What are the potential implications?
The use of cryptoassets is on the rise, not just as direct investments but also throughout companies’ supply chains. The associated risks for businesses can take many forms and accounting, tax and regulatory bodies are stepping up their efforts to drive consistent practice in this area.
For example, the IFRS Interpretations Committee (IFRIC) issued its tentative agenda decision – Holdings of Cryptocurrencies – in March 2019. We encourage you to take the opportunity to have your say on the tentative decision. The deadline for comments is 15 May 2019.
“The IFRIC has recently issued the nearest thing we’ve seen to accounting guidance – in the form of a tentative agenda decision – to explain how existing IFRSs might apply to holdings of cryptocurrencies.”
“You’ll need to consider what the cryptoassets really are to know how to classify and measure them… they will directly impact your balance sheet and key performance measures”
Check out our flyer and summary (PDF 124 KB) for further information on cryptoassets, what they are and how you might record them in your financial statements. A full transcript (PDF 546 KB) of this podcast is also available.
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