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Year 2021, Volume: 9 Issue: 1, 49 - 63, 16.06.2021

Abstract

References

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  • Akkaynak, B. (2020). E-Finansal Ürün ve Hizmetler. Özdemir, M. (Ed.), Muhasebe Finans Perspektifinde E-Dönüşüm Süreci (73-95). Ankara: Nobel Bilimsel Eserler.
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  • Goutte, S., Guesmi, K., & Saadi, S. (Eds.). (2019). Cryptofinance and Mechanisms of Exchange. Contributions to Management Science. doi:10.1007/978-3-030-30738-7
  • Grantthorton, (2018). IFRS Viewpoint Accounting for Cryptocurrencies – The Basics, [Available at] https://www.grantthornton.global/globalassets/1.-member-firms/global/insights/article-pdfs/ifrs/ifrs-viewpoint-9---accounting-for-cryptocurrencies--the-basics.pdf
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  • IFRS - International Financial Reporting Standards (2004). IAS 38 Intangible Assets, [Available at]: http://eifrs.ifrs.org/eifrs/bnstandards/en/IAS38.pdf
  • IFRS - International Financial Reporting Standards, (2018). Conceptual Framework, [Available at]: https://www.ifrs.org/-/media/project/conceptual-framework/fact-sheet-project-summary-and-feedback-statement/conceptual-framework-project-summary.pdf
  • IFRS - International Financial Reporting Standards (2019). Holding of Cryptocurrencies, [Available at]: https://cdn.ifrs.org/-/media/feature/meetings/2019/june/ifric/ap12-holdings-of-cryptocurrencies.pdf
  • KPMG, (2019). Cryptoassets – Accounting and Tax: What’s the Impact on your Financial Statements? [Available at]: https://assets.kpmg/content/dam/kpmg/xx/pdf/2019/04/cryptoassets-accounting-tax.pdf
  • Lam. E., (2021). Bitcoin Hits $1 Trillion Value as Crypto Leads Other Assets, Bloomberg, [Available at]: https://www.bloomberg.com/news/articles/2021-02-19/bitcoin-nears-1-trillion-value-as-crypto-jump-tops-other-assets
  • Lee, J., Nakamura, Y. & Robertson, B. (2018). How a Billionaire Crypto King Built the No. 1 Exchange in Just 8 Months, Bloomberg, [Available at]: https://www.bloomberg.com/news/articles/2018-03-28/crypto-s-billionaire-trading-king-has-suddenly-run-into-problems
  • LOC - Library of Congress, (2020). Regulation of Cryptocurrency: Japan, [Available at]: https://www.loc.gov/law/help/cryptocurrency/japan.php
  • LOC - Library of Congress, (2020). Regulation of Cryptocurrency: China, [Available at]: https://www.loc.gov/law/help/cryptocurrency/china.php
  • Litecoin, (2020). About Litecoin, [Available at]: https://litecoin.com/en/about
  • Marr, B., (2018). Blockchain: A Very Short History Of Ethereum Everyone Should Read., Forbes, [Available at]: https://www.forbes.com/sites/bernardmarr/2018/02/02/blockchain-a-very-short-history-of-ethereum-everyone-should-read/?sh=1f24336b1e89
  • Monero, (2014). About Monero, [Available at]: https://www.getmonero.org/resources/about/
  • Nakamoto, S., (2008). Bitcoin: A Peer-to-Peer Electronic Cash System, Bitcoin, [Available at]: https://bitcoin.org/bitcoin.pdf
  • Nofer, M., Gomber, P., Hinz, O., & Schiereck, D. (2017). Blockchain. Business & Information Systems Engineering, 59(3), 183–187. doi:10.1007/s12599-017-0467-3
  • Oxford Learner’s Dictionary, (2021). Cryptocurrency , Oxford University Press, [Available at]: https://www.oxfordlearnersdictionaries.com/definition/english/cryptocurrency
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  • Özdemir, M. (2020). Kripto Paraların Muhasebesi Üzerine Öneriler. Özdemir, M. (Ed.), Muhasebe Finans Perspektifinde E-Dönüşüm Süreci (125-141). Ankara: Nobel Bilimsel Eserler.
  • Peterson, A., (2014). Hal Finney received the first Bitcoin transaction. Here’s how he describes it., The Washington Post, [Available at]:https://www.washingtonpost.com/news/the-switch/wp/2014/01/03/hal-finney-received-the-first-bitcoin-transaction-heres-how-he-describes-it/
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  • PWC – Price Waterhouse Coopers, (2018). Point of View: Cryptocurrencies Time to Consider Plan ₿, [Available at]: https://www.pwc.com/us/en/cfodirect/assets/pdf/point-of-view/cryptocurrency-bitcoin-accounting.pdf
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Reflection of The Cryptocurrencies in The Financial Statements

Year 2021, Volume: 9 Issue: 1, 49 - 63, 16.06.2021

Abstract

This study critically investigates the relevant opinions on how cryptocurrencies should be reflected in the financial statements, together with the challenges that stem from the existing international financial reporting standards that are not fully eligible to be implemented for cryptocurrencies. But before that, the blockchain system, the working mechanism of cryptocurrency transactions and a short history of the cryptocurrency phenomenon are given. Following them, the issue of the reflection of cryptocurrencies on the financial statements is addressed under the light of relevant reporting standards and the opinions of the prominent firms from the finance sector. It is found that the attempts for the implementation of the existing financial reporting standards for the recognition of cryptocurrencies on the financial statements would be not only deficient but also problematic. Thus, it is suggested that an individual, comprehensive and detailed financial reporting standard must be published specifically for cryptocurrencies.

References

  • ACCA - Association of Chartered Certified Accountants (n.d.). Accounting for cryptocurrencies, [Available at]: https://www.accaglobal.com/pk/en/student/exam-support-resources/professional-exams-study-resources/strategic-business-reporting/technical-articles/cryptocurrencies.html
  • AICPA - American Institute of Certified Public Accountants (2019). Accounting For And Auditing Of Digital Assets, [Available at]: https://www.aicpa.org/content/dam/aicpa/interestareas/informationtechnology/downloadabledocuments/accounting-for-and-auditing-of-digital-assets.pdf
  • Akkaynak, B. (2020). E-Finansal Ürün ve Hizmetler. Özdemir, M. (Ed.), Muhasebe Finans Perspektifinde E-Dönüşüm Süreci (73-95). Ankara: Nobel Bilimsel Eserler.
  • BBC, (2020). Bitcoin: $1bn seized from Silk Road account by US government, [Available at]: https://www.bbc.com/news/technology-54833130
  • BBC, (2021). Elon Musk's Tesla buys $1.5bn of Bitcoin causing currency to spike, [Available at]: https://www.bbc.com/news/business-55939972
  • BBC, (2020). PayPal allows Bitcoin and crypto spending, [Available at]: https://www.bbc.com/news/technology-54630283
  • Bensinger, G., (2015). First U.S. Bitcoin Exchange Set to Open Coinbase Has Backing From the NYSE, Banks and Venture Capitalists., The Wall Street Journal Post, [Available at]: https://www.wsj.com/articles/first-u-s-bitcoin-exchange-set-to-open-1422221641
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  • Cambridge Dictionary, (2021). Cryptocurrency , Cambridge University Press, [Available at]: https://dictionary.cambridge.org/dictionary/english/cryptocurrency
  • CBCI - Cambridge University Bitcoin Electricity Consumption Index (2021). Cambridge Bitcoin Electricity Consumption Index, [Available at]: https://cbeci.org/
  • CoinMarket, (n.d.).[Available at]: https://coinmarketcap.com/ [Access Date: 19th of March 2021]
  • Cole R., Stevenson, M. & Aitken, J. (2019). Blockchain technology: Implications for Operations and Supply Chain Management, Supply Chain Management, 24, 469-483.
  • Criddle, C. (2021). Bitcoin consumes 'more electricity than Argentina', BBC, [Available at]: https://www.bbc.com/news/technology-56012952
  • Ethereum, (2014). History of Etherium, [Available at]: https://ethereum.org/en/history/#ether-sale
  • EY – Ernst and Young, (2019). Holdings of cryptocurrencies, [Available at]: https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/ifrs/ey-devel150-cryptocurrency-holdings-august-2019.pdf
  • Frankenfield, J. & Sonnenshein, M. (2021). Cryptocurrency: What is Cryptocurrency?, Investopedia, [Available at]: https://www.investopedia.com/terms/c/cryptocurrency.asp
  • Goutte, S., Guesmi, K., & Saadi, S. (Eds.). (2019). Cryptofinance and Mechanisms of Exchange. Contributions to Management Science. doi:10.1007/978-3-030-30738-7
  • Grantthorton, (2018). IFRS Viewpoint Accounting for Cryptocurrencies – The Basics, [Available at] https://www.grantthornton.global/globalassets/1.-member-firms/global/insights/article-pdfs/ifrs/ifrs-viewpoint-9---accounting-for-cryptocurrencies--the-basics.pdf
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  • IFRS - International Financial Reporting Standards (2001). IAS 2 Inventories, [Available at]: http://eifrs.ifrs.org/eifrs/bnstandards/en/IAS2.pdf
  • IFRS - International Financial Reporting Standards (1992). IAS 7 Statement of Cash Flows, [Available at]: https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/
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  • IFRS - International Financial Reporting Standards (1992). IAS 21 The Effects of Changes in Foreign Exchange Rates, [Available at]: https://www.ifrs.org/issued-standards/list-of-standards/ias-21-the-effects-of-changes-in-foreign-exchange-rates/
  • IFRS - International Financial Reporting Standards (2004). IAS 38 Intangible Assets, [Available at]: http://eifrs.ifrs.org/eifrs/bnstandards/en/IAS38.pdf
  • IFRS - International Financial Reporting Standards, (2018). Conceptual Framework, [Available at]: https://www.ifrs.org/-/media/project/conceptual-framework/fact-sheet-project-summary-and-feedback-statement/conceptual-framework-project-summary.pdf
  • IFRS - International Financial Reporting Standards (2019). Holding of Cryptocurrencies, [Available at]: https://cdn.ifrs.org/-/media/feature/meetings/2019/june/ifric/ap12-holdings-of-cryptocurrencies.pdf
  • KPMG, (2019). Cryptoassets – Accounting and Tax: What’s the Impact on your Financial Statements? [Available at]: https://assets.kpmg/content/dam/kpmg/xx/pdf/2019/04/cryptoassets-accounting-tax.pdf
  • Lam. E., (2021). Bitcoin Hits $1 Trillion Value as Crypto Leads Other Assets, Bloomberg, [Available at]: https://www.bloomberg.com/news/articles/2021-02-19/bitcoin-nears-1-trillion-value-as-crypto-jump-tops-other-assets
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  • Nakamoto, S., (2008). Bitcoin: A Peer-to-Peer Electronic Cash System, Bitcoin, [Available at]: https://bitcoin.org/bitcoin.pdf
  • Nofer, M., Gomber, P., Hinz, O., & Schiereck, D. (2017). Blockchain. Business & Information Systems Engineering, 59(3), 183–187. doi:10.1007/s12599-017-0467-3
  • Oxford Learner’s Dictionary, (2021). Cryptocurrency , Oxford University Press, [Available at]: https://www.oxfordlearnersdictionaries.com/definition/english/cryptocurrency
  • Open University, (n.d.). Researching The Potential of Blockchains, [Available at]: https://blockchain.open.ac.uk/about/
  • Ostroff, C. & Elliott, R. (2021). Tesla Buys $1.5 Billion in Bitcoin, The Wall Street Journal, [Available at]: https://www.wsj.com/articles/tesla-buys-1-5-billion-in-bitcoin-11612791688
  • Özdemir, M. (2020). Kripto Paraların Muhasebesi Üzerine Öneriler. Özdemir, M. (Ed.), Muhasebe Finans Perspektifinde E-Dönüşüm Süreci (125-141). Ankara: Nobel Bilimsel Eserler.
  • Peterson, A., (2014). Hal Finney received the first Bitcoin transaction. Here’s how he describes it., The Washington Post, [Available at]:https://www.washingtonpost.com/news/the-switch/wp/2014/01/03/hal-finney-received-the-first-bitcoin-transaction-heres-how-he-describes-it/
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  • Seibold, S. & Samman, G. (2016). Consensus: Immutable Agreement for the Internet of Value, KPMG LLP. [Available at]: https://assets.kpmg/content/dam/kpmg/pdf/2016/06/kpmg-blockchain-consensus-mechanism.pdf?aid=fndrabg_p?aid=fndrabg_p
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  • Vigna, P. & Ostroff, C. (2021). Bitcoin Trades Above $50,000 for First Time, [Available at]: https://www.wsj.com/articles/bitcoin-trades-above-50-000-for-first-time-11613479752
  • Wenhao, S. (2018). Cryptocurrency laws and regulations in China, [Available at]: https://law.asia/cryptocurrency-law-china/
  • XRP Ledger, (2020). Build a Better Bitcoin - In 2011, three engineers—David Schwartz, Jed McCaleb and Arthur Britto—began developing the XRP Ledger., [Available at]: https://xrpl.org/history.html
There are 53 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Ömer Faruk Büyükkurt 0000-0002-9299-5169

Publication Date June 16, 2021
Acceptance Date June 16, 2021
Published in Issue Year 2021 Volume: 9 Issue: 1

Cite

APA Büyükkurt, Ö. F. (2021). Reflection of The Cryptocurrencies in The Financial Statements. Journal of International Management Educational and Economics Perspectives, 9(1), 49-63.
AMA Büyükkurt ÖF. Reflection of The Cryptocurrencies in The Financial Statements. Journal of International Management Educational and Economics Perspectives. June 2021;9(1):49-63.
Chicago Büyükkurt, Ömer Faruk. “Reflection of The Cryptocurrencies in The Financial Statements”. Journal of International Management Educational and Economics Perspectives 9, no. 1 (June 2021): 49-63.
EndNote Büyükkurt ÖF (June 1, 2021) Reflection of The Cryptocurrencies in The Financial Statements. Journal of International Management Educational and Economics Perspectives 9 1 49–63.
IEEE Ö. F. Büyükkurt, “Reflection of The Cryptocurrencies in The Financial Statements”, Journal of International Management Educational and Economics Perspectives, vol. 9, no. 1, pp. 49–63, 2021.
ISNAD Büyükkurt, Ömer Faruk. “Reflection of The Cryptocurrencies in The Financial Statements”. Journal of International Management Educational and Economics Perspectives 9/1 (June 2021), 49-63.
JAMA Büyükkurt ÖF. Reflection of The Cryptocurrencies in The Financial Statements. Journal of International Management Educational and Economics Perspectives. 2021;9:49–63.
MLA Büyükkurt, Ömer Faruk. “Reflection of The Cryptocurrencies in The Financial Statements”. Journal of International Management Educational and Economics Perspectives, vol. 9, no. 1, 2021, pp. 49-63.
Vancouver Büyükkurt ÖF. Reflection of The Cryptocurrencies in The Financial Statements. Journal of International Management Educational and Economics Perspectives. 2021;9(1):49-63.