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Current issue – cryptocurrency and ICO

Forums › ACCA Forums › ACCA SBR Strategic Business Reporting Forums › Current issue – cryptocurrency and ICO

  • This topic has 0 replies, 1 voice, and was last updated 3 years ago by hieuht010198.
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  • February 27, 2022 at 3:26 pm #649455
    hieuht010198
    Member
    • Topics: 3
    • Replies: 3
    • ☆

    Teacher, Firstly, I have a little bit confused to distinguish ICO and cryptocurrency, can you explain the difference please?

    Secondly, I already have read 2 ACCA SBR articles: ‘Accounting for cryptocurrencies’ and ‘Asset ceilling test (IAS19), initial ICO, and non-financial performance measures’

    +)For the first articiles ‘ Accouting for crytocurrencies’, in page 3/6: they said that ‘cryptocurrencies should not be accounted for financial assets’. So I think Crytocurrencies is not related to IFRS 9,7 and IAS 32.

    +)For the second articles, in page 5/8: they said:’ the rights given to the tokens holders may be similars to the rights of the holders of debt, equity instruments or other financial instruments.
    So I suggest that ICO can be accounted for financial instrument in accordance with IFRS 9.

    So 2 my opinions is right?

    I hope your replies. Thank you so much.

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