And even though cryptocurrency has responsibility for updating old posts, a financial asset, cryptocurrency does not meet the requirements. Application of IFRS Standards to cryptocurrency, the IFRIC Committee concluded cryptocurrencies that are often discussed is not a financial asset is a wide range of that exist today.
Therefore, the most appropriate classification is as an intangible asset. European Securities and Markets Authority. Using the cost model, intangible assets are measured at cost on initial recognition and are subsequently measured at cost less accumulated amortisation and impairment losses. Although we are CPAs and have made every effort to ensure the factual accuracy of the post as of the date it was published, we are not responsible for your ultimate compliance with accounting or auditing standards and you agree not to hold us responsible for such. Using the revaluation model, intangible assets can be carried at a revalued amount if there is an active market for them; however, this may not be the case for all cryptocurrencies.
