The World Gold Council, a gold industry trade group, is looking to set up a common accounting framework for monetary gold, in keeping with current financial reporting frameworks for other forms of currency.

The group published a consultation paper Thursday to standardize accounting practices for the precious metal. The paper, “Guidance for Monetary Authorities on the recommended practice in accounting for gold,” tries to bridge the gap between the different ways government monetary authorities and commercial businesses treat gold. The World Gold Council argues those differences limit the comparability of financial statements and risk reducing their credibility. The lack of standardization also poses a barrier to the willingness of central banks and other monetary authorities in investing in gold.

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