Cryptoassets – nature, valuation and disclosures in accounting
Cryptoassets – nature, valuation and disclosures in accounting

Author(s): Piotr Druszcz, David Procházka
Subject(s): Economy, Business Economy / Management, Financial Markets, Accounting - Business Administration, Marketing / Advertising, Business Ethics
Published by: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu
Keywords: accounting;Bitcoin;blockchain;cryptoassets;cryptocurrency;IFRS;tokens;valuation;
Summary/Abstract: Within cryptoassets we can find cryptocurrencies (e.g. Bitcoin, Ethereum) and digital tokens which are specific right or value representatives. One of areas that there are a lot of doubts regarding these new technological solutions is accounting. It is not clear how we can classify particular groups of cryptoassets and how to value them in financial statement. The aim of the chapter is to present the essence, use and valuation issues of cryptoassets and also to review the definitions of selected asset groups in the currently applicable accounting regulations to identify those asset groups to which cryptocurrencies can be classified. The chapter also discusses available accounting models under IFRS,with a major focus being put on the recognition and presentation in balance sheet. The assessment of models is based on distinguishing different types of tokens (payment, security, utility) as well as on differentiating between holders’ and issuers’ perspective.

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