The accounting for cryptocurrencies in accounting Treatments Under IFRS and US GAAP
DOI:
https://doi.org/10.56880/experior51.2Keywords:
crypto assets, financial accounting, IFRS, US GAAP, IAS 38Abstract
This article aimed to compare the accounting treatments for crypto assets under International Financial Reporting Standards (IFRS) and US GAAP, identifying their discrepancies and implications for the usefulness of financial information. Using a qualitative methodology of comparative documentary analysis, IAS 38 was compared with ASU 2023-08, professional guidelines, and other literature. The results showed a fundamental divergence: IFRS applies IAS 38 by analogy, treating crypto assets under a cost-less-impairment model and requiring generic disclosures, while US GAAP, with its specific standard, mandates fair value measurement and specific disclosures. This divergence impairs the qualitative attributes of the information, destroying comparability, reducing relevance and representation under IFRS, and perpetuating the lack of transparency promoted by US GAAP. It is concluded that the IFRS analogy approach is inadequate, that ASU 2023-08 represents progress by prioritizing relevant information, and that a specific IASB standard is needed to ensure transparency and comparability in global capital markets.
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