Accountancy’s golden puzzle

Many central banks still hold significant quantities of gold. There is growing pressure on central banks to provide accountability and transparency in their financial reporting, with a particular emphasis on International Financial Reporting Standards (IFRS or IAS). However IFRS is written primarily for commercial entities, and its application to central banks is not straightforward.

This paper sets out to explore the question of how central banks might account for stocks of gold bullion. The

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Will Asia play the gold card?

If Asian countries decide to sell their dollars and buy gold, the impact on the global financial system could be as dramatic as the collapse of the Bretton Woods fixed exchange rate system in 1971.

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