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Accounting Issue in Cryptocurrency Investment: Islamic Perspective

In: Islamic Accounting and Finance A Handbook

Author

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  • Qisthi Wajanatin Alfafa
  • Murniati Mukhlisin

Abstract

The purpose of this chapter is to evaluate how a company should report cryptocurrency investment on their financial statements. In dealing with it, the research problems address the status of positive law and Islamic law in cryptocurrency and how the current economy responds to cryptocurrency. Qualitative descriptive approach and literature review with content analysis method using NVivo 12 plus software are used. The data for this study were obtained from interviews and a review of documents. The finding shows that investments in cryptocurrency held by the companies can be treated as investments in equity with minor adjustments. The content analysis conducted shows that stakeholders are neutral toward this issue. This chapter proposes a standard on how cryptocurrency should be treated in financial report under Indonesian Sharia-based Statement of Financial Reporting Standards/PSAK Syariah since the transaction of cryptocurrency investment has not been accommodated in financial reporting standard in Indonesia.

Suggested Citation

  • Qisthi Wajanatin Alfafa & Murniati Mukhlisin, 2023. "Accounting Issue in Cryptocurrency Investment: Islamic Perspective," World Scientific Book Chapters, in: Khaled Hussainey & Hidaya Al Lawati (ed.), Islamic Accounting and Finance A Handbook, chapter 14, pages 399-427, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800612426_0014
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    More about this item

    Keywords

    Islamic Accounting; Islamic Finance; Islamic Banking; AAOIFI;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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