Accounting crypto currency

accounting crypto currency

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    calendar_month 06.10.2022
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Therefore, it does not appear that digital currencies represent cash or cash equivalents that can be accounted for in accordance with IAS 7. Risk of loss due to hacking or an exchange shutting its doors Avoidance of financial scrutiny by the government for tax evasion, though this is still somewhat untested Stored Bitcoins are vulnerable to devaluation or seizure if they are used in connection with illegal activities. However, as is well-known, the value of cryptocurrencies can be significantly volatile and hence they are regarded as non-monetary for the purposes of financial reporting.