Adviser alert – August 2018
The Grant Thornton International IFRS team has published IFRS Viewpoint – Accounting for crypto assets – mining and validation issues.
The IFRS Viewpoint series provides insights on applying IFRS in challenging situations. Each edition will focus on an area where the standards have proved difficult to apply or lack guidance.
This edition provides guidance on issues relating to miners and validators of blockchains, in particular accounting for transferred cryptocurrency earned by miners and validators in the form of transaction fees, as well as the accounting for newly created cryptocurrency by miners.
Currently, IFRS does not provide specific guidance on accounting for crypto assets. This IFRS Viewpoint seeks to explores the accounting issues that arise for miners and validators in mining and maintaining the blockchain in accordance with existing IFRS. It follows the earlier publication IFRS Viewpoint – Accounting for cryptocurrencies – the basics.