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
Citation
TAN, Pearl Hock-neo and ZHANG, Tracey Chunqi.
Cryptocurrency framework. (2021). Accounting and Business.
Available at: https://ink.library.smu.edu.sg/soa_research/1929
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://abmagazine.accaglobal.com/global/articles/2021/feb/technical/cryptocurrency-framework.html