Guidance for Monetary Authorities on the recommended practice in accounting for monetary gold

After receiving several queries from central banks seeking assistance on this issue, the World Gold Council commissioned this Guidance, providing a common accounting framework for monetary gold.

  • As monetary gold is held for similar reasons among all central banks, it seems appropriate for there to be a single method for the accounting and reporting of this asset by central banks.
  • Current general purpose financial reporting frameworks lack appropriate guidance on accounting for monetary gold.
  • An earlier World Gold Council study identified seven different general approaches currently used, making comparability difficult, while weakening the central banks’ accountability framework.
  • The adoption of this Guidance will help monetary authorities recognise and account for monetary gold in an appropriate and consistent manner, while also enhancing financial statement comparability and accountability.