Issues and Difficulties with Digital Currency in IAS/IFRS Accounting

Abstract

The purpose of this study is to address the problems and challenges faced by the accounting treatment of digital currencies under the IAS/IFRS standards. The accounting recording of this type of currency has found it very difficult to focus on dealing with it because it is not accounted for despite technological and digital development in accounting. This research paper concluded, inter alia, that there are no accounting standards for accounting for digital currencies, and that States and Governments have not enacted any laws against the illegal practices of digital currencies.