The International Financial Reporting Standards Committee (IFRIC) recognized that cryptocurrencies do not represent cash or financial assets, but belong to the class of intangible assets.
IFRIC sets international financial reporting standards (IFRS) and is a fairly influential body in the international financial system. The organization issued a document recognizing that cryptocurrencies fit the definition of intangible assets.
According to the IFRIC report, intangible assets are non-monetary assets without physical embodiment. Also, cryptocurrencies are not securities, as they do not give the holder contractual exchange rights. Accountants separately emphasized that cryptocurrencies do not apply to cash, since in practice they do not participate in the trade in goods and services.
Note that the document only reflects the opinion of the Committee and is not a rule for countries using IFRS.
Interesting that new york state recognized
Bitcoin intangible property at the end of 2014. In June of this year, a similar bill was signed
and the governor of Nevada.
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