The Accounting Possibilities for Digital Currency

Economics & Management

Authors

First and Last Name Academic degree E-mail Affiliation
Anna Stovpovaya No annastovpovaya [at] gmail.com Kyiv National Economic University
Chernihiv, Ukraine

I and my co-authors (if any) authorize the use of the Paper in accordance with the Creative Commons CC BY license

First published on this website: 09.09.2019 - 21:35
Abstract

Cryptocurrencies are the newest kind of virtual money. Today there is a problem of cryptocurrency accounting and interest in its solution by the Big 4 auditing firms and business. Cryptocurrencies do not fit the definition of existing asset types and can therefore be classified as a new form of asset, – digital asset.

References

[1]     Whitehouse, T. (2018, July 17). Big 4 fill gap in GAAP on accounting for digital currency. Retreived from  https://www.ey.com/Publication/vwLUAssets/EY-IFRS-Accounting-for-crypto-assets/$File/EY-IFRS-Accounting-for-crypto-assets.pdf.

[2]     Daniel, G., Green, A. (2018). IFRS (#). Accounting for crypto-assets. EY research paper. Retreived from https://www.ey.com/Publication/vwLUAssets/EY-IFRS-Accounting-for-crypto-assets/$File/EY-IFRS-Accounting-for-crypto-assets.pdf.

[3]     Prestigiacomo, L. (2018). What is the “GAAP” in regard to digital currency?  Retreived from https://mazarsledger.com/what-is-the-gaap-in-regard-to-digital-currency/.

[4]     European parliament. Directive 2009/110/EC of the European parliament and of the council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC.  Retreived from https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32009L0110&%20from=EN.

[5]     IASB. International Accounting Standard 7 “Statement of cash flows”.  Retreived from http://eifrs.ifrs.org/eifrs/bnstandards/en/IAS7.pdf

[6]     IASB. International Accounting Standard 21 “The Effects of Changes in Foreign Exchange Rates”.  Retreived from http://eifrs.ifrs.org/eifrs/bnstandards/en/IAS21.pdf.

[7]     All Cryptocurrencies.  Retreived from https://coinmarketcap.com/all/views/all/.

[8]     IASB. Conceptual Framework for Financial Reporting.  Retreived from http://eifrs.ifrs.org/eifrs/bnstandards/en/framework.pdf.

[9]     Market Price (USD). Average USD market price across major bitcoin exchanges.  Retreived from https://www.blockchain.com/charts/market-price.

[10]   Berchowitz, G. (2017, November 28). Accounting for Cryptocurrencies. What is Cryptocurrency? International Financial Standards bog of PwC. Retreived from https://pwc.blogs.com/ifrs/2017/11/accounting-for-cryptocurrency.html.

[11]   Beth, P., Currie C., & Ohl A. (2017, November 28). Cryptocurrencies. Time to consider plan “B”. Point of view. PwC. Retreived from https://www.pwc.com/us/en/cfodirect/assets/pdf/point-of-view/cryptocurrency-bitcoin-accounting.pdf.

[12]   IASB. International Accounting Standard 32 “Presentationt”.  Retreived from http://eifrs.ifrs.org/eifrs/bnstandards/en/IAS32.pdf.

[13]   IASB. International Accounting Standard 2 “Inventories”.  Retreived from http://eifrs.ifrs.org/eifrs/bnstandards/en/IAS2.pdf.

[14]   IASB. International Accounting Standard 38 “Intangible assets”.  Retreived from http://eifrs.ifrs.org/eifrs/bnstandards/en/IAS38.pdf.

Full text

Comments

Secretary EM
researcher, secretary

Dear Authors,

 

Your paper has been accepted!

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Wed, 10/16/2019 - 22:09