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Accounting for digital currencies

Alsalmi, Noora; Ullah, Subhan; Rafique, Muhammad

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Authors

Noora Alsalmi

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SUBHAN ULLAH SUBHAN.ULLAH@NOTTINGHAM.AC.UK
Associate Professor in Accounting



Abstract

The purpose of this paper is twofold: (i) to investigate some of the main issues surrounding the classification of digital currencies, and (ii) to identify the accounting practices and standards tied to digital currencies. This paper discusses two different types of digital currencies, including: central bank digital currencies (CBDCs) and privately issued cryptocurrencies such as Bitcoin. The findings of this study suggest that current accounting standards do not precisely cover the accounting treatment of digital currencies, even though the estimated value of market capitalisation of cryptocurrency in 2022 was USD 200 billion. This conceptual paper identifies the imminent need for an accounting standard to provide guidance on the identification, classification, measurement, and presentation of digital currencies. In the interim, existing accounting standards can be amended to incorporate digital currencies to avoid inconsistent global accounting approaches.

Citation

Alsalmi, N., Ullah, S., & Rafique, M. (2023). Accounting for digital currencies. Research in International Business and Finance, 64, Article 101897. https://doi.org/10.1016/j.ribaf.2023.101897

Journal Article Type Article
Acceptance Date Jan 30, 2023
Online Publication Date Feb 1, 2023
Publication Date 2023-01
Deposit Date Feb 1, 2023
Publicly Available Date Aug 1, 2024
Journal Research in International Business and Finance
Print ISSN 0275-5319
Peer Reviewed Peer Reviewed
Volume 64
Article Number 101897
DOI https://doi.org/10.1016/j.ribaf.2023.101897
Keywords accounting; blockchain; digital currency; central bank digital currency; cryptocurrencies; decentralised technology; triple-entry accounting M41; G10; H20; F30 : classification JEL
Public URL https://nottingham-repository.worktribe.com/output/16795230
Publisher URL https://www.sciencedirect.com/science/article/pii/S0275531923000235?via%3Dihub

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