54. Must reports from political parties and/or candidates include information on itemized spending?

Political parties:

Article 15 - Rules on the financial accounts of political parties - National Audit Office (2007).

Candidates:

According to a standardised draft form being prepared by the National Audit Office, a candidate’s financial report is to include the following elements: (i) Endorsement of the financial statements (sworn statement of the candidate referring to the veracity of the income and expenditure declared) (ii) Auditor’s report (iii) Income statement specifying the campaign period, including: (a) Information on income: donations on legal persons (including name of legal person, nature and amount of donation); donations from individuals, local governments, candidates own contribution, contributions from the political party (including nature and amount of donation); and other income. (b) Information on expenditure: campaign office, advertising and promotional expenses, meeting and travelling expenses, other operational expenditure, other expenditure. (iv) Balance sheet (assets and liabilities) (v) Notes on donations received from legal persons (including name of legal person, nature and amount of donation) and from individuals, local governments, candidates own contribution, contributions from the political party (overall totals including nature and amount of donation). Moreover, when there is substantial surplus or deficit of the campaign, the notes should also contain details on what will be done with the surplus or who will be paying for the deficit of the campaign. In addition, the notes are to provide explanations concerning liabilities (identity of the lender, the amount of the borrowing and the lending terms).

GRECO (2008), Evaluation Report on Iceland - Transparency of Party Funding (Theme II), p.9 and 10.