Is the pursuit of a common accounting standard for monetary gold a fool’s errand?

More consistency could address transparency and independence concern

The development and implementation of a global accounting standard, particularly in relation to foreign exchange (forex) reserves, is a major challenge for central banks. This is especially the case for the accounting treatment of monetary gold. International standards define this as a commodity, which most central banks find inappropriate. Current treatment among central banks can assume gold to be a commodity, currency or financial asset, and valuations can be made at historical cost or market

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