Reporting Cryptocurrency in Financial Statement with a bibliometric approach
محورهای موضوعی : International Journal of Finance, Accounting and Economics Studies
Forouzan Mohammedi
1
,
Maryam Nouraei
2
,
Pooyan Bozorgmehr
3
1 - Department of Accounting, Kermanshah Branch, Islamic Azad University, Kermanshah, Iran
2 - Department of Accounting, Kermanshah Branch, Islamic Azad University, Kermanshah, Iran
3 - Department of Accounting, Kermanshah Branch, Islamic Azad University, Kermanshah, Iran
کلید واژه: Keywords: Digital currencies, Intangible Assets, IFRS, Report cryptocurrency,
چکیده مقاله :
A cryptocurrency may be an advanced shape of money that employs numerical conditions to scramble information. A few companies have begun tolerating it as an installment in trade for merchandise and administration. The purpose of this paper is to recommend an arrangement on how companies ought to report cryptocurrency in the future. Conventional financial assets contain the US dollar, oil, natural gas, and gold. Although the Financial Accounting Standards Board has not yet provided a specific classification for digital currencies, which are important topics, based on studies, a cryptocurrency is expected to be classified as an intangible asset. However, crypto is still likely to be classified as cash and cash equivalents, or inventory and investments. Depreciation of crypto-assets and estimation of their useful life is one of the other challenges of identifying them and classifying them in accounting. Due to the rapid penetration of cryptocurrency in transactions, it is necessary to identify and record them in financial statements. In order to answer the question of what is the best accounting method for identifying, classifying, and evaluating the value of digital currencies, as well as how their useful life should be evaluated, in this research, a summary of articles published in Scopus and Web of Science have been systematically reviewed.
A cryptocurrency may be an advanced shape of money that employs numerical conditions to scramble information. A few companies have begun tolerating it as an installment in trade for merchandise and administration. The purpose of this paper is to recommend an arrangement on how companies ought to report cryptocurrency in the future. Conventional financial assets contain the US dollar, oil, natural gas, and gold. Although the Financial Accounting Standards Board has not yet provided a specific classification for digital currencies, which are important topics, based on studies, a cryptocurrency is expected to be classified as an intangible asset. However, crypto is still likely to be classified as cash and cash equivalents, or inventory and investments. Depreciation of crypto-assets and estimation of their useful life is one of the other challenges of identifying them and classifying them in accounting. Due to the rapid penetration of cryptocurrency in transactions, it is necessary to identify and record them in financial statements. In order to answer the question of what is the best accounting method for identifying, classifying, and evaluating the value of digital currencies, as well as how their useful life should be evaluated, in this research, a summary of articles published in Scopus and Web of Science have been systematically reviewed.
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