engleski

Accounting of cryptocurrencies under IFRS

Today's accounting business implies a constant interaction with modern technologies. Through modern technology, a wide range of tools has been developed which accountants use to perform day-to- day activities. Cloud accounting, or at least cloud-based storage, becomes a common practice for accountants around the world. The digital era has given rise to new concepts, leading to challenges and opportunities in the area of accounting, auditing and insurance. Although cryptocurrencies and transactions with cryptocurrencies have ceased to be something new and have become a common occurrence in modern business, accounting regulations have not adapted to crypto currencies. International Financial Reporting Standards (IFRSs) are designed so that cryptocurrencies are difficult to fit into their financial statements structure. For example, the valuation cryptocurrencies at fair value through profit or loss can intuitively be made by a correct solution, but such valuation is not appropriate under IFRS. Under IFRS, it is possible to disclose cryptocurrencies as intangible assets, or in special cases as inventories. This is why this paper examines values of intangible assets in both Croatian and Serbian companies, and discusses possible implications of IFRS cryptocurrencies valuation on financial reports disclosures.

accounting, IFRS, cryptocurrencies

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