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In his address to the Legislative Council, Sir Hamish also announced that the balance sheet of the Fund would be published more frequently in a move towards improving the transparency of the Fund's operation. From now on, the accounts of the Fund will be published semi-annually.
The balance sheet of the Fund showing the overall size and accumulated surplus was revealed in July 1992 and the accounts have since then been published on an annual basis.
Today, the six-monthly data on the Fund for end-June 1993 and end-June 1994 were also disclosed.
The decision to publish the Fund's accounts more frequently underscores the Government's firm belief in the policy of greater openness and public accountability on important policy matters.
"More frequent disclosure of the Fund's position will also bring Hong Kong more into line with international practice," Sir Hamish said.
In another move toward greater accountability and transparency, the HKMA has adopted new accounting principles in the 1994 accounts.
Under these principles, all assets and liabilities of the Fund are now valued at mark to market values, thus removing the inconsistency between the accounting basis for assets and liabilities, and presenting a clearer picture of the Fund's position.
Under the old accounting principles, most assets were marked to market while liabilities were valued at cost.
For comparison, the 1993 accounts were restated to reflect the new accounting principles adopted.
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