexe (WTOII)" for the WTO Secretariat for 400 offices.  WTOII should replace the 
existing annex at rue Rothschild and be located al ong the Avenue de France between Voie-Creuse and 
the Swiss Federal Railways (CFF). 
82. The project is based on a recommendation of the Committee on Bu dget, Finance and 
Administration (WT/BFA/56) dated 18 D ecember 2001 to the General Council:  " The Committee also 
recommends that the Director General be authori zed to launch in cooperation with the Swiss 
authorities a draft project study – which is part of the total estimated cost of CHF 50 million – aimed 
at producing a building plan and putting toge ther the financial package needed for its 
implementation.  This process should then put th e WTO General Council and the Swiss Authorities in 
a position to make a final decision ."  During the Meeting of the General Council held on 19 to 
20 December 2001, the General Council took note of the above stated recommendation (WT/GC/M/72 para. 26). 
83. The External Auditors highlighted that the n eed for a new building was identified in 2001, 
based on certain assumptions with respect to the fu ture development of the WTO.  The External 
Auditors recommended evaluating the original ass umptions, which identified the need for a new 
building.  It should also be considered that th is project would lead to a binding commitment of 
member states for fifty years for the repayment of the loan.  In addition, the repayment period would 
exceed the economic lifecycle of the premises.  WT/BFA/W/128 
 Page 19 
 
 
84. The External Auditors’ review revealed that the realization of WTOII would not improve the 
current situation of the WTO with respect to: 
• the accessibility of the WTO premises, 
• the present unfavorable parking situation, and 
• the security requirements. 
Cost of the draft project study  
85. During the course of the audit in April 2005 th e External Auditors were informed on the 
current status of the draft project study.  It was hi ghlighted that the cost of the study up to April 2005 
amounted to CHF 3.2 million and further costs of CHF 2.6 million are expected to occur on 
completion of the draft project study, which would exceed the estimated amount of CHF 5 million.  
The External Auditors note that after completion of  the draft project study, the General Council would 
be in a position to take a final decision to ensu re compliance with above mentioned recommendation 
(WT/GC/M/72) and also to be in line with Regula tion 25 of the Financial Regulations of the WTO 
(WT/L/156/Rev.1):  
"The Director General may enter into commitments  for future financial p eriods, provided that 
such commitments: 
• are for activities which have been approved by the General Council and are expected to 
continue beyond the end of the current financial period;  or 
• are authorized by specific decisions of the General Council."  
Accounting  
86. This WTOII project is split into two phases: 
• The pre-construction phase ("draft project study") with estimated project cost of 
CHF 5 million. 
• The construction phase with estimated cost of CHF 45 million. 
 
87. The pre-construction phase started alr eady in 2001 and w as conducted under the 
responsibility of FIPOI.  Invoices relating to the pre-construction phase of the new building were 
initially presented to FIPOI for payment and tran sferred for refund to WTO in May 2004.  WTO 
decided to open new accounts under a separate company code (Company 5).  These new accounts are used for the settlement of the pre-construction cost s for the WTOII building (originally estimated to 
CHF 5 million) and are reflected in Statement 6 of  the Director General's Budgetary and Financial 
Report for the financial period 2004.  It is planne d to follow this accounting procedure during the pre-
construction and the construction phase. 
88. The External Auditors raise their concern that  the construction phase would require additional 
personal resources and appropriate skills for the accoun ting department.  As th e construction period is 
only expected to take three years, the External  Auditors recommend considering the possibility of 
outsourcing the accounting activity relating to the WTO II.  Furthermore, the External Auditors outline 
considering the possible deviation between the co st/performance ratio dur ing the initial planning 
period and the actual realization period. WT/BFA/W/128 
Page 20  
 
Risk Analysis
 
 89. With respect to the financing of WTOII the Sw iss Confederation offere d an interest-free loan 
facility of CHF 50 million to be paid back over a peri od of 50 years.  The External Auditors note that 
no risk analysis was initiated by WTO during the pla nning period.  Therefore, the External Auditors 
recommend that a proper risk analysis is performed in order to: 
• identify the potential risks, 
• assess the risk, 
• determine which risks are important to deal with, and  
• implement strategies to reduce and limit those risks. 
 Consideration of IPSAS 11
 
 
90. The International Public Sector Accounting St andards (IPSAS) set out the requirements for 
the financial reporting by governments and other public sector organizations.  Especially the 
"IPSAS 11 - Construction Contracts" effective as of  July 2002 contains the accounting treatment of 
costs and revenue associated with construction cost s.  Therefore, the External Auditors recommend 
that WTO should consider applying IPSAS 11 where appropriate.  
Outstanding VAT recovery  
 
91. Invoices of CHF 1,353,391 relating to the pre-c onstruction costs of the new building, which 
were initially presented to FIPOI for payment, were transferred for refund to WTO in May 2004.  The 
review of the External Auditors reveal that some of those invoices include VAT, although WTO is tax exempted.  Furthermore, it is noted that only VAT amounting to CHF 5,970 out of CHF 12,473 could 
be recovered by WTO.  The remaining invoices comprising VAT of CHF 6,503 did not comply with 
the formal requirements issued by the Swiss Confederation and could not be presented for VAT reimbursement.  Therefore, the External Aud itors recommend that WTO should consider the 
possibility for reimbursement by FIPOI for this outstanding amount. 
Provision for future VAT reimbursements
 
 
92. Based on the experience made as mentioned above, it is recommended that in the scope of the 
WTOII project WTO should ensure compliance with  the legal requirements for VAT reimbursement 
vis–à–vis the suppliers. 
Contractual agreement with third parties  
 
93. Based on the draft organigram that has been  established for the construction phase of the 
WTOII project the External Auditors understand that  it is planned to conti nue the existing cooperation 
with FIPOI.  The External Auditors recommend to cl early define on a contractual basis the roles and 
responsibilities between the parties being involved during the construction phase, i.e.  WTO, FIPOI 
and the general contractor. 
Internal roles and responsibilities  
 
94. Furthermore, the External Auditors recommend that an organigram/workflow should also be 
established to reflect the roles and responsibilities of WTO staff members during the accomplishment 
of the WTOII construction.  Especially it should be defined who is authorized to enter into a 
commitment vis-à-vis a third party.  WT/BFA/W/128 
 Page 21 
 
 
Procurement (Tender Offer)  
 95. While the Financial Rules (WT/L/157, Sec tion X) and the WTO Administrative Manual 
define the day-to-day procurement process for WTO the External Auditors recommend establishing 
specific rules in order to reflect the special procurement requirements during the construction phase of 
WTOII. 
 EXTRA BUDGETARY FUNDS
 
96. With respect to the scope of the Director General's Report on Extra-Budgetary Funds, the 
External Auditors recommend that consideration be given to issue this report in a more condensed 
form in order to meet the requirements of the donors. 
 
FOLLOW-UP OF RECOMMENDATION RAISED IN PREVIOUS REPORTS OF THE 
EXTERNAL AUDITORS  
Accounts  
 
97. As already raised in previous reports, the Ex ternal Auditors suggest  to establish a written 
procedure for the opening and maintenance of acc ounts in the existing IT accounting system.  The 
External Auditors note that no actions ha ve been taken to resolve the issue. 
Internal Control  
 
98. The External Auditors recall their recommendati ons raised in previous audit reports with 
respect to the implementation of an internal audit function within WTO.  So far, this recommendation 
has not been followed.  Since the establishment of  WTO, a number of additional tasks have been 
assigned to WTO, which led to an increase of staff and a more complex organizational structure.  Therefore, the External Auditors encourage recons idering the possibility to create an internal audit 
function as part of the internal control system as defined in Chapter X of the WTO Financial 
Regulations (WT/L/156/Rev.1).  Furthermore, the Ex ternal Auditors refer to the Internal Control 
Standard for the Public Sector i ssued by the International Organizat ion of Supreme Audit Institutions 
(INTOSAI) providing guidelines for the implem entation of an Internal Control System. 
 
 
  (signed) (signed) 
__________________________ __________________________ 
Reinhard Rath Martina Kuppelhuber 
External Auditor Deputy External Auditor 
Austrian Court of Audit 
 
 WT/BFA/W/128 
Page 22  
 
OPINION OF THE EXTERNAL AUDITOR ON THE ACCOUNTS 
OF THE WORLD TRADE ORGANIZATION 
FOR THE FINANCIAL PERIOD 2004 
OF THE BIENNIUM 2004/2005 
 
99. The representatives of the Austrian Court of A udit have examined the Financial Statements 
contained in document WT/BFA/W/128, comprising of: Statements 1 to 6, Schedules A, B, C, D, E, F, G, H, the Annex and document WT/BFA/W/129 c ontaining the Consolidated Financial Statements 
on Extra-Budgetary Funds of the World Trade Organization for the year ended 31 December 2004.  Their examination included a general review of the accounting procedures and such tests of the 
accounting records and other supporting evidence, as th ey considered necessary in  the circumstances.  
As a result of the examination, the opinion is give n that these statements, which were prepared in 
conformity with the accounting policies described  in the Annex of Document WT/BFA/W/128 and 
applied on a basis consistent with that of the pr eceding financial period, present fairly the financial 
position of the World Trade Organization as at 31 December 2004 and the operations for 2004.  They 
properly reflect the financial transactions for th e financial period, which transactions were in 
accordance with the applied Financial Regulations a nd Rules and legislative authority and with the 
financial resolutions and decisions of the Members of the World Trade Organization. 
100. Statement 6 refers to Company 5 and reflect s the financial situation regarding the pre-
construction phase of WTOII.  Nine invoices dati ng back to 2001-2004 amounting to CHF 1,353,391 
were initially presented to FIPOI for payment and transferred to WTO in May 2004 for refund.  87 
invoices were only entered in Company 5 in 2005 and ar e therefore not reflected in Statement 6 of the 
2004 accounts.  
 
  
 
  (signed) (signed) 
__________________________ __________________________ 
Reinhard Rath Martina Kuppelhuber 
External Auditor Deputy External Auditor 
Austrian Court of Audit 
  WT/BFA/W/128 
 Page 23 
 
 
SECRETARIAT'S COMMENTS TO THE AUDITORS REPORT 
 
WTOII 
101. The WTOII pre-construction phase, financed against the first installment of CHF 5 million of 
the original loan of CHF 50 million, commenced in 2004.  In 2004, it became evident that the 
financial controls necessary for the  'constructi on phase' would overload th e support sections within 
the Administration and General Services Division. Consequently, the WTO after informing FIPOI, 
decided that the construction phase would be contracted  out to a 'general contractor'  thereby reducing 
the administrative burden associated with this pr oject to a minimum.  The appointment of the 
generator contractor will be made  through open tender in 2005. 
102. On the other hand, the administrative support of the pre-construction phase, due to its nature, 
was retained within the WTO.  In this respect, the WTO is to contact   FIPOI to obtain their support in 
adding the costs of one support staff member, deemed  necessary, to support the work of this project 
and assist the project manager already funded by the loan. 
103. At the recommendation of the external audito r, the Infrastructure Section has already 
commenced the 'Risk-Analysis Study'.  Furthermore, and in order to more accurately quantify the 
risks associated with different elements of the pr oject, an 'Insurance broker' has been chosen to 
identify and quantify the various elements of risk associated with this project.  
Preliminary Study  
104. Political Risk: The risk is limited to the host c ountry. Contractual agreement stipulates that in 
the event that the primary loan is not approved,  the WTO liability for CHF 5 million will be written-
off. 
105. Organizational Risk: In the event that the Ge neral Council rescind their intention to pursue 
the construction of  WTOII, the WTO will be liable to repay the initial loan of CHF 5 million. 
106. Financial Risk:  The WTO will insert in subseque nt budgets, after completion of construction, 
the annual amounts for the repayment of the loan . The initial entire loan facility is still under 
negotiation. 
107. Construction Risk:  This risk is covered throu gh contractual agreements with the Architects, 
General Construction company to be appointed, 9 specialist advisors in  different specialties to ensure 
accurate plans and total detail is respected on techni cal issues. In addition, the WTO has appointed its 
own architect as well as direct advisor to supervise the different phases of the construction.  Finally, 
all construction is overseen by FIPOI. 
108. Insurance Risk: A special insura nce broker has been appointed to ensure that adequate cover 
is taken to complete the project in the event of an y firm being unable to complete their part of the 
construction phase. Bankruptcy insurance will be obt ained independent of contractual agreements. 
109. The entire risk analysis has been considered a nd, at this early stage, can only be quantified 
along these general headings. As any risk analysis h as to be reviewed regularly each heading may be 
sub-divided in to separate parts to more  accurately define the respect risks. 
110. Recalling that the WTO reflects premises in the balance sheet by way of a note, and in 
anticipating that ' WTOII ' will be reflected in th e accounts in a similar manner, a separate set of 
accounts was set-up to record the construction cost s of WTOII thereby, allowing the WTO to have 
full flexibility in considering the various recordi ng options.  The WTO, welcomes, and is actively 
considering the possibility discussed  with the external auditor. WT/BFA/W/128 
Page 24  
 
111. Having completed the accounting entries settled by FIPOI, on behalf of the WTO, the 
Secretariat will pursue the recovery of the outstanding VAT on the invoices settled by FIPOI.  The WTO will settle only the invoices in the organizations  name and thereby ensure that the VAT is 
refundable. 
112. The WTO considers that the existing rules and re gulations can apply to the WTOII project.  
The WTO applies the existing  Rules and Regulati ons identically to this project and exercises 
identical controls as it would otherwise control with  respect to the regular budget and trust funds. If, 
after considering the manner in which paragraph 95 is concluded, it becomes necessary to amend the 
Rules and Regulations of the WTO, the appropriate  amendments will be proposed to the General 
Council.  
Appointment of an Internal Auditor
 
113. Furthermore, the appointment of an 'Internal Auditor' has been placed on the agenda of the 
Human Resources Management Committee. 
 
 
   WT/BFA/W/128
 Page 25Statement 1a  
WORLD TRADE ORGANIZATION  
WTO Secretariat  
 
Statement of Budgetary Expenditure 2004  
(in Swiss francs) 
 
Part Section Original 
Appropriation 
(WT/GC/M/84) Proposed 
Transfers Final 
Appropriations Expenditure Balance 
A -Staffing Sect  1 Work Years 98,711,200 (2,543,862) 96,167,338 96,013,026 154,312 
  Sect  2 Temporary Assistance 15,763,150 2,543,862 18,307,012 18,307,012 0 
Sect  3 Communications 2,203,000 (8,804) 2,194,196 1,801,742 392,454 
Sect  4 Building Facilities 3,114,900 8,804 3,123,704 3,123,704 0 
Sect  5 Permanent Equipment 3,219,850   3,219,850 3,149,281 70,569 
Sect  6 Expendable 1,353,000   1,353,000 957,322 395,678 B- Administrative Costs 
Sect  7 Contractual Services 3,839,800   3,839,800 3,833,508 6,292 
C - Other Costs Sect  8 Staff Overheads 3,070,200 (125,377) 2,944,823 2,636,744 308,079 
  Sect  9 Missions 2,564,300   2,564,300 2,222,398 341,902 
  Sect 10 Trade Policy Training Courses 3,881,000   3,881,000 3,025,548 855,452 
  Sect 11 Various 3,350,900 125,377 3,476,277 3,476,277 0 
  Sect 12 Unforeseen 100,000   100,000 0 100,000 
D - ITC Sect 13 Contribution to the ITC 15,889,400   15,889,400 15,889,400 0 
Grand Total   157,060,700 0 157,060,700 154,435,961 2,624,739 
 
  (signed)  (signed)  
  _____________________________________ _____________________________________ 
  Supachai Panitchpakdi Robert Luther 
  Director General Director 
   Administration and General Services Division  WT/BFA/W/128 
Page 26  
Statement 1b
WORLD TRADE ORGANIZATION  
Appellate Body and its Secretariat  
 
Statement of Budgetary Expenditure 2004  
(in Swiss francs) 
 
 
Part Section Original 
Appropriation 
(WT/GC/M/84) Proposed 
Transfers Final 
Appropriations Expenditure Balance 
A - Staffing Sect  1 Work Years 2,325,500 (29,476) 2,296,024 1,997,535 298,489 
  Sect  2 Temporary Assistance 36,000 29,476  65,476 65,476 0 
Sect  3 Communications 6,500 (351) 6,149 5,998 151 
Sect  4 Building Facilities 18,000 351  18,351 18,351 0 
Sect  5 Permanent Equipment 23,000   23,000 9,423 13,577 
Sect  6 Expendable 20,000 (723) 19,277 10,294 8,983 B - Administrative Costs 
Sect  7 Contractual Services 15,000 723  15,723 15,723 0 
C - Other Costs Sect  8 Staff Overheads 36,000   36,000 30,908 5,092 
  Sect  9 Missions 10,000 2,677  12,677 12,677 0 
  Sect 11 Various 2,225,800 (2,677) 2,223,123 2,222,540 583 
Grand Total   4,715,800 0  4,715,800 4,388,925 326,875 
 
 
  (signed) (signed)  
  _____________________________________ _____________________________________ 
  Supachai Panitchpakdi Robert Luther 
  Director General Director 
   Administration and General Services Division   WT/BFA/W/128
 Page 27 
              Statement 2  
 WORLD TRADE ORGANIZATION   
               
 Income and Expenditure Account fo r the year ended 31 December 2004   
 (in Swiss francs)   
               
               
EXPENDITURE INCOME 
                  
2004 Expenditure      Contributi ons assessed on Members    160,560,000 
  WTO Secretariat (Statement 1a) 154,435,961             
  Appellate Body and Its Secr etariat (Statement 1b) 4,388,925 158,824,886 Contribution assessed on ne w Members subsequent     
         to the adoption of the 2004 scale of contributions     
Excess of income over expenditure         Kingdom of Nepal   22,258 
  WTO Secretariat  3,076,804       Kingdom on Cambodia 7,038  29,296 
 Appellate Body and Its Secretariat 326,875  3,403,679       
    
Miscellaneous:       
     Sale of publications and souvenirs  77,553   
    Royalties on sale of  publications  89,282  
     Loss on exchange   (337,473)   
          Savings on previous  year's outstanding obligations    
            WTO Secretariat  162,906    
            Appellate Body and Its Secretariat 0 162,906   
          Rental of meeting rooms, office space and parking     
           at Centre W illiam Rappard to others  143,545   
          Contributions of Observers   733,803   
          Interest on current accounts   50,881   
          Various   718,772   1,639,269 
             
                  
                  
                  
          162,228,565                 162,228,565 
               
               
  (signed)      (signed)   
 Supachai Panitchpakdi    Robert Luther  
 Director-General    Director  
     Administration and General Services Division  
              WT/BFA/W/128 
Page 28  
            Statement 3  
  
WORLD TRADE ORGANIZATION   
              
 Surplus Account for the year ended 31 December 2004   
 (in Swiss francs)   
              
              
DEBITS CREDITS 
                  
Balance as at 1 January 2004   6,587,883Decrease of  provision for contributions in arrears  147,777
          
   Excess of income over expenditure:   
          Contribution assessed on new Members subsequent    
   to the adoption of the 2004 scale of contributions   
           Kingdom of Nepal 22,258   
         Kingdom of Cambodia   7,038 29,296
                
       Excess of actual miscellaneous income     
    over estimated miscellaneous income  
           WTO Secretariat 422,769   
         Appellate Body and Its Secretariat   0 422,769
             
        2004 overall budgetary surplus   
           WTO Secretariat 2,624,739   
         Appellate Body and Its Secretariat   326,875 2,951,614 3,403,679
            
         Accumulated deficit as at 31 December 2004  3,036,427
              
                  
                  
          6,587,883              6,587,883
              
              
  (signed)       (signed)   
 Supachai Panitchpakdi     Robert Luther  
 Director-General     Director  
        Administration a nd General Services Division  
   WT/BFA/W/128
 Page 29
 Cash in hand 10,000 Accounts payable
Miscellaneous 344,847
Cash at bank and in postal cheques account 19,991,409 Suppliers 2,653,685
Staff/SSA 408,549 3,407,081
Investments in US Dollars (Schedule D) 456,000
Interest earned in 2003 and 2004 to be distributed to Members
Investments in Euro (Schedule E) 2,268,000 2003 128,493
2004 94,840 223,333
Investments in GBP (Schedule F) 1,075,500 23,790,909
Contributions paid in advance by Members
Receivable Deposit - UNDP 83,804 2005 9,165,256
2006 9,934 9,175,190
Accounts receivable:
Contributions from Members (Schedule B) 31,305,471 Payments made in advance by Observers 8,860
Contributions from Observers (Schedule C) 829,773 Reserve for 2004 obligations outstanding as at 31 December 2004
WTO Secretariat 1,430,655
Receivable Cancun Ministerial Meeting in 2003 344,618 Appellate Body and Its Secretariat 975 1,431,630
Miscellaneous accounts receivable Provision for contributions in arrears 31,305,471
WTO Secretariat 3,288,593
Appellate Body and Its Secretariat 26,900 3,315,493 Provision for Ministerial Operating Fund 2005 432,231
Prepaid expenditure 69,936 Provision for Doha Development Agenda Global Trust Fund 1,000,000Accumulated deficit as at 31 December 2004 3,036,427 Appellate Body Operating Fund (WT/BFA/W/128) 639,006
(covered by the Working Capital Fund)
Extra-budgetary funds (document WT/BFA/W/129) 15,163,629
62,786,431 62,786,431
1) The value of the Centre William Rappard donated by the Swiss authorities in application of the Headquarters Agreement has be en estimated at CHF 56,000,000
2) Furniture equipment and vehicles are charged to the budget at time of purchase; The value at cost of items still held at 31 December 2004 was CHF 21,914,331 (including leased equipment)
3) Stocks of publications, for sale and free distribution, and other expendable stores were also held.
(signed)ASSETS
Supachai PanitchpakdiStatement 4
Administration and General Services Division(signed)
DirectorLIABILITIES
Robert LutherWORLD TRADE ORGANIZATION
Statement of Assets and Liabilities as at 31 D ecember 2004
GENERAL FUND
Director-General(in Swiss francs) WT/BFA/W/128 
Page 30  
          Statement 5  
 WORLD TRADE ORGANIZATION   
            
 Statement of Assets and Liabilities as at 31 December 2004   
 WORKING CAPITAL FUND   
 (in Swiss francs)   
            
ASSETS LIABILITIES AND CAPITAL FUND 
                
Working Capital Fund held in current acc ount   106,657 Principal of Fund:    
       Sums held to the credit of WTO:    
Investments (Schedule G)     Bala nce as at 1 January 2004 5,366,282   
  Advance to cover 2004 Accumulated Deficit 3,036,427      Interest on investments during 2004 31,287   
 Unencumbered Balance  5,763,573 8,800,000    Bank charges on current account during 2004 (39) 5,397,530 
              
Receivable from Members  219,665  Advances made  by Members as at 1 January 2004 3,646,971   
         New Members:    
Receivable "Withholding tax" 8, 571    Kingdom of Nepal 45,066
          Kingdom of Cambodia 45,326 3,737,363
        
             
                
            
                
                
                
                
          9,134,893          9,134,893
            
            
              (signed)      (signed)          
 Supachai Panitchpakdi    Robert Luther  
 Director-General 
   Director 
Administration and Gene ral Services Division  
 
      WT/BFA/W/128
 Page 31          Statement 6  
 WORLD TRADE ORGANIZATION   
             Statement of WTO Annex Building Fund – Phase I as at 31 December 2004
  
 (in Swiss francs)   
            
Debit Credits 
               
Funds held in current account  62,358 Loan payable to FIPOI8  5,000,000
         
Receivable "Withholding Tax" 3 Interest on investments 176
     Bank charges on current account (144) 32
Investments (Sche dule H)  1,000,000 
         
Accrued interest on investments  168  
          
Loan receivable from FIPOI  2,768,871     
        
Construction-in-progress9 1,168,632     
           
             
              
               
          5,000,032          5,000,032 
            
            
 (signed)    (signed)  
 Supachai Panitchpakdi    Robert Luther  
 Director-General 
   Director 
Administration and Gene ral Services Division  
                                                      
8 Reimbursement to commence one year after completion over a period of fifty years. 
9 Includes the settlements made by FIPOI on behalf of the WTO.   
 WT/BFA/W/128 
Page 32  
 
SCHEDULE A 
2004  Early Payment Encouragement Scheme
 
Interest to distributed 
Members CHF 
Albania 19 
Angola 93 
Australia 1,604 
Austria 1,653 
Bahrein 96 
Bangladesh 37 
Belgium 1,838 
Belize 4 
Benin 11 
Bolivia 4 
Botswana 32 
Brunei Darussalam 28 
Bulgaria 133 
Burkina Faso 17 
Canada 5,658 
Chile 15 
China, Republic of 168 
Costa Rica 54 
Cuba 17 
Cyprus 71 
Czech Republic 658 
Denmark 1,158 
Ecuador 29 
Egypt 44  WT/BFA/W/128 
 Page 33 
 
 
Members CHF 
El Salvador 24 
Estonia 97 
Fiji 14 
Finland 941 
France 7,027 
Georgia 2 
Germany 12,228 
Ghana 11 
Greece 282 
Grenada 16 
Guatemala 75 
Honduras 50 
Hong Kong, China 4,830 
Hungary 569 
Iceland 60 
India  164 
Indonesia 610 
Ireland 1,717 
Israel 713 
Italy 4,108 
Jamaïca 23 
Japan 6,568 
Jordan 60 
Kenya 52 
Korea 1,486 
Kyrgyz Republic 13 WT/BFA/W/128 
Page 34  
 
Members CHF 
Latvia 63 
Lesotho 19 
Liechtenstein 36 
Lithuania 77 
Luxembourg 490 
Macao, China 88 
Macedonia 3 
Madagascar 6 
Malaysia 1,821 
Maldives 20 
Mali 12 
Malta 69 
Mauritius 54 
Mexico 2,600 
Moldova 16 
Mongolia 10 
Morocco 120 
Mozambique 3 
Myanmar 6 
Namibia 26 
Nepal 3 
Netherlands 4,157 
New Zealand 358 
Nicaragua 29 
Norway 1,228 
Oman 85  WT/BFA/W/128 
 Page 35 
 
 
Members CHF 
Pakistan 178 
Poland 1,019 
Portugal 595 
Qatar 19 
Romania 85 
Saint Lucia 11 
Senegal 33 
Singapore 2,889 
Slovak Republic 266 
Slovenia 219 
South Africa 1,402 
Spain 2,294 
Sri Lanka 56 
St Kitts and Nevis 20 
St Vincent and the Grenadines 12 
Swaziland  21 
Sweden 2,029 
Switzerland 2,144 
Chinese Taipei 2,919 
Thailand 1,465 
Trinidad and Tobago 31 
Tunisia 139 
Turkey 580 
Uganda 2 
United Kingdom 8,240 
United Arab Emirates 1,501 WT/BFA/W/128 
Page 36  
 
Members CHF 
United States 70 
Zimbabwe 21 
Grand Total 94,840 
   WT/BFA/W/128
 Page 37SCHEDULE B/TABLEAU B/CUADRO B 
 
STATEMENT OF OUTSTANDING CONTRIBUTIONS AS AT 31 DE CEMBER 2004/ ETAT DES ARRIERES DE CONTRIBUTIONS 
 AU 31 DECEMBRE 2004/ ESTADO DE CONTRIBUCIONES PENDIENTES AL 31 DE DICIEMBRE DE 2004 ADMINISTRATIVE MEASURES 
MESURES ADMINISTRATIVES 
MEDIDAS ADMINISTRATIVAS 
(see/voir/véase p. 6) 2004 
CURRENT YEAR SITUATION 
SITUATION DE L'ANNEE COURANTE 
SITUACIÓN DEL AÑO EN CURSO 2005 
 Swiss Francs/Francs suisse/Francos suizos CATEGORY/CATEGORIE/ 
CATEGORÍA Swiss Francs/Francs suisse/Francos suizos CHF 
   1969 1989             IV Assessment Interest Payments Outstanding Advance 
   1988  2000 2 001  2002  2 003  2004  TOTAL I II III Inactive/ Contribution Inté rêts Paiements Arriérés Avance 
 Members / Membres / Miembros                     Inactiva Contribución Intereses Pagos Pendiente Adelantado 
  Albania/Alba nie/Albania 0  0 0 0 0 0 0         24,084 (34) (24,050) 0    
  Angola  0  0 0 0 0 0 0         128,448 (103) (128,345) 0  - 
  Antigua and Barbuda/Antigua-et-
Barbuda/Antigua y Barbuda 119,131  333,159 19,935 21,315 23,070 24,084 540,694        24,084 - 0 24,084  - 
  Argentina/Argentine/Argentina 0  0 0 0 608,555 741,787 1,350,342         741,787 - 0 741,787  - 
  Armenia/Arménie/Armenia   0     0 4,000 4,000         24,084   (20,084) 4,000    
  Australia/Australie 0  0 0 0 0 0 0         1,852,862 (3,631) (1,849,231) 0  - 
  Austria/Autriche 0  0 0 0 0 0 0         2,209,306 (4,227) (2,205,079) 0  - 
  Bahrain/Bahreïn 0  0 0 0 0 0 0         117,209 (160) (117,049) 0  - 
  Bangladesh 0  0 0 0 0 0 0         168,588 (43) (168,545) 0  - 
  Barbados/Barbade 0  0 0 0 0 30,467 30,467         30,506 (39) 0 30,467  - 
  Belgium/Belgique/Bélgica 0  0 0 0 0 87,161 87,161         4,306,219 (5,341) (4,213,717) 87,161  - 
  Belize/Belice 0  0 0 0 0 0 0         24,084 - (24,084) 0  - 
  Benin/Bénin 0  0 0 0 0 760 760         24,084 - (23,324) 760  - 
  Bolivia/Bolivie 0  0 0 0 0 0 0         40,140 (69) (40,071) 0  - 
  Botswana 0  0 0 0 0 0 0         56,196 (84) (56,112) 0  - 
  Brazil/Brésil/Brasil 0  0 0 0 0 1,524,478 1,524,478         1,525,320 (842) 0 1,524,478  - 
  Brunei Darussalam/Brunéi Darussalam 0  0 0 0 0 0 0         65,830 (110) (65,720) 0  - 
  Bulgaria/Bulgarie 0  0 0 0 0 0 0         155,743 (45) (155,698) 0  - 
  Burkina Faso 0  0 0 0 0 0 0         24,084 - (24,084) 0  20,423  
  Burundi 666,623  333,159 19,935 21,315 23,070 24,084 1,088,186        24,084 - 0 24,084  - 
  Cambodia,Kingdom/Cambodge,Royaume 
du/Camboya,Reino           7,038 7,038         7,038 - 0 7,038    
  Cameroon/Cameroun/Camerún 0  0 0 0 7,611 41,662 49,273         41,746 (84) 0 41,662  - 
  Canada/Canadá 0  0 0 0 0 0 0         6,326,064 (10,806) (6,315,258) 0  - 
  Central African Republic/République 
centrafricaine/República Centroafricana 550,128  333,159 19,935 21,315 23,070 24,084 971,691        24,084 - 0 24,084  - 
  Chad/Tchad 813,684  305,967 19,935 21,315 23,070 24,084 1,208,055        24,084 - 0 24,084  - 
  Chile/Chili 0  0 0 0 0 157,829 157,829         499,342 (384) (341,129) 157,829  - 
  China, People's Republic of/Chine, 
République populaire de/ China, República Popular de   0 0 0 0 621,116 621,116         5,235,862 (7,687) (4,607,059) 621,116  - 
  Colombia/Colombie 0  0 0 0 0 308,678 308,678         351,626 (6) (42,942) 308,678  - 
  Congo 570,280  328,052 34,554 34,104 35,374 38,534 1,040,898        38,534 - 0 38,534  - 
  Costa Rica   0  0 0 0 0 18,238 18,238         162,165 (270) (143,657) 18,238  - 
  Côte d'Ivoire 0  0 13,553 96,610 96,894 101,153 308,210        101,153 - 0 101,153  - 
  Croatia/Croatie/Croacia   0 0 0 0 221,297 221,297         221,573 (276) 0 221,297  - 
  Cuba 0  0 0 0 0 0 0         102,758 (200) (102,558) 0  - 
  Cyprus/Chypre/Chipre 0  0 0 0 0 0 0         97,942 (150) (97,792) 0  - 
  Czech Republic/République 
tchèque/República Checa 0  0 0 0 0 0 0         818,856 (1,598) (817,258) 0  -  WT/BFA/W/128 
Page 38 STATEMENT OF OUTSTANDING CONTRIBUTIONS AS AT 31 DE CEMBER 2004/ ETAT DES ARRIERES DE CONTRIBUTIONS 
 AU 31 DECEMBRE 2004/ ESTADO DE CONTRIBUCIONES PENDIENTES AL 31 DE DICIEMBRE DE 2004 ADMINISTRATIVE MEASURES 
MESURES ADMINISTRATIVES 
MEDIDAS ADMINISTRATIVAS 
(see/voir/véase p. 6) 2004 
CURRENT YEAR SITUATION 
SITUATION DE L'ANNEE COURANTE 
SITUACIÓN DEL AÑO EN CURSO 2005 
 Swiss Francs/Francs suisse/Francos suizos CATEGORY/CATEGORIE/ 
CATEGORÍA Swiss Francs/Francs suisse/Francos suizos CHF 
   1969 1989             IV Assessment Interest Payments Outstanding Advance 
   1988  2000 2 001  2002  2 003  2004  TOTAL I II III Inactive/ Contribution Inté rêts Paiements Arriérés Avance 
 Members / Membres / Miembros                     Inactiva Contribución Intereses Pagos Pendiente Adelantado 
  Democratic Republic of the 
Congo/République démocratique du 
Congo/República Democrática del Congo 496,277  398,722 33,225 34,104 24,608 30,506 1,017,442        30,506 - 0 30,506  - 
  Denmark/Danemark/Dinamarca 0  0 0 0 0 0 0         1,531,742 (2,623) (1,529,119) 0  - 
  Djibouti 0  217,080 19,935 21,315 23,070 24,084 305,484        24,084 - 0 24,084  - 
  Dominica/Dominique 0  0 19,853 21,237 23,070 24,084 88,244        24,084 - - 24,084  - 
  Dominican Republic/République 
dominicaine/República Dominicana 673,388  7,961 159,480 177,625 196,864 200,700 1,416,018        200,700 - 0 200,700  - 
  Ecuador/Equateur 0  0 0 0 0 30,111 30,111         131,659 (201) (101,347) 30,111  - 
  Egypt/Egypte/Egipto 0  0 0 0 0 0 0         414,245 (784) (413,461) 0  - 
  El Salvador 0  0 0 0 0 2,158 2,158         96,336 (105) (94,073) 2,158  - 
  Estonia/Estonie/Estonia 0  0 0 0 0 0 0         102,758 (192) (102,566) 0  112,013  
  European Communities/Communautés 
européennes/ Comunidades Europeas  (a) 0  0 0 0 0 0 0         0       - 
  Fiji/Fidji 0  0 0 0 0 0 0         25,690 (41) (25,649) 0  - 
  Finland/Finlande/Finlandia 0  0 0 0 0 0 0         1,019,556 (1,982) (1,017,574) 0  - 
  Former Yugoslav Republic of 
Macedonia/Ex-République Yougoslave de Macédoine/Ex República Yugoslava De   
Macedonia 0  0 0 0 0 0 0         40,140 - (40,140) 0    
  France/Francia 0  0 0 0 0 0 0         8,368,387 (14,040) (8,354,347) 0  - 
  Gabon/Gabón 0  0 11,712 47,995 52,292 56,196 168,195        56,196 - 0 56,196  - 
  Gambia/Gambie 590,173  261,227 19,935 21,315 23,070 24,084 939,804        24,084 - 0 24,084  - 
  Georgia/Georgie   0 0 0 0 16,931 16,931         24,084 - (7,153) 16,931  - 
  Germany/Allemagne/Alemania 0  0 0 0 0 0 0         14,265,756 (14,961) (14,250,795) 0  - 
  Ghana 0  0 0 0 0 21,348 21,348         61,013 - (39,665) 21,348  - 
  Greece/Grèce/Grecia 0  0 0 0 0 0 0         656,690 (502) (656,188) 0  - 
  Grenada/Grenade/Granada 0  0 0 0 0 0 0         24,084 (42) (24,042) 0  - 
  Guatemala 0  0 0 0 0 0 0         101,153 (152) (101,001) 0  - 
  Guinea/Guinée 0  217,080 19,935 21,315 23,070 24,084 305,484        24,084 - 0 24,084  - 
  Guinea-Bissau/Guinée-Bissau 0  217,080 19,935 21,315 23,070 24,084 305,484        24,084 - 0 24,084  - 
  Guyana 0  0 0 0 1,560 24,084 25,644         24,084 - 0 24,084  - 
  Haiti/Haïti/Haití 0  0 0 0 22,928 24,082 47,010        24,084 (2) 0 24,082  - 
  Honduras 0  0 0 0 0 0 0         61,013 (97) (60,916) 0  18,431  
  Hong Kong, China/Hong Kong, Chine 0  0 0 0 0 0 0         5,131,498 (10,083) (5,121,415) 0  5,219,057  
  Hungary/Hongrie/Hungría 0  0 0 0 0 0 0         685,591 (528) (685,063) 0  - 
  Iceland/Islande/Islandia 0  0 0 0 0 0 0         69,041 (138) (68,903) 0  - 
  India/Inde 0  0 0 0 0 0 0         1,282,874 (786) (1,282,088) 0  - 
  Indonesia/Indonésie 0  0 0 0 0 0 0         1,302,142 (1,314) (1,300,828) 0  - 
  Ireland/Irlande/Irlanda 0  0 0 0 0 0 0         1,844,834 (3,571) (1,841,263) 0  2,083,075  
  Israel/Israël 0  0 0 0 0 0 0         903,953 (1,185) (902,768) 0  - 
  Italy/Italie/Italia 0  0 0 0 0 0 0         6,672,874 (9,676) (6,663,198) 0  - 
  Jamaica/Jamaïque 0  0 0 0 0 44,121 44,121         88,308 (66) (44,121) 44,121  - 
  Japan/Japon/Japón 0  0 0 0 0 0 0         10,266,206 (4,340) (10,261,866) 0  - 
  Jordan/Jordanie/Jordania 0  0 0 0 0 0 0         102,758 (98) (102,660) 0  -   WT/BFA/W/128
 Page 39STATEMENT OF OUTSTANDING CONTRIBUTIONS AS AT 31 DE CEMBER 2004/ ETAT DES ARRIERES DE CONTRIBUTIONS 
 AU 31 DECEMBRE 2004/ ESTADO DE CONTRIBUCIONES PENDIENTES AL 31 DE DICIEMBRE DE 2004 ADMINISTRATIVE MEASURES 
MESURES ADMINISTRATIVES 
MEDIDAS ADMINISTRATIVAS 
(see/voir/véase p. 6) 2004 
CURRENT YEAR SITUATION 
SITUATION DE L'ANNEE COURANTE 
SITUACIÓN DEL AÑO EN CURSO 2005 
 Swiss Francs/Francs suisse/Francos suizos CATEGORY/CATEGORIE/ 
CATEGORÍA Swiss Francs/Francs suisse/Francos suizos CHF 
   1969 1989             IV Assessment Interest Payments Outstanding Advance 
   1988  2000 2 001  2002  2 003  2004  TOTAL I II III Inactive/ Contribution Inté rêts Paiements Arriérés Avance 
 Members / Membres / Miembros                     Inactiva Contribución Intereses Pagos Pendiente Adelantado 
  Kenya 0  0 0 0 0 0 0         72,252 (109) (72,143) 0  96  
  Korea, Republic of/Corée, République de/  
Corea, República de  0  0 0 0 0 0 0         3,877,524 (6,582) (3,870,942) 0  - 
  Kuwait/Koweït 0  0 0 0 0 314,698 314,698         314,698 - 0 314,698  - 
  Kyrgyz Republic/République 
kirghize/República Kirguisa 0  0 0 0 0 10,162 10,162         24,084 - (13,922) 10,162  - 
  Latvia/Lettonie/Letonia 0  0 0 0 0 0 0         80,280 (147) (80,133) 0  - 
  Lesotho 0  0 0 0 0 0 0         24,084 - (24,084) 0  - 
  Liechtenstein 0  0 0 0 0 0 0         40,140 (83) (40,057) 0  - 
  Lithuania/Lituania   0 0 0 0 0 0         130,054 (206) (129,848) 0    
  Luxembourg/Luxemburgo 0  0 0 0 0 0 0         550,721 (856) (549,865) 0  - 
  Macao, China/Macao, Chine 0  0 0 0 0 0 0         102,758 (178) (102,580) 0  - 
  Madagascar 0  0 0 0 0 8,383 8,383         24,084 (44) (15,657) 8,383    
  Malawi 2,755  121,140 19,935 21,315 23,070 24,084 212,299       1  24,084 - 0 24,084  - 
  Malaysia/Malaisie/Malasia 0  0 0 0 0 0 0         2,090,491 (3,707) (2,086,784) 0  - 
  Maldives/Maldivas 0  0 0 0 0 0 0         24,084 (15) (24,069) 0  - 
  Mali/Malí 0  0 0 0 0 0 0         24,084 - (24,084) 0  1,040  
  Malta/Malte 0  0 0 0 0 0 0         75,463 (140) (75,323) 0  - 
  Mauritania/Mauritanie 708,847  333,159 19,935 21,315 23,070 24,084 1,130,410        24,084 - 0 24,084  - 
  Mauritius/Maurice/Mauricio 0  0 0 0 0 0 0         62,618 (121) (62,497) 0  - 
  Mexico/Mexique/México 0  0 0 0 0 0 0         3,582,094 (1,760) (3,580,334) 0  - 
  Moldova/Moldova   0 0 0 0 0 0         24,084 (4,864) (19,220) 0    
  Mongolia/Mongolie 0  0 0 0 0 0 0         24,084 (29) (24,055) 0  25,090  
  Morocco/Maroc/Marruecos 0  0 0 0 0 0 0         248,868 (253) (248,615) 0  763  
  Mozambique 0  0 0 0 0 18,990 18,990         24,084 (4) (5,090) 18,990  - 
  Myanmar, Union of/Myanmar, Union du/ 
  Myanmar, Unión de 0  0 0 0 0 0 0         52,985 (69) (52,916) 0  - 
  Namibia/Namibie 0  0 0 0 0 0 0         43,351 (47) (43,304) 0  - 
  Nepal, Kingdom of /Népal, Royaume du 
/Nepal, Reino de            0 0         22,258   (22,258) 0    
  Netherlands, Kingdom of/Pays-Bas, 
Royaume des/Países Bajos, Reino de los 0  0 0 0 0 0 0         5,494,363 (6,589) (5,487,774) 0  - 
  New Zealand/Nouvelle-Zélande/Nueva 
Zelandia 0  0 0 0 0 0 0         401,400 (736) (400,664) 0  - 
  Nicaragua 0  0 0 0 0 0 0         30,506 (63) (30,443) 0  41,695  
  Niger/Níger 342,864  300,845 19,935 21,315 23,070 24,084 732,113        24,084 - 0 24,084  - 
  Nigeria/Nigéria 0  0 234,616 289,884 291,941 306,670 1,123,111        306,670 - 0 306,670  - 
  Norway/Norvège/Noruega 0  0 0 0 0 0 0         1,372,788 (2,369) (1,370,419) 0  - 
  Oman/Oman/Omán   0 0 0 0 0 0         178,222 (239) (177,983) 0  - 
  Pakistan/Pakistán 0  0 0 0 0 0 0         252,079 (212) (251,867) 0  - 
  Panama/Panamá 0  0 0 0 7,992 184,416 192,408         184,644 (228) 0 184,416  - 
  Papua New Guinea/Papouasie-Nouvelle-
Guinée/Papua Nueva Guinea 0  0 0 0 0 0 0         48,168 (63) (48,105) 0  3,553  
  Paraguay 0  0 20,798 90,944 79,711 81,886 273,339        81,886 - 0 81,886  - 
  Peru/Pérou/Perú 0  0 108,417 194,180 193,759 208,728 705,084        208,728 - 0 208,728  - 
 WT/BFA/W/128 
Page 40 STATEMENT OF OUTSTANDING CONTRIBUTIONS AS AT 31 DE CEMBER 2004/ ETAT DES ARRIERES DE CONTRIBUTIONS 
 AU 31 DECEMBRE 2004/ ESTADO DE CONTRIBUCIONES PENDIENTES AL 31 DE DICIEMBRE DE 2004 ADMINISTRATIVE MEASURES 
MESURES ADMINISTRATIVES 
MEDIDAS ADMINISTRATIVAS 
(see/voir/véase p. 6) 2004 
CURRENT YEAR SITUATION 
SITUATION DE L'ANNEE COURANTE 
SITUACIÓN DEL AÑO EN CURSO 2005 
 Swiss Francs/Francs suisse/Francos suizos CATEGORY/CATEGORIE/ 
CATEGORÍA Swiss Francs/Francs suisse/Francos suizos CHF 
   1969 1989             IV Assessment Interest Payments Outstanding Advance 
   1988  2000 2 001  2002  2 003  2004  TOTAL I II III Inactive/ Contribution Inté rêts Paiements Arriérés Avance 
 Members / Membres / Miembros                     Inactiva Contribución Intereses Pagos Pendiente Adelantado 
  Philippines/Filipinas 0  0 0 0 710,290 902,343 1,612,633         902,347 (4) 0 902,343  - 
  Poland/Pologne/Polonia 0  0 0 0 0 0 0         1,125,526 (1,820) (1,123,706) 0  - 
  Portugal 0  0 0 0 0 0 0         910,375 (472) (909,903) 0  - 
  Qatar 0  0 0 0 0 0 0         112,392 - (112,392) 0  - 
  Romania/Roumanie/Rumania 0  0 0 0 0 0 0         282,586 (492) (282,094) 0  - 
  Rwanda 0  238,046 19,935 21,315 23,070 24,084 326,450        24,084 - 0 24,084  - 
  Saint Kitts and Nevis/Saint-Kitts-et-
Nevis/   Saint Kitts y Nevis 0  0 0 0 0 0 0         24,084 (41) (24,043) 0  - 
  Saint Lucia/Sainte-Lucie/Santa Lucía 0  0 0 0 0 0 0         24,084 (26) (24,058) 0  26 
  St. Vincent and the Grenadines/Saint-
Vincent-et-les Grenadines/San Vicente y 
las Granadinas   0  0 0 0 0 847 847         24,084 (26) (23,211) 847  - 
  Senegal/Sénégal 0  0 0 0 0 0 0         35,323 (72) (35,251) 0  24,703 
  Sierra Leone/Sierra Leona 720,128  333,159 19,935 21,315 23,070 24,084 1,141,691        24,084 - 0 24,084  - 
  Singapore/Singapour/Singapur 0  0 0 0 0 0 0         3,246,523 (3,587) (3,242,936) 0  - 
  Slovak Republic/Républ ique slovaque/ 
  República Eslovaca 0  0 0 0 0 0 0         306,670 (504) (306,166) 0  - 
  Slovenia/Slovénie/Eslovenia 0  0 0 0 0 0 0         255,290 (467) (254,823) 0  - 
  Solomon Islands/Il es Salomon/Islas 
Salomón 0  18,990 19,854 21,315 23,070 24,084 107,313        24,084 - 0 24,084  - 
  South Africa/Afrique du Sud/Sudáfrica 0  0 0 0 0 0 0         783,533 (279) (783,254) 0  - 
  Spain/Espagne/España 0  0 0 0 0 0 0         3,871,102 (3,218) (3,867,884) 0  - 
  Sri Lanka 0  0 0 0 0 58,644 58,644         149,321 (100) (90,577) 58,644  - 
  Suriname 0  9,050 19,935 21,315 23,070 24,084 97,454        24,084 - 0 24,084  - 
  Swaziland/Swazilandia 0  0 0 0 0 0 0         25,690 (54) (25,636) 0  - 
  Sweden/Suède/Suecia 0  0 0 0 0 0 0         2,243,023 (4,502) (2,238,521) 0  - 
  Switzerland/Suisse/Suiza 0  0 0 0 0 0 0         2,348,993 (4,314) (2,344,679) 0  - 
  Chinese Taipei/Taipei Chinois/Taipei 
Chino   0   0 0 0 0         3,211,200 (635) (3,210,565) 0   
  Tanzania/Tanzanie/Tanzanía 437,059  0 26,707 35,525 36,912 38,534 574,737        38,534 - 0 38,534  - 
  Thailand/Thaïlande/Tailandia 0  0 0 0 0 0 0         1,591,150 (2,919) (1,588,231) 0  1,625,225 
  Togo 111,427  291,528 19,935 21,315 23,070 24,084 491,359        24,084 - 0 24,084  - 
  Trinidad and Tobago/Trinité-et-Tobago/ 
  Trinidad y Tabago 0  0 0 0 0 0 0         64,224 (47) (64,177) 0  - 
  Tunisia/Tunisie/Túnez 0  0 0 0 0 16,922 16,922         207,122 (353) (189,847) 16,922  - 
  Turkey/Turquie/Turquía 0  0 0 0 0 0 0         1,188,144 (770) (1,187,374) 0  - 
  Uganda/Ouganda 0  0 0 0 0 22,467 22,467         27,295 (8) (4,820) 22,467  - 
  United Arab Emirates/Emirats arabes 
unis/ 
    Emiratos Árabes Unidos 0  0 0 0 0 839,051 839,051         839,729 (678) 0 839,051  - 
  United Kingdom of Great Britain and 
Northern Ireland/Royaume-Uni de Grande-Bretagne et d'Irlande du Nord/Reino Unido de Gran Bretaña e 
Irlanda del Norte 0  0 0 0 0 0 0         9,134,258 (17,630) (9,116,628) 0  -   WT/BFA/W/128
 Page 41STATEMENT OF OUTSTANDING CONTRIBUTIONS AS AT 31 DE CEMBER 2004/ ETAT DES ARRIERES DE CONTRIBUTIONS 
 AU 31 DECEMBRE 2004/ ESTADO DE CONTRIBUCIONES PENDIENTES AL 31 DE DICIEMBRE DE 2004 ADMINISTRATIVE MEASURES 
MESURES ADMINISTRATIVES 
MEDIDAS ADMINISTRATIVAS 
(see/voir/véase p. 6) 2004 
CURRENT YEAR SITUATION 
SITUATION DE L'ANNEE COURANTE 
SITUACIÓN DEL AÑO EN CURSO 2005 
 Swiss Francs/Francs suisse/Francos suizos CATEGORY/CATEGORIE/ 
CATEGORÍA Swiss Francs/Francs suisse/Francos suizos CHF 
   1969 1989             IV Assessment Interest Payments Outstanding Advance 
   1988  2000 2 001  2002  2 003  2004  TOTAL I II III Inactive/ Contribution Inté rêts Paiements Arriérés Avance 
 Members / Membres / Miembros                     Inactiva Contribución Intereses Pagos Pendiente Adelantado 
  United States of America/Etats-Unis 
d'Amérique/  Estados Unidos de América 0  0 0 0 0 5,418,690 5,418,690         25,264,116 (4,725) (19,840,701) 5,418,690  - 
  Uruguay 0  0 0 0 0 91,518 91,518         91,519 (1) 0 91,518  - 
  Venezuela 0  0 0 0 0 522,728 522,728         523,426 - (698) 522,728  - 
  Zambia/Zambie 0  51,734 29,238 29,841 23,070 25,690 159,573        25,690 - 0 25,690  - 
  Zimbabwe 0  0 0 0 0 69 69         70,646 (69) (70,508) 69  - 
  Sub-Total/Total partiel/Total parcial 6,802,764  4,650,297  1,011,032  1,393,089  2,782,551  13,835,299  30,475,032  1  0 6 21  160,589,296  (181,224) (146,572,773) 13,835,299  9,175,190  
Former Contracting Parties to GATT 1947 which are not WTO Members/ Anciennes parties contractantes au GATT de 1947 qui ne sont p as Membres de l'OMC/Antiguas Partes Contratantes del GATT de 1947 que no son Miembros de la OMC 
 
Yugoslavia/Yougoslavie 0  830,439 -       830,439                 - 
Sub-Total/Total partiel/Total parcial 0  830,439 0       830,439 0  0 0 0 0 0 0 0  0  
                 
 
  GRAND TOTAL / TOTAL GENERAL 6,802,764  5,480,736 1,011,032 1,393,089 2,782,551 13,835,299 31,305,471 1  0 6 21 160,589,296 (1 81,224) (146,572,773) 13,835,299  9,175,190  
 
 
2004: Summary /Résumé /Resumen       
                  
                  
       C H F    %  
Contributions assessed on Members            
Contributions mises à la charge des Membres      160,560,000     
Contribuciones señaladas a los Miembros                
(1) New Members                 
(1) Nouveaux Membres       29,296     
(1) Nuevos Miembros             160,589,296   
Less interest returned          
Moins intérêts ristournés    (181,224)     
Menos intereses devengados                
Less payments for 2004                 
Moins paiements pour l'année 2004           (146,572,773)      
Menos montos pagados para 2004             (146,753,997)  91.38%  
2004 Contributions outstanding         
Arriérés pour 2004          
Contribuciones pendientes para 2004     13,835,299 8.62%  
           100.00%  
                 
(1) Nepal, Kingdom of           22,258  
      Cambodia, Kingdom of           7,038  
                  
                29,296  
                  WT/BFA/W/128 
Page 42  
 
SCHEDULE C 
 
Observers Statement of Outstanding Contributions
 
As at 31 December 2004  
(in Swiss Francs ) 
 
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Total Advance/
OBSERVER  GOVERNMENTS / Avances/
GOBIERNOS OBSERVADORES Anticipos para
2005
Afghanistan 1,254 1,254
Algeria /Algérie /Argelia 0000 0000000
Andorra /Andorre /Andorra 0000 0000000
Azerbaijan /Azerbaïdjan /Azerbaiyán 0000 0 0 0 0 0 15,118 15,118
Bahamas / Bahamas / Bahamas 0000 0000000 7 , 9 7 0
Belarus /Bélarus / Belarús 0000 0000000
Bhutan /Bhoutan /Bhután 0000 0000000
Bosnia and Herzegovina /
Bosnie-Herzégovine /
Bosnia y Herzegovina 0000000
Cap Verde /Cap-Vert /Cabo Verde 0000 0 12,953 19,935 21,315 23,070 24,084 101,357
Equatorial Guinea 0000 0 0 0 13,607 23,070 24,084 60,761
Ethiopia /Éthiopie /Etiopía 0000 0000000
Holy See /Saint-Siège /Santa Sede 0000 0000000
Iraq 0000 0 0 0 0 0 21,445 21,445
Kazakhstan /Kazakhstan /Kazajstán 0000 0 0 0 0 2,822 2,822
Lao People's Democratic Republic /
République démocratique populaire lao / 00
República Democrática Popular Lao 0000 0000000
Lebanon /Liban /Líbano 0000 0 0 0 0 0 24,084 24,084
Libyan Arab Jamahiriya/
Jamahiriya Arabe Libyenne/
Jamahiriya Arabe Libia* 0000 0 0 0 0 0 10,425 10,425
Russian Federation /
Fédération de Russie /
Federación de Rusia 0000 0000000
Samoa /Samoa /Samoa 0000 0000000
Sao Tome And Principe /
Sao Tomé-et-Principe /
Santo Tomé y Príncipe 0000 0 0 17,860 21,315 23,070 24,084 86,329
Saudi Arabia /Arabie Saoudite /
Arabia Saudita 0000 0000000
Serbia and Montenegro/
Serbie-et-Monténégro/
Serbia y Montenegro 0 0 0 24,084 24,084
Seychelles /Seychelles /Seychelles 17,160 18,165 18,990 19,935 21,315 23,070 24,084 142,719
Sudan /Soudan /Sudán 0 0 4,152 17,160 18,165 18,990 19,935 21,315 23,070 24,084 146,871
Tajikistan /Tadjikistan /Tayikistán 0000 0000000 8 9 0
Tonga /Tonga /Tonga 0000 0000000
Ukraine /Ukraine /Ucrania 0000 0000000
Uzbekistan /Ouzbékistan /Uzbekistán 0000 0000000
Vanuatu /Vanuatu /Vanuatu 15,660 16,995 17,130 17,160 18,165 18,990 19,935 21,315 23,070 24,084 192,504
Viet Nam /Viet Nam /Viet Nam 00000
Yemen /Yémen /Yemen 0000 0000000
TOTAL 15,660 16,995 21,282 51, 480 54,495 69,923 97,600 120,182 138, 420 243,736 829,773 8,860   WT/BFA/W/128 
 Page 43 
 
 
 
SCHEDULE D  
 
 Deposit account with: Amount Interest Rate % Maturity Date
UBS SA, Geneva 400,000 2.27 10 January 2005
TOTAL IN USD 400,0001/
1/ USD 400,000 at 1.14 = CHF 456,000
(signed)INVESTMENTS HELD ON 31 DECEMBER 2004
(in USD)
Robert Luther(signed)
Director
Administration and General Services DivisionSupachai Panitchpakdi
Director-GeneralWT/BFA/W/128 
Page 44  
 
 
SCHEDULE E 
INVESTMENTS HELD ON 31 DECEMBER 2004
 
(in EUR) 
                              
Deposit account with:
 Amount Interest Rate %   Maturity Date  
      
        UBS SA, Geneva  1,000,000 2.06  21 January 2005       UBS SA, Geneva  500,000 2.07  21 January 2005                  TOTAL IN EUR 1,500,000
1/    
                
        
1/ EUR 1,500,000 at 1.512 = CHF 2,268,000     
                                                         
(signed)     (signed)   
     ______________________________ 
Supachai Panitchpakdi  Robert Luther 
Director-General  Director 
    Administration and General Services Division 
  WT/BFA/W/128 
 Page 45 
 
 
 
SCHEDULE F 
INVESTMENTS HELD ON 31 DECEMBER 2004  
(in GBP) 
                              
Deposit account with:
 Amount Interest Rate %   Maturity Date  
      
        UBS SA, Geneva  500,000 4.70  21 January 2005                  TOTAL IN GBP 500,000
1/    
                                
1/ GBP 500,000 at 2.151 = CHF 1,075,500     
                                                         
(signed)     (signed)   
     ______________________________ 
Supachai Panitchpakdi  Robert Luther 
Director-General  Director 
    Administration and General Services Division 
 WT/BFA/W/128 
Page 46  
 
 
SCHEDULE G 
INVESTMENTS HELD ON 31 DECEMBER 2004
 
WORKING CAPITAL FUND  
(in CHF) 
                    
Deposit account with:
 Amount Interest Rate %  Maturity Date  
     
        UBS SA, Geneva  8,800,000 0.57 21 January 2005                              TOTAL IN CHF  8,800,000
  
                                           
(signed)    (signed)  
    ________________________________  
Supachai Panitchpakdi  Robert Luther 
Director-General  Director 
    Administration and General Services Division 
 
    
 
     
 
    
  WT/BFA/W/128 
 Page 47 
 
 
SCHEDULE H 
INVESTMENTS HELD ON 31 DECEMBER 2004  
WTO ANNEX BUILDING  
(in CHF) 
                              
Deposit account with:
 Amount Interest Rate %   Maturity Date  
      
        UBS SA, Geneva  1,000,000 0.55  10 January 2005                  TOTAL IN CHF 1,000,000
    
                                                                         
(signed)     (signed)   
     ______________________________ 
Supachai Panitchpakdi  Robert Luther 
Director-General  Director 
    Administration and General Services Division 
 
 
 WT/BFA/W/128 
Page 48  
 
ANNEX 
 
STATEMENT OF SIGNIFICAN T ACCOUNTING POLICIES 
 
 
1. Following decisions by the World Trade Organization, the accounts of WTO were maintained 
in accordance with the Financial Regulations and Rules of the WTO, as adopted by the General 
Council (WT/GC/M/8). 
2. The accounts are maintained on a fund basis.  A General Fund and a Working Capital Fund, 
supplemented when appropriate by Trust Funds , have been established in accordance with 
Chapters V, VI and VII of the Fi nancial Regulations of the WTO. 
3. The financial period consists of one calendar year. 
4. The accounts are maintained and contributions are assessed in Swiss francs.  Assets or 
liabilities in other currencies are converted to Swi ss francs at the official United Nations rate of 
exchange at the date of the transaction. 
5. Gains or losses on exchange are added to or deducted from miscellaneous income. 
6. Income, including contributions assessed on WTO Members, and expenditure are accounted 
for on an accrual basis. 
7. Any achieved surplus for the financial year is at  the disposal of the Members of World Trade 
Organization. 
8. Provisions are made for the entire amount of contributions receivable from Members of 
World Trade Organization and for losses and returns in  respect of publications sales.  A reserve is 
maintained for all outstanding obligations at the end of the financial year. 
9. Fixed assets purchased during the financial year are charged to the budget at the time of 
purchase.  The value at cost of items still held in inventory is recorded in a note on the Statement of 
Assets and Liabilities. 
 
    
  
(signed)   (signed)  
  _______________________  ______________________  
  Supachai Panitchpakdi Robert Luther   Director-General Director 
   Administration and General Services Division 
 
 
__________