Workshop: "Financial reporting and operating and accounting systems: the case of the Bank of Italy"Rome, 28-29 September 2017

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Financial reporting for central banks is becoming more and more important. In recent years the financial crisis has increased the complexity of operations, their risks and the need for transparency, creating challenges for the accounting function. Well-structured operating and accounting systems help central banks achieve their objectives in a timely and efficient manner, allowing the smooth collection and processing of data for financial reporting purposes.

Focusing on the experience of the Bank of Italy, the workshop discusses the main objectives, duties and responsibilities of the accounting function. The manner in which the Eurosystem accounting rules have been implemented is also discussed, together with the approach followed to build an integrated system where the operating procedures (i.e. payments, settlements, monetary policy operations) are linked to the accounting procedures, ensuring the timeliness and the accuracy of financial reports.