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Abstract
The range of basic central bank accounting reforms adopted by the Baltics, Russia, and other countries of the former Soviet Union underscores the importance of reliable financial information in the effective conduct of market-based monetary and exchange market operations. With recent efforts by Azerbaijan, Kyrgyz Republic, and Ukraine, 11 central banks have introduced accounting systems that are broadly consistent with International Accounting Standards (IAS). Together with the information needed in a market economy, these systems promise to provide central bank managers with the financial information needed to inform policy deliberations as well as public financial statements. In nearly all of these cases, the reliability of the financial information produced by these new systems has also been subjected to varying degrees of independent assessment by internationally qualified external auditors. As part of the new accounting systems, the internal controls used by central banks to maintain the integrity of accounting information have been improved. Table 6.1 summarizes accounting reforms for each country during 1992-97.
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