14/07/2021 - Send your comments on EFRAG’s Discussion Paper: Accounting for crypto-assets (Liabilities)
EFRAG's Discussion Paper on Accounting for Crypto-Assets (Liabilities) (DP) - whose feedback will inform the ongoing IASB agenda consultation is open for consultation until 31 July 2021.
Stakeholders can provide feedback by either completing the survey (available here) or by sending a comment letter to the discussion paper.
EFRAG invites stakeholders to respond to its Discussion Paper on Accounting for Crypto-Assets (Liabilities) (DP) by 31 July 2021. Respondents can either complete a related survey (available here) and/or send their comment letters to questions (pages 19 to 21 of the DP) that can be submitted to cryptoassets@efrag.org. The completion of the survey should take approximately 15 minutes.
The DP addresses the full spectrum of crypto-assets (payment tokens, utility tokens, investment tokens, hybrid tokens and stable coins). The DP encompasses a problem definition by providing an analysis of the crypto-ecosystem (economic characteristics, rights and obligations, and regulatory regimes) and an in-depth analysis of the current gaps in accounting requirements for both holders and issuers of crypto-assets.
As a way forward, the DP proposes three possible approaches for addressing IFRS related requirements, namely:
do nothing with preparers relying on existing IFRS requirements;
update existing requirements, i.e., amend or clarify existing applicable requirements for holders and issuers; or
develop a new Standard with explicit requirements for the accounting for crypto-assets (liabilities) or a new standard with broader scope and including crypto-assets (liabilities).
