კრიპტო ვალუტების აღრიცხვა ფინანსური ანგარიშგების საერთაშორისო სტანდარტების (ფასს) შესაბამისად: გამოწვევები და პერსპექტივები

Abstract

Increased corporate interests in holding cryptocurrencies have put forward a discussion on their accounting and presentation in financial statements in compliance with IFRS. In June 2019, IFRS Interpretations Committee (IFRS IC) published its agenda decision, which represents the official position of the International Accounting Standard Board (IASB) with regard to accounting for cryptocurrency holdings. IFRS IC concluded that a cryptocurrency should not be considered as cash or another type of financial asset. Cryptocurrencies meet the definition of intangible assets and inventory. Therefore, they should be accounted for under IAS 38 unless they are held for sale in the ordinary course of business, in which case, IAS 2 would apply. The article analyzes the existing regulatory framework for accounting cryptocurrencies in terms of providing useful information for users of financial statements. It provides ground and sets a stage for critical reasoning and discussion of contradictory views regarding the fact that the given standards (IAS 38, IAS 2), which were developed a long time ago for the assets with completely different content, do not provide fair accounting and measurement of a new economic phenomenon – cryptocurrency, which was created on a technological basis. Even though a cryptocurrency is not considered as a financial instrument, it is often an integral part of a present-day enterprise investment portfolio. Additionally, more and more companies are agreeing to accept cryptocurrencies as alternative means of payment. The paper emphasizes the fact that accounting for cryptocurrencies should be based on the actual business model and economic content of their holdings, which will provide users of a financial statement with high-quality and useful information in this regard. Keywords: Cryptocurrency, digital currency accounting, IFRS IC, intangible asset, commodity broker trader, financial instrument, cash, faithful representation, fair value measurement, accounting policy. JEL Codes: G23, M40, M48