Please use this identifier to cite or link to this item: https://www.um.edu.mt/library/oar/handle/123456789/8140
Title: The accounting development at the central bank of Malta
Authors: Aquilina, Janica
Keywords: Banks and banking, Central -- Malta
Financial statements -- Standards
Monetary policy -- Malta
Issue Date: 2015
Abstract: Purpose: This study ascertains the accounting development of the Central Bank of Malta (CBM) since its first year of operation, including its different accounting frameworks used over the years. It also assesses the current accounting framework, and its implications on the accountability of the Bank. Design: The research conducted was in two phases. The first research phase involved the review of the CBM financial statements for a forty-five year period. In the second research phase a total of four CBM employees and two independent Auditors were contacted; they agreed to participate in a semi-structured interview involving a number of open-ended questions. Findings: The CBM adopted three different accounting frameworks over the years, in line with the Central Bank of Malta Act, International Financial Reporting Standards (IFRSs) and the European Central Bank (ECB) Guideline. While the Central Bank of Malta Act did not specify accounting standards, those in the IFRSs and the ECB Guideline frameworks, were somewhat similar. The main difference between them relating to the specific rules on Central Banking reporting in the Guideline. The current reporting framework in line with the ECB Guideline is resulting in improved yet incomplete accountability. Conclusion: Over the years, accountability at the CBM has made significant improvements. It started with a simple reporting framework and then continued to improve with every milestone established. Despite such improvement, its accountability still has the potential to further increase in the future. The CBM is currently adopting a specific framework for Central Banks (CBs), and has eliminated the issues previously surfacing with IFRSs. Yet, although the Bank has improved its reporting, with notably positive results on accountability, further work still has to be done to render the financial reporting more understandable and comparable from the perspective of the majority of the public. Implications/Value: Being a pivotal financial institution, the accounting development as identified in this study, hopefully draws relevant insights, mirroring at least to some extent the historical development of accountancy in Malta.
Description: M.ACCTY.
URI: https://www.um.edu.mt/library/oar//handle/123456789/8140
Appears in Collections:Dissertations - FacEMAAcc - 2015

Files in This Item:
File Description SizeFormat 
15MACC006.pdf
  Restricted Access
2.17 MBAdobe PDFView/Open Request a copy


Items in OAR@UM are protected by copyright, with all rights reserved, unless otherwise indicated.