Section III of the revised UNFIP financial manual provides that, for ongoing projects, implementing partners be required to submit unaudited financial utilization reports covering a six-month period (semestral) replacing the quarterly utilization reports, certified or audited annual financial statements and report expenditure continuously until all obligations are cancelled or liquidated.

Section III of the revised UNFIP financial manual provides that, for ongoing projects, implementing partners submit (albeit unaudited) financial utilization reports covering a six-month period (i.e., semestral) and, continuously, certified or audited annual financial statements and expenditure reports until all obligations are cancelled or liquidated.

An agreement was reached during a meeting on 24 July 2002 of focal points of the United Nations Foundation, implementing partners and UNFIP, favouring the submission of the semi-annual or semestral utilization reports every 15 August for the cumulative period ending 30 June, and every 15 February for the cumulative period ending 31 December.