Accounting for crypto-assets: stakeholders’ perceptions
Studies in Economics and Finance
ISSN: 1086-7376
Article publication date: 14 January 2022
Issue publication date: 22 April 2022
Abstract
Purpose
The purpose of this paper is to analyse stakeholders’ perceptions on the accounting of crypto-assets. They also look at the need to amend/clarify existing accounting standards or develop new accounting standards.
Design/methodology/approach
The authors use a qualitative approach featuring interviews with four stakeholder groups including academics, professional bodies, standard setters and accounting practitioners. Interview recordings are transcribed and then analysed through NVivo.
Findings
The interviewees identify various issues in the application of current accounting standards to crypto-assets. The interviewees perceive that the rapid development of crypto-assets and fluidity hinder the development of accounting guidance. Hence, continuous monitoring by standard-setters is required. The general consensus is that unless there are crypto-assets with economic characteristics and functionality that are pervasive enough to warrant a new accounting standard, principles of current accounting standards are robust to address gaps in accounting requirements for crypto-assets.
Originality/value
This study adds to the discussion on harmonising the current practices in accounting of crypto-assets. By examining perceptions of multiple stakeholder groups, this study provides insights into the applicability of current accounting standards to the classification, measurement and disclosure of crypto-assets. The findings will inform standard setters and aid their efforts towards providing formal guidance on the accounting of crypto-assets.
Keywords
Acknowledgements
The authors are grateful to all the interviewees for their time and participation in this study. They are also grateful for the feedback provided by the panel members and attendees at the Honours Colloquium held at Monash University, and the attendees of the Accounting and Finance discipline’s internal seminar series at the University of Western Australia.
Citation
Chou, J.H., Agrawal, P. and Birt, J. (2022), "Accounting for crypto-assets: stakeholders’ perceptions", Studies in Economics and Finance, Vol. 39 No. 3, pp. 471-489. https://doi.org/10.1108/SEF-10-2021-0469
Publisher
:Emerald Publishing Limited
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