The IMF and World Bank have endorsed internationally recognized standards and codes in 11 areas as important for their work and for which Reports on the Observance of Standards and Codes (ROSCs) are prepared. Standards in the areas of data, fiscal transparency, and monetary and financial policy transparency have been developed by the Fund while others have been developed by other standard setting bodies including the World Bank and the Basel Committee on Banking Supervision.

ROSCs are prepared and published at the request of the member country by the IMF and/or World Bank in each of the 11 areas. ROSCs covering financial sector standards are usually prepared in the context of the Financial Sector Assessment Program. In some cases, detailed assessments of countries' observance of standards are also published.

An update on the Fund's Standards initiative is given in Quarterly Reports on the Assessments of Standards and Codes.