Cryptocurrencies began to be accounted for in accordance with international standards

The Canadian Certified Professional Accountants Association (CPA Canada) has introduced new cryptocurrency accounting guidelines in accordance with international financial reporting standards.

CPA Canada gives a brief overview of what cryptocurrencies are, further discusses possible approaches to accounting for cryptocurrencies under existing IFRS and modern innovations in accounting standards, and also makes a forecast of the possible tax consequences of cryptocurrency transactions.

In conclusion, the CPA Canada Guide urges the developers of international standards to produce the necessary analytics regarding cryptocurrencies and their accounting.

On materials of the following website: https://www.cpacanada.ca/en/business-and-accounting-resources/financial-and-non-financial-reporting/international-financial-reporting-standards-ifrs/publications/accounting-for-cryptocurrencies-under-ifrs