Cryptocurrencies and related transactions: accounting considerations under IFRS
11 October, 2021
Cryptographic assets, including cryptocurrencies such as Bitcoin, have generated a significant amount of interest around the world. Although Vietnamese legislation has yet to recognise cryptocurrencies as either an asset/property or a means of transaction, local interest in this area is high.
As activity in cryptocurrencies increases, it has attracted regulatory scrutiny on how to recognise, measure and disclose activities associated with the issuances of, and the investment in, cryptocurrencies.
This alert serves as a informational guide on some of the accounting questions that are currently being debated and share our views on how IFRS could be applied.
- At issue is how to recognise, measure and disclose activities associated with the issuances of, and the investment in, the various types of cryptographic assets.
- As there are no accounting standards that specifically address cryptocurrencies, one must look at the existing IFRS and apply a principles-based approach.
Please download our alert to explore more.
