ASBJ to present on virtual currencies at upcoming ASAF meeting
16 Mar 2018
On 14 March 2018, the Accounting Standards Board of Japan issued a practical solution on accounting for virtual currencies. This had become necessary because in 2016 the Japanese Payment Services Act was amended and virtual currencies were defined and recognised as a means of payment. At the upcoming ASAF meeting (16-17 April), the Japanese representatives will present on the development and also point out potential issues to consider under IFRS.
The practical solution addresses the accounting for virtual currencies as defined in the Payment Services Act but only addresses limited issues considering that the virtual currency business is at a very early stage. However, the practical solution builds on two decisions:
- Are Virtual Currencies Assets? – Yes; and
- What Type of Assets are Virtual Currencies? – A new independent category of assets.
The following information is available on the ASBJ website:
