Cryptoassets refer to assets that reside on a blockchain (or similar distributed ledger technology) and are secured by cryptography. Common cryptoassets held, issued or transacted by companies include cryptocurrency and stablecoins.
Companies may use cryptoassets in different ways. This guide focuses on the following ways in which companies may use them.
Accounting for cryptoassets used in these ways can be challenging. IFRS® Accounting Standards do not include specific guidance on cryptoassets and companies need to apply the relevant requirements in existing accounting standards to determine the appropriate accounting.
In doing so, companies:
- identify their rights and obligations attached to the cryptoasset;
- assess the main purpose of holding or transacting in the cryptoasset;
- apply judgement in identifying the relevant accounting standard and developing an accounting policy; and
- disclose relevant qualitative and quantitative information that enables users to understand the impact of cryptoassets on their statements of financial position, performance and cash flows.
The cryptoasset landscape is evolving rapidly from both a regulatory and technological perspective and new types of arrangements continue to emerge. This evolving landscape highlights the importance of thoroughly evaluating each new arrangement and monitoring developments that may affect the accounting for cryptoassets.
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