IFRS: Accounting for crypto-assets. Ernst & Young 11 Mar 2018, 20:40 UTC . Cryptoassets IFRS Framework. This report aims to briefly introduce cryptocurrencies and other types of crypto-assets ... The FASB and IASB, the two main rule-setting bodies for accounting standards worldwide, cited “lack of usage” as the main reason for not clarifying cryptocurrency accounting treatments. So far, onerous accounting standards have hindered Bitcoin and cryptocurrency adoption. “develop IFRS Standards that bring transparency, accountability and efficiency to financial markets around the world.” IFRIC’s recent announcement on cryptocurrencies states that they are “not cash nor an equity instrument of another entity,” and they do not “give rise to a contractual right for the holder and it is not a contract that will or may be settled in the holder’s own ... IFRS Standards are currently required in more than 140 jurisdictions and permitted in many more. IFRIC has ruled that cryptocurrencies are neither legal tender nor a financial product as they are "not cash nor an equity instrument of another entity," adding that they do not "give rise to a contractual right for the holder and it is not a contract that will or may be settled in the holder's own ... The IFRS is recognised in over 140 jurisdictions. Such a decision regarding cryptocurrencies has been under discussion since 2016 and opinions differ from country to country. The IFRIC has received 23 letters in this regard from a large number of interested parties such as the Hong Kong Institute of Certified Public Accountants (HKICPA), the Indonesian Financial Accounting Standards Board, the ... Bitcoin-masker Crypto is an Intangible Asset , Global Accounting Standards Body Argues Cryptocurrency holdings are neither cash nor financial assets , but meet the definition of an intangible asset , at least according to an influential global accounting standards body .
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