The resolution transferred the authority to authorize expenditures from Iraq's oil revenue from the United Nations to a Development Fund for Iraq, controlled by the Coalition Provisional Authority, on 23 May 2003. It also created an international body to monitor the Coalition's expenditures from Iraq's oil revenue, the International Advisory and Monitoring Board (IAMB). The Coalition's authority to expend Iraq's oil revenue was conditional. The Coalition was only authorized to expend those funds for the benefit of the Iraqi people. Those expenditures were only authorized if they were made in an open and transparent manner. The Coalition was only authorized to expend funds so long as they cooperated in the IAMB's oversight of those expenditures, and the Coalition was charged with the obligation to make those expenditures with meaningful Iraqi input.