Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Crypto Not Ripe for Accounting Rules, International Board Says

Nov. 20, 2019, 4:37 PM

It’s too early to set detailed international accounting standards for cryptocurrency like Bitcoin, the International Accounting Standards Board said in deciding to keep monitoring the currencies’ development before taking action.

  • “When they come out the shadows, then we’ll need to do something,” IASB Chairman Hans Hoogervorst said at the board’s Nov. 20 meeting.
  • IASB research found that few companies using international accounting standards say they own cryptocurrency—just four in the U.K. and three in Switzerland in July 2019.
  • The exception is Canada, where 42 companies held cryptocurrency, up from 18 a year earlier, the ...