REGULATION OF CRYPTOCURRENCY ACCOUNTING BASED ON IFRS AND VAS ACCOUNTING STANDARTS

Abstract

The article examines the financial accounting of cryptocurrencies, based on both Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standads (IFRS). It discusses different perspectives and recent actions taken by accounting standard-setting bodies related to cryptocurrencies. Additionally, the article evaluates the differences in cryptocurrency accounting under GAAP and IFRS accounting standards. The researh findings indicate that accounting peculiarities vary between GAAP and IFRS; however, in the absence of a specific accounting standard specifying a particular cryptocurrency accounting method, accountant may choose which accounting standar to follow, considering the nature and purpose of the cryptocurrencies. Understanding the fnancial and valuation implications of these new virtual assets is vital for future accounting research and professional practice.