New management, accounting norms issued for Vatican offices

November 06, 2014

The Vatican’s Secretariat for the Economy has released a handbook for financial management, which will be applied to all Vatican offices beginning on January 1, 2015.

The new rules are designed to “provide a clear framework of accountability for all those entrusted with the resources of the Church,” explained Cardinal George Pell, the head of the secretariat. The new rules were approved by the Council for the Economy and by Pope Francis.

Cardinal Pell said that the new handbook “brings financial management practices in line with international standards and will help all Entities and Administrations of the Holy See and the Vatican City State prepare financial reports in a consistent and transparent manner.” The new rules, imposing standard accounting and management procedures throughout the Vatican, is part of a concerted effort by Pope Francis to eliminate the potential for scandal and to ensure accountability for Vatican officials. The creation of the new secretariat, and the appointment of Cardinal Pell as its head, were among the first and most important moves by Pope Francis to bring structural reform to the Vatican.

In a sign of its central importance in the new structure of the Vatican, the Secretariat for the Economy has moved its offices from a building in the Vatican Gardens to the apostolic palace, where it now occupies room alongside the Secretariat of State.

 

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Further information:

• Vatican: Secretariat for Economy launches new financial management polices (Vatican Radio)
• Pope centralizes management of the papacy's finances (Italy24)