Why the accounting for cryptocurriencies isn't helping investors and is it time for standard-setters to act?
Features and articles
Bitcoin and cryptocurrency prices have been on a roller coaster over recent months, surging to never-before-seen highs before crashing back.
Fintech academic and chartered accountant Gavin Brown examines the advancements of the volatile crypto market and outlines what may lie in wait for accountants managing such decentralised currencies.
Bitcoin has drawn mainstream financial interest, but will it establish itself as a legitimate asset class, asks Billy Bambrough.
Helpsheets and guidance
This guidance gives an introduction to crypto-assets for accountants, and how members may encounter clients with these assets. The guidance then outlines the Money Laundering risks that could be associated with clients who hold crypto-assets, and the issues that members will need to consider in their risk assessments.
How do you account for cryptocurrencies? What tax is payable on crypto-transactions? What is the difference between a cryptoasset and a cryptocurrency? What is an ICO? This tech essentials publication provides guidance to help answer some of those questions.
This international research report, in partnership with the Institute of Singapore Chartered Accountants (ISCA), explores the strengths and challenges for Singapore and London as fintech hubs, and identifies the key elements that underpin successful fintech innovation.
The purpose of this technical helpsheet is to consider both the potential accounting treatments under FRS 102 and the presentation of cryptocurrencies within the financial statements. It should be noted that this is an emerging area and practice will no doubt evolve over time.
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Chapter 9 of the Fintech book looks at digital currencies and the various applications of the blockchain including what comes next and alternative applications of the blockchain technology to financial services.
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Article dispels some of the common misconceptions about digital assets and provide a starting point for accountants to better understand the impact of the new digital asset ecosystem on the accounting profession.
Article outlines some recent developments in distributive ledger technology and cryptocurrencies and what they might mean for accountants and finance processionals moving forward.
Guidance on accounting for cryptocurrencies under US GAAP
The article discusses developments on the use of blockchain and cryptocurrencies in digital payment systems, as well as the need for management accountants to learn the trends on their use. Also cited are the creation of central bank digital currencies (CBDC), as well as the continuous efforts to improve payment digitization and automation.
BoE KnowledgeBank article giving background information on cyrptocurreny.
FCA information about the regulation of crypto assets (including cryptocurrencies) and the risks of investing and making payments using cryptoassets.
This report reviews the impact of significant changes in the industry since the publication of the 2nd Global Cryptoasset Benchmarking Study in 2018. It provides novel insights into the state of the cryptoasset industry, having gathered data from 280 companies in 59 countries and across four main market segments – exchanges, payments, custody and mining.