AASB research into crypto assets
19 Sep 2023
The Research Centre of the Australian Accounting Standards Board (AASB), jointly with the CPA Australia and the University of New South Wales, has published a research report that provides an overview of perspectives shared by some Australian stakeholders about crypto assets accounting and reporting. The research responds to stakeholder concerns regarding the development of crypto assets.
The research gathered stakeholders’ views on the following questions:
- whether crypto assets are widespread in Australia (i.e., prevalence), and if so, which types of crypto assets are commonly utilised by entities;
- what the accounting and reporting challenges associated with transactions involving crypto assets are; and
- how standard-setters should address the accounting and reporting of crypto assets.
Although some stakeholders noted that it might be premature to develop accounting standards addressing crypto assets, they urge standard setters to develop guidance or educational material to assist preparers and auditors in navigating the accounting treatments. Additionally, stakeholders emphasise the significance of enhancing disclosure requirements to meet users' information needs.
Please click to access the full research report on the AASB website.
