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Cryptoassets – Accounting and tax

Cryptoassets – Accounting and tax

What are the potential implications?

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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.

In this podcast, Brian O'Donovan, Charlotte Lo and Susanne Dixon take a wider look at some of the accounting and tax implications arising from recent changes in the cryptoasset landscape.  

Listen on: >iTunes   >Spotify  >Google Play

 

“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.”

Brian O’Donovan 
KPMG International Standards Group

 

“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”

Charlotte Lo
Director, Banking Accounting Advisory Services, KPMG in the UK

 
“If you’re holding or issuing cryptoassets, consider the tax issues in the same way as you would for any other transaction.”

Susanne Dixon
Tax Director, KPMG in the UK

 

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. 

Visit our IFRS Today landing page to view other episodes in this series - including our two previous podcasts on this topic: Blockchain and cryptocurrencies and Cryptoassets – Risk and governance.

© 2019 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved

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