To obtain decisive facts regarding the accounting of digital assets under IFRS practices, the IFRIC (2019) published a report to guide corporations on the accounting of cryptocurrencies adhering to International Accounting Standards (IAS) and IFRS. This video provides a brief overview of the IFRS-recognized accounting items for crypto assets.

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▬ Contents of this video ▬

00:00 - Intro
00:36 - Introductory Quote
01:16 - No Official Accounting Standard Currently Exists!
02:04 - Companies rely on Guidance from Associations
02:13 - IFRS Organizational Structure
06:40 - IFRIC Cryptocurrency Guidance
07:52 - Cryptocurrency under IFRS
08:52 - What is not considered under IFRIC Guidance?
09:15 - Cryptocurrencies are NOT CASH or CASH EQUIVALENTS!
12:00 - Cryptocurrencies are not Financial Assets!
13:42 - Cryptocurrencies are Intangible Assets!
16:41 - Cryptocurrencies are Inventories!
17:37 - What is not considered under IFRIC Guidance?
19:00 - Concluding Quote
19:52 - BE TUNED FOR NEW VIDEOS :


 DIGITAL ASSETS IN ACCORDANCE WITH AICPA & CIMA.
 CRYPTOCURRENCIES ACCORDING TO THE SWISS CODE OF OBLIGATION.
 ANALYSIS OF CRYPTO-ASSETS BY BIG FOUR.

 CHALLENGES OF ISSUING FINANCIAL STATEMENTS & SOLUTIONS DEVELOPED TO SOLVE FINANCIAL STATEMENT CHALLENGES OF:
 ASSET MANAGEMENT COMPANIES.
 BROKERS & EXCHANGE FIRMS.
 COMPANIES OFFERING BLOCKCHAIN SOLUTIONS.
 CONSOLIDATED GROUPS OPERATING IN THE DLT.

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