Bitcoin a ‘Material Enough Phenomenon’ for Accounting Standards, Says Australian Govt

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The Australian Accounting Standards Board (AASB) has called for new standards for digital currencies like bitcoin after last a miss of clarity and superintendence on digital currencies in a International Financial Reporting Standard (IFRS) by a International Accounting Standards Board (IASB).

The AASB, a supervision group that develops and maintains financial stating standards applicable to private and open sectors of a Australian economy, published a new paper in a weeks heading adult to a Dec meeting, patrician “Digital Currency – A box for customary environment activity” [PDF].

In it, principal author Henri Venter argues that existent accounting frameworks where digital currencies could be accounted for are insufficient, observant that digital currencies “should be totalled during satisfactory value with changes in satisfactory value famous in distinction or loss.” Broadly speaking, a Australian Govt paper is essentially highlighting a miss of an accounting customary by a IASB when traffic with digital currencies and other line or unsubstantial assets.

Indeed, underneath stream IFRS standards and accounting literature, a digital banking does not accommodate a clarification of cash

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