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In March 2019, the International Financial Reporting Standards (IFRS) Interpretations Committee (IC) discussed accounting for...

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Accounting

In March 2019, the International Financial Reporting Standards (IFRS) Interpretations Committee (IC) discussed accounting for cryptocurrencies, which represent a significant proportion of the overall crypto-assets by market capitalisation, addressing the ongoing evolution, growth potential and diversity of crypto-assets.

Subsequently, in June 2019 the IFRS IC issued an agenda decision clarifying the appropriate IFRS-based accounting treatment for cryptocurrencies. The IFRS IC concluded that holdings of cryptocurrencies should be accounted for under IAS 38 Intangible Assets, unless they are held for sale in the ordinary course of business, in which case IAS 2 Inventories would apply.

Discuss how cryptocurrencies held for investing purposes meet the definition of an intangible asset, and how they should be measured, according to AASB138 Intangible Assets

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