Learning to live with IFRS

For central banks, the significant consequences of adopting International Financial Reporting Standards FRS are two-fold. First, they are likely to experience increased volatility in reported income as revaluation gains and losses on both unhedged foreign exchange and financial instruments are recognised in the profit and loss statements as required under the standards IAS 21 for foreign exchange and IAS 39 for financial instruments. These issues require specific provisions in a central bank's

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