The Central Bank has adopted International Accounting Standards in a bid to improve transparency and governance in the institution. The move is part of a larger donor funded plan to modernize Central Bank operations.
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The Central Bank, which holds and manages the countrys official reserves, has been preparing its Annual Accounts to meet requirements of three Statutes.rn
rnLocal Accounting Standards were being followed while the Monetary Law Act and Compliance Audit by the Auditor General were also part of the process. rn
rnDespite all this, there were shortcomings. rn
rnFor instance, some of the reporting was on a cash basis and not on an accruals basis due to provisions in the Monetary Law Act. rn
rnIn addition to correcting these obvious problems the new financial statements are now easily comparable.rn
rnldblquote We were keeping our accounts more on the cash basis; not on the accrual basis. This is not internationally acceptable. Many banks are moving towards IAS,
dblquote Ran