FIFA has tightened its financial accounting standards in its $800 million development budget as part of its transparency and anti-corruption reforms. FIFA says new rules were agreed to this week and will apply to its 209 member associations and six confederations from 1 July. The reforms were overseen by Domenico Scala, independent chairman of its Audit and Compliance Committee. Members must supply FIFA with detailed accounts, and have them audited in Zurich every five years, to be eligible for development funds. FIFA will allocate $800 million in a four-year financial cycle tied to the 2014 World Cup. Members must now seek at least three tendering offers for $50,000-plus project expenses. FIFA had long been criticized for not scrutinizing how grants of $400 000-500 000 were allocated and spent in its Goal development program. (For more sports news and updates, follow Ahram Online Sports on Twitter at@AO Sportsand on Facebook atAhramOnlineSports)
