Cryptoassets: definitions and accounting treatment under thecurrent international financial reporting standards framework

Parrondo Tort, Luz

doi:http://dx.doi.org/10.1002/isaf.1543

Cryptoassets: definitions and accounting treatment under thecurrent international financial reporting standards framework

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Citació

Parrondo L. Cryptoassets: definitions and accounting treatment under thecurrent international financial reporting standards framework. Intell Syst Account Financ Manag. 2023;30(4):208-27. DOI: 10.1002/isaf.1543

Resum

This paper provides a first comprehensive definition of cryptoassets for accounting purposes in the types of payment tokens, electronic money (e‐money) tokens, utility tokens and security tokens. The delivery of definitions for accounting purposes addresses some of the concerns raised by the European Financial Reporting Advisory Group (EFRAG) discussion paper and helps accounting regulators adapt current International Financial Reporting Standards (IFRS) standards to blockchain‐based tokens' taxonomy and nature. The paper helps policymakers reconcile Markets in Cryptoassets Regulation Proposal's (MiCA) definitions and classification of cryptoassets with the EFRAG's specific needs for clarification and/or amendment in the IFRS standards and contributes to providing an accounting guide for practitioners in their financial disclosure.