Affiliation:
1. School of Accounting, Auditing and Taxation, UNSW Business School, UNSW Sydney
2. UNSW Sydney
Abstract
AbstractRecent years have seen developments in distributed ledger technologies, such as blockchain, that have led to significant growth in the number and type of digital assets available. In this article we review the current practice of the small number of firms globally reporting digital assets on their financial statements. We then assess potential treatments under current GAAP, namely as intangibles, inventory or financial instruments. Finally, we provide policy advice to standard setters, with a call to either develop a new stand‐alone standard or to amend the definition of financial instruments to include cryptocurrencies, to allow greater comparability and understandability in firms’ reporting.Recent years have seen significant growth in the number and type of digital assets available. We review the current practices of firms reporting digital assets. We then assess potential treatments under current GAAP. Finally, we provide policy advice to standard setters, with a call to either develop a new stand‐alone standard or to amend the definition of financial instruments.
Reference27 articles.
1. ACCA.2021 ‘Accounting for Cryptocurrencies’ https://www.accaglobal.com/in/en/student/exam‐support‐resources/professional‐exams‐study‐resources/strategic‐business‐reporting/technical‐articles/cryptocurrencies.html
2. Anderson C.M. Fang V.W. Moon J.andShipman J.E.2022 ‘Accounting for Cryptocurrencies’ Working Paper University of Arkansas.
3. Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain
4. Accounting for crypto-assets: stakeholders’ perceptions
5. CleanSpark.2020 ‘Form 10‐K’ https://app.quotemedia.com/data/downloadFiling?webmasterId=103727&ref=115504352&type=HTML&symbol=CLSK&companyName=CleanSpark+Inc.&formType=10‐K&formDescription=Annual+report+pursuant+to+Section+13+or+15%28d%29&dateFiled=2020‐12‐17&CK=827876
Cited by
12 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献