Publication Type

Magazine Article

Version

acceptedVersion

Publication Date

2-2021

Abstract

An interesting puzzle exists with respect to the accounting treatment of cryptocurrencies. The announcement in October 2020 that PayPal was launching its own cryptocurrency service suggests growing acceptability. However, there is no standard that deals with them specifically. We review the classification appropriateness for cryptocurrencies under IAS 2, IAS 7, IFRS 9, and IAS 38. There is a lack of a consensus on the accounting classification and measurement of cryptocurrencies. A framework is needed to classify cryptocurrencies by underlying attributes and to require the appropriate accounting treatment for each classification.

Keywords

cryptocurrencies, accounting classification, measurement of cryptocurrencies

Discipline

Accounting | Finance and Financial Management

Research Areas

Corporate Governance, Auditing and Risk Management

Publication

Accounting and Business

ISSN

1460-406X

Publisher

Association of Chartered Certified Accountants

Copyright Owner and License

Authors

Additional URL

https://abmagazine.accaglobal.com/global/articles/2021/feb/technical/cryptocurrency-framework.html

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