Accounting for Bitcoin and other cryptocurrencies
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Accounting for Bitcoin and other cryptocurrencies

4 years ago · 433.2 KB Download

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Cryptocurrency is a new type of payment method that is distinctly different from fiat currencies, such as the U.S. dollar. A common question related to Bitcoin and other cryptocurrencies is how they should be accounted for under U.S. generally accepted accounting principles (U.S. GAAP). Unfortunately, there is currently no authoritative literature under U.S. GAAP which specifically addresses the accounting for digital assets, including digital currencies. As a result, entities have considered accounting for them as cash, intangible assets, investments, or inventory. In this report we first provide a very high-level overview of cryptocurrencies and discuss each of potential options to account for them, along with why cryptocurrency would not be within the scope of most of them.

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File name: accounting-for-bitcoin-rm.pdf

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