Currently, IFRS does not provide specific guidance on accounting for crypto assets. This IFRS Viewpoint seeks to explore the accounting issues that arise for miners and validators in mining and maintaining the blockchain in accordance with existing IFRS.
The IASB has published a revised version of the ‘Conceptual Framework for Financial Reporting’ (the Conceptual Framework). This completes the IASB’s long-running project to update and clarify its existing guidance and fill in the gaps in it.
Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRSs in challenging situations. Each edition will focus on an area where the Standards have proved difficult to apply or lack guidance. This edition provides guidance on some of the basic issues encountered in accounting for cryptocurrencies, focussing on the accounting for the holder.
The Grant Thornton International IFRS team has published Get ready for IFRS 17: A fundamental change to the reporting for insurance contracts.
The Grant Thornton International IFRS team has published IFRS Viewpoint – Preparing financial statements when the going concern basis is not appropriate.
The Grant Thornton International IFRS team has published IFRS Viewpoint – Common control business combinations.
The Grant Thornton International Ltd IFRS Team has published Get ready for IFRS 15 – Recognising revenue in the real estate and construction industries, a more detailed look at the issues facing companies operating in the real estate and construction industries as they get ready to adopt IFRS 15 Revenue from Contracts with Customers.
The IASB has published IFRS 16 ‘Leases’ completing its long-running project on lease accounting. This special edition of IFRS News explains the key features of the new Standard and provides practical insights into its application and impact.