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Australian Accounting Standards Board Paper - Digital currency

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Nov 25, 2016

In November 2016, the Australian Accounting Standards Board (AASB) published the paper "Digital currency – A case for standard setting activity" that will be discussed by members during the upcoming meeting of the Accounting Standards Advisory Forum (ASAF) on December 8 and 9, 2016.

Digital currency – A case for standard setting activity recommends that the IASB develop a standard that addresses the accounting for investments in intangible assets or other commodity type assets that are not financial instruments or inventory, since the current alternatives to account for digital currencies (IAS 2 or IAS 38) do not provide relevant information to users of financial statements. This issue also highlights a broader issue with IFRSs in that there is no accounting standard that deals with investments in intangible assets or other commodity type assets that are not financial instruments or inventory.

Review the paper on the AASB's website.

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