Book description
Financial reporting issues have traditionally been brushed under the carpet in central banks. Today’s required levels of accountability and transparency mean this is no longer possible. How far can and should central banks adopt commercial standards for financial reporting?
To answer this question, Accounting Standards for Central Banks brings together in one book contributions from leading international experts. Key sections explore critical issues such as profit distribution, foreign reserve accounting and the practicalities of adopting international accounting standards.
An exhaustive survey of best practice in over 40 central banks and original case studies, illustrate how leading central banks are in fact tackling these challenges. Accounting Standards for Central Banks addresses the following issues:
How far can central banks follow international accounting standards?
How should central bank profits be measured and distributed?
What are the implications of IMF standards for central bank transparency?
What should central banks disclose about their reserve asset portfolios?
Groundbreaking survey
Accounting standards for central banks boasts a groundbreaking survey of current central bank accounting practices. Importantly, this reveals a convergence of accounting practices among the world’s central banks. The survey also highlights trends in:
- profit distribution;
- transparency;
- recapitalisation; and
- audit practices.
Benchmark for central banks
In addition, the book examines current practice in some of the world’s leading central banks and thus offers a benchmark against which central banks can measure themselves. Other key issues explored in this volume include:
- the role of external auditors;
- financial reporting as a management information tool;
- internal audit and control environment;
- case studies of financial reporting in the Eurosystem, Reserve Bank of New Zealand, Bank of Russia and others;
- IMF safeguards assessment initiative;
- compliance with the IMF’s Special Data Dissemination Standard; and
- financial risk management.
Book details
- ISBN
- 9781902182247
- Publish date
- 8 Jun 2009
- Format
- Size
- 170mm x 245mm
Editor biography
Neil Courtis and Benedict Mander
Neil Courtis was editor of The Financial Regulator journal from 1999 to 2006.
Benedict Mander was a staff writer at Central Banking Publications and is now based in Buenos Aires where he writes for the Financial Times.
Table of contents
http://www.centralbanking.co.uk/publications/books/contents/asfcbcontents.pdf
About the authors
Glossary
Introduction
Neil Courtis and Jeremy Foster
Survey of central bank accounting practices
Joshua Kurtzig and Benedict Mander
Financial reporting for management and stakeholders
John Mendzela
Profits, dividends and capital - considerations for central banks
Kenneth Sullivan
Reporting reserves - a market view
Lionel Price
The IMF safeguards assessment policy
Thanos Catsambas and Chris Hemus
Convergence of international accounting standards
Sir Bryan Carsberg
Comparison of key standards (IFRS, US GAAP, Eurosystem) with reference to central banks
Liliana Thornton
Financial reporting in the Eurosystem
Niall Merriman
Financial reporting at the Reserve Bank of New Zealand
Richard Perry
Financial reporting at the Czech National Bank
Jana Bacova and Miloslav Lorenc
Internal audit in the central banking community
Michèle Caparello
Accounting for reserves
John Nugée
Accounting for financial instruments
Andrew Hawkins
No plain sailing to International Accounting Standards
Tatiana Paramonova
International data dissemination standards
Carol S. Carson and Paul Austin
An accountancy standard for monetary authorities
Steve H. Hanke and Matt Sekerke
Appendix 1:
Questionnaire for survey of central bank accounting practices in Chapter 1
Appendix 2:
Coping with accounting standards and central bank transparency
Joshua Kurtzig
Appendix 3:
Central bank use of contingent liabilities
Mario Blejer and Liliana Schumacher
Appendix 4:
Extracts from central bank annual reports and websites detailing accounting policies
Appendix 5:
List of IAS
Appendix 6:
ECB accounting rules
Appendix 7:
IMF code of good practices: central bank accounting
and governance
