TRENDS AND PERSPECTIVES IN RECOGNIZING CRYPTOCURRENCIES ACCORDING TO INTERNATIONAL ACCOUNTING REGULATION

Sunčica Milutinović, Dragomir Dimitrijević

DOI Number
https://doi.org/10.22190/FUEO230809015M
First page
235
Last page
242

Abstract


In this paper, the topic of accounting treatment of cryptocurrencies is examined through the lens of International Financial Reporting Standards (hereinafter: IFRS). An overview of the current body of research in this area is presented, along with recommendations for further improvements in cryptocurrency accounting records. This paper is based on a systematic review of scientific and professional literature as well as the current IFRS framework. Specifically, the systematic review is designed to investigate the issue of recognizing cryptocurrency and evaluate its confirmation and evidence in the available literature and IFRS framework. While crypto markets grew rapidly initially, they have enjoyed great investor interest over the past decade, despite the high risk and volatility of earnings, which raised the issue of institutional regulation of cryptocurrencies. The paper attempts to identify the most appropriate accounting treatment of cryptocurrency transactions under existing IFRS, as there is no specific regulation in place.

Keywords

recognition, transaction, financial reporting, crypto market

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References


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DOI: https://doi.org/10.22190/FUEO230809015M

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