Introduction to accounting for cryptocurrencies under IFRS

This publication includes:

• a brief overview explaining what cryptocurrencies are
• a discussion of possible approaches to accounting for cryptocurrencies under existing IFRS
• an update on accounting standard-setting activity related to cryptocurrencies
• a brief summary of the tax implications of transactions involving cryptocurrencies
• supplemental guidance on determining fair value for cryptocurrencies

In addition, in May 2018, CPA Ontario issued a paper, Navigating the Brave New World of Cryptocurrency and ICOs, which explores the emergence and development of cryptocurrencies and Initial Coin Offerings (ICO) in Ontario.

As well, following the date of publication (May 2018), the below additional guidance on accounting for cryptocurrencies has been issued:

• EY, Applying IFRS: Accounting by holders of crypto-assets, August 2018
• PwC, Cryptographic assets and related transactions: accounting considerations under IFRS