Accounting For Digital Assets

【Author】 Jackson, Andrew B.; Luu, Steven

【Source】AUSTRALIAN ACCOUNTING REVIEW

【影响因子】2.680

【Abstract】Recent 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.

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【发表时间】2023 2023 MAY 8

【收录时间】2023-06-07

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