Blockchain and cryptocurrencies: considerations for treatment and reporting for financial services professionals

• Sean Stein Smith ^[1] ; Rossen Petkov ^[1] ; Richard Lahijani ^[1]
  1. [1] City University of New York

     City University of New York

     Estados Unidos

     
• Localización: The International Journal of Digital Accounting Research, ISSN 1577-8517, Vol. 19, Nº. 25, 2019, págs. 59-78
• Idioma: inglés
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• Resumen

  • The rise and continued implementation of cryptocurrencies and other cryptoassets is having, and will continue to have, a disruptive impact on the accounting, federal income taxation, and broader financial services industries. Much has been written, researched, and discussed about both cryptocurrencies and the underlying blockchain technology, but uncertainty remains as it pertains to how these items should be reported for accounting and tax purposes. What this research attempts to accomplish, through both a review of the literature and publicly available guidance issued by tax and accounting authorities, is to document and analyze what current guidance represents for financial reporting. Additionally, this research proposes how future iterations of cryptoassets and cryptocurrencies might be reported, with recommendations applicable for both practitioners and academics seeking to expand on this work.