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Autor
Blahušiaková Miriama (University of Economics in Bratislava)
Tytuł
Accounting for Holdings of Cryptocurrencies in the Slovak Republic : Comparative Analysis
Źródło
Contemporary Economics, 2022, vol. 16, nr 1, s. 16-31, aneks, bibliogr. 43 poz.
Słowa kluczowe
Kryptowaluty, Wirtualna waluta, Rachunkowość, Analiza porównawcza
Cryptocurrencies, Virtual currency, Accounting, Comparative analysis
Uwagi
Klasyfikacja JEL: G23, K33, M40, M48
summ.
The paper was supported by VEGA No 1/0121/21 Analýza vplyvu krízy súvisiacej s COVID-19 na finančné zdravie subjektov v Slovenskej republike (The Analysis of Impact of Crises Related to COVID-19 on Financial Health of Entities in the Slovak Republic.
Kraj/Region
Republika Słowacka
Slovak Republic
Abstrakt
Cryptocurrency has attracted more attention recently. With the rapid increase in popularity of cryptocurrencies´ transactions it is necessary to adopt a unified approach to this novel, 21st century phenomenon. Since 2009, when the first cryptocurrency Bitcoin was created, thousands of other cryptocurrencies have appeared. As the transactions with cryptocurrencies have increased, national and multinational jurisdictions started to deal with issues concerning taxation and accounting for the cryptocurrency. Multinational jurisdictions and professional institutions differ in their opinions about cryptocurrencies. There are opinions considering cryptocurrency a financial asset, a financial instrument, cash, cash equivalents, inventories or intangible asset. As there is no accounting standard within IFRS specifically addressing cryptocurrency, it is necessary to look at the existing IFRS and apply a principles-based approach. The aim of the paper is to compare the accounting of cryptocurrencies in Slovakia with the requirements and/or recommendations by other standards setters and authorities. Slovakia is selected as it is one of the first countries launching accounting regulation for cryptocurrency. The analysis and comparison are used as the main scientific methods in this study. The IFRS IC in June 2019 concluded that IAS 2 applies to cryptocurrencies when they are held for sale in the ordinary course of business. If IAS 2 is not applicable, holdings of cryptocurrencies should be accounted for under IAS 38. The Slovak Republic is applying different approach to holdings of cryptocurrency, the cryptocurrency is considered the short-term financial asset. Difference between Slovak and multinational solution is even in questions of cryptocurrency´s measurement. (original abstract)
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Bibliografia
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Cytowane przez
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ISSN
2084-0845
Język
eng
URI / DOI
http://dx.doi.org/10.5709/ce.1897-9254.466
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