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Cryptocurrencies: Issues and Challenges in Financial Reporting

Cryptocurrencies: Issues and Challenges in Financial Reporting

Fathima Farzana J.
Copyright: © 2023 |Pages: 16
ISBN13: 9781668456910|ISBN10: 1668456915|ISBN13 Softcover: 9781668456927|EISBN13: 9781668456934
DOI: 10.4018/978-1-6684-5691-0.ch011
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MLA

Fathima Farzana J. "Cryptocurrencies: Issues and Challenges in Financial Reporting." Emerging Insights on the Relationship Between Cryptocurrencies and Decentralized Economic Models, edited by Dhanapal Kesavan and N. Mari Anand, IGI Global, 2023, pp. 167-182. https://doi.org/10.4018/978-1-6684-5691-0.ch011

APA

Fathima Farzana J. (2023). Cryptocurrencies: Issues and Challenges in Financial Reporting. In D. Kesavan & N. Mari Anand (Eds.), Emerging Insights on the Relationship Between Cryptocurrencies and Decentralized Economic Models (pp. 167-182). IGI Global. https://doi.org/10.4018/978-1-6684-5691-0.ch011

Chicago

Fathima Farzana J. "Cryptocurrencies: Issues and Challenges in Financial Reporting." In Emerging Insights on the Relationship Between Cryptocurrencies and Decentralized Economic Models, edited by Dhanapal Kesavan and N. Mari Anand, 167-182. Hershey, PA: IGI Global, 2023. https://doi.org/10.4018/978-1-6684-5691-0.ch011

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Abstract

With the advent of cryptocurrency during 2009, a new regime of exchange consideration, as well as an investment avenue without physical existence and centralized regulatory authority, started attracting the investors. These extremely volatile neo currencies created regulatory issues among apex monitoring authorities and also raised various challenges in the front of financial reporting. The main purpose of financial reporting is to present the true and fair view of the financial statement of a company. Any violation in this regard creates serious issue of corporate governance. On acceptance of cryptocurrencies as a legal tender, disclosure of such transactions will be mandatory on the part of the company trading and investing on it. At the same time, International Accounting Standard Board (IASB), has not yet issued any standards of IFRS as a guideline for accounting cryptocurrency. In this regard, a detail analysis has been presented in this chapter comprising various issues and challenges in recognizing cryptocurrency in financial statements under IFRS.

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