Monday , October 25 2021

Bitcoin & Co .: Panels believe that Cyber-Devises will soon disappear | 6/17/19



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Internationally influential accounting bodies The FASB and the IASB do not believe in the continued existence of crypto-coins. The reason: Bitcoin and Co. are rarely used. What prevents adaptation? Lack of regulation, such as the FASB and the IASB.

Lack of standards for crypto-coins

Although Bitcoin has existed for over ten years and many other crypto-coins have been born since its inception, the issue of regulation has been largely ignored by major accounting bodies. For example, the chairman of the International Accounting Standards Board (IASB), which defines global accounting standards, Hans Hoogervorst said in December 2018: "The IASB usually takes five years to develop a new accounting standard … and I hope the cryptomanes the expiration of that time will have disappeared. " Therefore, it would not be worth investing time and effort in the necessary standards, if they did not have continuity, as Hoogervorst believes.

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Mandatory guidance

However, the California Association of Accountants (CalCPA), in a letter to the Financial Accounting Standards Board (FASB), called for the establishment of legally binding rules necessary for crypto-auditor auditors. Once these accounting rules have been established, it will be much easier for auditors to provide expert advice to their clients in the relatively young field of cyber-viewing. In addition, Nancy Rix of CalCPA is convinced that "crypto-coins will not disappear over time," but "will continue to grow in volume and fields of application."

Cyberdevises suffer from inadequate adaptation

However, FASB president Russell Golden joins the crypto-skeptics group. In their view, the problem with digital assets is that there are still few companies working with them. The actual use of Bitcoin and Co. is still very low. However, the adaptation of crypto-crashes is significantly impaired by the lack of international standards.

Change of heart?

To change that, a few days ago, the IFRS Foundation, which belongs to the IASB, met in London. Here, however, a final stand on cyber-visions should be found as a guide for accountants around the world. Most directors recommended that standards be defined for crypto-coins and treated as intangible assets. In addition, the Foundation offered three definitions for cyber devices. After this meeting, it may be that the topic of crypto patterns is still in progress.

Editors finanzen.ch

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