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Cryptoassets: Definitions and accounting treatment under the current International Financial Reporting Standards framework

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  • Luz Parrondo

Abstract

This paper provides a first comprehensive definition of cryptoassets for accounting purposes in the types of payment tokens, electronic money (e‐money) tokens, utility tokens and security tokens. The delivery of definitions for accounting purposes addresses some of the concerns raised by the European Financial Reporting Advisory Group (EFRAG) discussion paper and helps accounting regulators adapt current International Financial Reporting Standards (IFRS) standards to blockchain‐based tokens' taxonomy and nature. The paper helps policymakers reconcile Markets in Cryptoassets Regulation Proposal's (MiCA) definitions and classification of cryptoassets with the EFRAG's specific needs for clarification and/or amendment in the IFRS standards and contributes to providing an accounting guide for practitioners in their financial disclosure.

Suggested Citation

  • Luz Parrondo, 2023. "Cryptoassets: Definitions and accounting treatment under the current International Financial Reporting Standards framework," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 30(4), pages 208-227, October.
    • Handle: RePEc:wly:isacfm:v:30:y:2023:i:4:p:208-227
    DOI: 10.1002/isaf.1543
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    References listed on IDEAS

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    3. Andrew B. Jackson & Steven Luu, 2023. "Accounting For Digital Assets," Australian Accounting Review, CPA Australia, vol. 33(3), pages 302-312, September.
    4. Shuyu Zhang & Dunli Zhang & Jianming Zheng & Walter Aerts, 2021. "Does policy uncertainty of the blockchain dampen ICO markets?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 1625-1637, April.
    5. Robert C Nickerson & Upkar Varshney & Jan Muntermann, 2013. "A method for taxonomy development and its application in information systems," European Journal of Information Systems, Taylor & Francis Journals, vol. 22(3), pages 336-359, May.
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    Cited by:

    1. Zahid, Haider & Ali, Amjad & Audi, Marc, 2025. "Cryptocurrency Regulation and Financial Disclosure: Cross-Jurisdictional Evidence on Corporate Reporting Practices," MPRA Paper 127482, University Library of Munich, Germany.

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