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

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

The Australian Accounting Standards Board (AASB) has called for new standards for digital currencies like bitcoin after determining a lack of clarity and guidance on digital currencies in the International Financial Reporting Standard (IFRS) by the International Accounting Standards Board (IASB). The AASB, a government agency that develops and maintains financial reporting standards relevant to private and public sectors of the Australian economy, published a new paper in the weeks leading up to a December meeting, titled “Digital Currency – A case for standard setting activity” [PDF]. In....


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