Financial Reporting, Accountability and Independence in Central Banking


01 - 01 Jan, 1970


To Be Determined;

Why Attend?

Central bank balance sheets are in flux. Externally, the dislocation of the Covid pandemic has been followed by the global inflationary surge and, in 2022, the strains of the Russia-Ukraine conflict. Internally, central banks are changing. The use of technology grows rapidly, notably with central bank digital currencies (CBDC). Central banks increasingly embrace environmental, social and governance (ESG) issues, in all aspects of policy and operations.

This era of change will place new demands on financial resources, expose the institution to new risks, and create new expectations among stakeholders.

For those charged with overseeing their central bank’s balance sheet, the impact will be felt for years to come.


course-obj_img Course Objectives

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    By the end of the course, participants will be able to:

    • Analyse the impact of the pandemic on central bank balance sheets
    • Understand the implications of CBDC and ESG for financial reporting
    • Gain insights into how the central bank and sovereign risk profiles are changing
    • Understand how to tackle the financial reporting challenges of a multi-mandate environment
    • Assess the impact of recent changes in accounting standards and practices

course-obj_img Target Audience

This course is designed to equip central bankers to meet these challenges. Each day will feature three hours of expert-led Live Content to maximise the opportunity to share and learn. The chair will ensure participants have opportunities to network throughout the course, culminating in a workshop on practical implementation.

Course introduction

Course introduction session led by the chair

  • Introductions and welcome from the chairperson
  • Overview of the training course
  • Discussion of the delegate expectations

Legal frameworks under a multi-mandate environment

  • The expanding mandates and evolving governance structure of central banks
  • Comparative analysis of developments in selected countries
  • Discussion: how to manage the potential policy conflicts and increased scrutiny of central banks actions due to expanding mandates

The reality of central banking under a multi-mandate framework

  • The key issues facing financial reporting in the modern central bank
  • Operational challenges central banks face in adapting to the new environment
  • Implications for balance sheets, contingent liabilities and shareholder relations
  • Discussion: impact of Covid-19 measures on balance sheets in participants’ home jurisdictions

CBDCs: how will they shape central banks?

  • What are the models for CBDCs and how would they work?
  • What are the opportunities and risks for central banks and the banking system?
  • Discussion: lessons from CBDC projects?

Specific accounting and reporting challenges facing central banks

  • Appropriate central bank reporting framework
  • Specific challenges in IFRS and central bank responses
  • Accounting policies to best match policy performance
  • Discussion: How financial statements can add value

European Central Bank reporting framework

  • ESCB Accounting Guidelines and Financial reporting framework
  • Origins and environment for ESCB accounting
  • Outline of key accounting concepts
  • Role of provisions, reserves and distributions in ESCB framework
  • Financial statements and reporting financial performance
  • Accounting challenges going forward

Protecting policy solvency: the question of capital structures

  • Evaluating the relationship between a central bank's capital arrangements and its functions
  • Overview of models of profit and loss sharing across central banking
  • The impact of Covid-19 measures on central bank balance sheet and results
  • How can capital arrangements be improved in participants’ home institutions?

Central bank profit (and loss) sharing models

  • Evaluating the relationship between a central bank's capital arrangements and its functions
  • Considerations for determining profit distribution models
  • Overview of models of profit and loss sharing across central banking
  • Considerations for future arrangements

Understanding and managing operational and financial risks in a central bank governance framework

  • Components of central bank governance
  • Identifying the key risks a central bank face
  • Overall risk management framework
  • Ensuring effective co-ordination within the risk functions
  • Understanding the implications of risk management for the quality of governance
  • Addressing operational and financial risks

Aligning resource use with mandates: functional reporting for a central bank

  • Reporting by function vs reporting by department: a comparison
  • Strategies for an effective functional reporting
  • Implications for transparency and interdepartmental cooperation
  • Case study: how to report the costs (and income) by function

Audit: a cornerstone of governance

  • Central bank audit: a 21st century audit for a 21st century institution
  • Communication: how should central bank finance and other departments communicate with external audit
  • Financial Reporting and disclosures: what criteria the auditors use to assess the appropriateness of the reporting frameworks and accounting policies
  • Strategies to deal with the challenges of the audit process at central banks

Oversight and accountability: an effective framework for co-operation

  • How do accountants work effectively with the board?
  • What are the needs of the board and how can they encouraged to be an effective part of financial reporting?
  • Understanding independence: how can those in financial reporting help the board maintain its independence
  • Discussion: practical examples from delegates home jurisdictions

Closing remarks and delegate action plans

Concluding session led by the chair

  • Summary of the course
  • Discussion of the observed trends and case studies
  • Application of learning points in the delegates’ home organisations
  • Preparation of action points

1970 - Course Type & Date

DATE: 01 - 01 Jan, 1970

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