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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