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Thinking allowed — Cryptocurrency: Financial reporting implications

Published on: 16 Jul 2018

Cryptocurrencies have attracted the attention of many. From individuals who are interested in Blockchain and related processing activities or who want to invest in them, to retailers, corporate investors and investment funds, securities regulators, the banking sector, the accounting profession and Governments.

The idea of a virtual currency that has no links to a jurisdiction and that exists in a public network, maintained on computers operated by a myriad of individuals, was not something that was anticipated when the International Accounting Standards Board (IASB) developed its current set of financial reporting requirements.

In this paper we make some observations about cryptocurrencies and the current accounting requirements for those issuing, acquiring or holding cryptocurrency.

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