Work

Cryptoassets: Definitions and accounting treatment under the current International Financial Reporting Standards framework

Year: 2023

Type: article

Abstract: This paper provides a first comprehensive definition of cryptoassets for accounting purposes in the types of payment tokens, electronic money (e‐money) tokens, utility tokens and security tokens. The delivery of definitions for accounting purposes addresses some of the concerns raised by the European Financial Reporting Advisory Group (EFRAG) discussion paper and helps accounting regulators adapt current International Financial Reporting Standards (IFRS) standards to blockchain‐based tokens' taxonomy and nature. The paper helps policymakers reconcile Markets in Cryptoassets Regulation Proposal's (MiCA) definitions and classification of cryptoassets with the EFRAG's specific needs for clarification and/or amendment in the IFRS standards and contributes to providing an accounting guide for practitioners in their financial disclosure.

Source: Intelligent systems in accounting, finance and management/Intelligent systems in accounting, finance & management

DOI: 10.1002/isaf.1543

Author: Luz Parrondo

Institutions: Universitat Pompeu Fabra, UPF Barcelona School of Management

Language: English

Topic: Accounting Theory and Financial Reporting

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: hybrid

Estimated APC paid: $2,630

OpenAlex ID: W4389397983

FWCI: 8.155

Cites: 25

Cited by: 14

Related to: 10