There are no binding global standards for central bank financial reporting and for policy or historical reasons many do not prepare their financial statements in accordance with IFRS or the local GAAP, but under their own unique rules.
KPMG firms' professionals have performed a comparative study focusing on the annual reports of 13 central banks from around the globe. The resulting report ‘Central bank accountability and transparency – A comparative study of central bank financial reporting practices’ sets out the commonalities and variations identified. We believe the study is unique in its breadth and depth of coverage. The results of the study are presented in a readable form, which we hope will be of interest not only to the preparers, auditors and users of central bank financial statements, but also to a wider audience in the central banking community.
The report also contains an essay by International Monetary Fund (IMF) staff on trends in financial safeguard frameworks of central banks.